ITV revenue grows in first nine months of 2025, moves some content into 2026 to cut costs

UK commercial broadcaster ITV has reported growth in revenue in the first nine months of 2025, but warned of an expected fall in full-year ad revenue leading it to move some programming into 2026 to cut costs.

Carolyn McCall

In the nine months to September 30, ITV’s total revenue rose by 2% to £2.79bn (US$3.65bn) from £2.74bn in the same period in 2024, which the broadcaster said was better than market expectations.

This was driven by 11% growth in revenue at ITV Studios (ITVS), offsetting a 5% decline in the Media & Entertainment (M&E) business.

External revenue at ITVS was up 20%, which ITV said reflected strong demand from and the timing of programmes for global streaming platforms. Deliveries in Q3 included The Reluctant Traveller S3 for Apple TV+, Love Island Games for Peacock, Frauds for ITV and The Guest for the BBC.

Despite the revenue decline in the M&E business, digital ad revenue via ITVX was up 15% in the nine months while digital revenue grew by 13%. Total streaming hours at ITVX increased by 14%.

Total ad revenue fell by 5%, which ITV said was against a strong comparative period in 2024 which benefited from the men’s Euros. The figure was flat when compared to the same period in 2023. Total ad revenue in Q3 of 2025 was flat year-on-year, ahead of guidance.

For the full year, ITV said it is on track to deliver good revenue growth at ITVS at a margin of 13-15%, but warned of an uncertain economic outlook in the UK ahead of the Autumn Budget at the end of this month.

According to the broadcaster, this is impacting demand for advertising throughout the industry in Q4, leading it to forecast a 9% drop in total ad revenue in the final quarter and a 6% decline in the full year.

In response to the reduction in advertising demand, ITV has identified £35m of additional temporary savings in the M&E business in Q4, which it said will largely offset the expected fall in total ad revenue.

The cost savings include £20m in content savings as it moves some programming into 2026, which will be financed out of the existing 2026 content spending plans. The total content budget for 2025 is expected to be around £1.21bn.

The remaining £15m will come from non-content savings, primarily from reduced discretionary spend and lower marketing spend aligned with the adjusted content slate.

Last month, US cable giant Liberty Global halved its holding in ITV, selling 193.4 million shares for around £135m (US$179m) to reduce its stake in the commercial broadcaster from roughly 10% to about 5%. This made independent investor Redwheel ITV’s largest shareholder, with approximately 6% of the company.

ITV is regularly involved in M&A speculation, both as an acquisition target and as an asset buyer, which ramped up earlier this year following reports several companies were interested in a potential takeover.

Carolyn McCall, ITV’s CEO, said: “ITV has delivered a good performance in a tough advertising market. Both our businesses are performing well, reflecting the significant transformation we have delivered. Our strategic initiatives continue to progress well, and we remain confident in delivering good growth in ITV Studios revenue and digital revenue for the full year. This is supported by laser-focused strategic cost management and underpinned by our resilient and highly cash generative linear broadcast business.

“UK macro data is showing a softening economy, with increased uncertainty in the lead up to the UK Budget which is impacting the wider advertising market, and we are adjusting our costs to match this current reduction in demand. We do not anticipate these temporary savings to impact our ability to deliver our strategic plan. We continue to expect to outperform the broadcast advertising market in Q4, and have a strong programme slate for Q4 and into 2026, including the men’s 2026 Football World Cup.”