ITV has recorded a healthy start to 2021 after posting a 29% rise in total advertising revenue for the six months to June.
Britain’s commercial broadcaster witnessed a particularly pronounced jump within the advertising video on demand (AVOD) segment, which rose 55% over the period, buoyed by a strong recovery in the advertising market generally – particularly impressive for falling on the back of double-digit growth in 2020.
Detailing the turnaround in its latest operational update, ITV reported that advertising had “rebounded strongly” with a whopping 115% leap in June versus a year earlier, taking the record as the largest advertising revenues for the month in ITV’s history.
The remarkable turnaround is attributed to a relaxation of pandemic restrictions and the belated Euros football tournament, with total advertising revenue for June and July now expected to surpass the high watermark set in 2018 by 16% when ITV broadcast the World Cup and Love Island.
Citing the results as vindication of the broadcaster’s More Than TV diversification strategy, chief executive Carolyn McCall said: “Total external revenue was up 27% driven by 26% growth in ITV Studios revenue and a 29% increase in total advertising revenue within which total video on demand (VOD) advertising was up 55%.
“We are optimistic about the future, despite the ongoing pandemic risk on our advertising and ITV Studios revenues.”
Looking ahead, ITV foresees advertising revenues to slip from the heady heights set in June, dipping to 68% growth in July and between 17-20% for August compared to the same period a year before.