9th Dec 2021 09:22
(Alliance News) - ITV PLC forecast that revenue at its ITV Studios unit will recover to pre-pandemic 2019 levels next year.
The guidance formed part of a five-year plan set out by the television broadcaster on Thursday. The plan for ITV Studios also forecasts organic annual revenue growth of at least 5% after 2022, ahead of expected growth for the global content market.
ITV said it expects the division to double the number of high-end scripted hours and increase the proportion of revenue from streamers to around 25%. The expansion of the number of global formats produced in three or more countries to 20 was also given as a goal for ITV Studios.
Shares in the FTSE 100-constituent were down 0.5% in London on Thursday morning at 112.45 pence each.
"The vision we set out for ITV Studios in 2018 was to strengthen and grow our UK and international production business into a high quality and diversified global business," commented ITV Chief Executive Carolyn McCall.
"We have made very significant progress and we are now a key scaled player in the global content market, diversified by genre, geography and customer base and we are in a position of strength to take advantage of the growing demand for quality content."
By Will Paige; [email protected]
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