If the deep-pocketed streaming behemoth Netflix is struggling to get more viewers to tune in, what hope does ITV have? The US tech group is losing share to digital rivals despite the billions of dollars in cash it is throwing at content; the homegrown broadcaster is financing its latest push into on-demand viewing, ITVX, with cash generated by inconsistent advertising revenue and an already capital-intensive Studios business.
Second-quarter guidance for a slowdown in ad revenue shows exactly why the ITV chief Carolyn McCall is searching for a way to reduce its reliance on marketing budgets. Total ad revenue is expected to be 6 per cent lower than the same time last year, against an annual 16 per cent rise for the first quarter.
Last year’s
