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ITV’s profits will almost halve amid a fall in advertising, City forecasts show.
The broadcaster, whose shows include Love Island and Mr Bates Vs The Post Office, is expected to post profits of £363m by 2023.
ITV made around £672 million the previous year.
Big hit: Mr Bates vs The Post Office was a big hit for ITV, but forecasters believe the broadcaster will report profits have halved.
Chief executive Carolyn Mccall has called it the “worst advertising downturn” since the 2008 global financial crisis.
The company expects full-year advertising to fall 8 percent compared to 2022, when revenue was slightly boosted by the soccer World Cup.
Profits will also be affected by the investments ITV has made in its ITV X streaming platform.
McCall has said 2023 would be the “peak” year for spending on ITV X, although he has never specified exact costs.
ITV hopes the advertising-supported platform, which can be viewed ad-free for a subscription fee, will offset the fall in the number of people watching its traditional TV channels.
ITV on Friday sold its 50 per cent stake in Britbox International, a streaming service that offers British shows outside the UK, to BBC Studios for £255 million.
McCall said it means ITV can focus on ITV X and growing its own studio division.