ITV, the UK’s dominant commercial broadcaster, has reported a 7 per cent fall in revenue as the Covid-19 pandemic hit demand for advertising in Q1 and continued into April, with advertising down 42 per cent for the month.
Meanwhile, the broadcaster has furloughed 15 per cent of its UK workforce, amounting to some 800 employees. Most were staff in the ITV Studios business, which produces programmes such as Love Island and Coronation Street.
Carolyn McCall, ITV Chief Executive, said: “ITV has taken swift and decisive action to manage and mitigate the impact of Covid-19, by focusing on our people and their safety, and by continuing to reduce costs and tightly manage our cashflow and liquidity. We are also ensuring that we continue to inform and entertain our viewers and stay close to our advertisers. Everyone at ITV has responded extremely well to the challenges we are facing. We are now very focused on emerging from this crisis in a strong position, continuing to offer advertisers effective marketing opportunities and making preparations to restart productions safely.”
Performance for the three months to 31 March