ITV, the leading commercial broadcaster in the United Kingdom, says that by the end of 2025 it will have recouped the cumulative investment in its online video platform ITVX, much earlier than it anticipated. Total online revenue was £0.56 billion in 2024, out of total group revenue of £4.14 billion.
Reporting results for 2024, ITV said that online viewing was up by 12% to 1.69 billion hours and monthly active users were up by 14% at 14.3 million. Subscribers to its online services were down 23% to 1.0 million, with subscription revenue of just £48 million, as ITV prioritises its advertiser funded proposition. Online revenue was up 12% to £556 million.
Carolyn McCall, the chief executive of ITV, described ITVX as the fastest growing streaming platform in the United Kingdom over the last two years.
Since the launch of ITVX at the end of 2021, the number of online viewing hours across ITV has grown by over 60% and online revenue has grown accordingly.
During 2024, the company said that in-year incremental digital revenues exceeded incremental ITVX costs, two years earlier than expected. By the end of 2025, ITV expects to have recouped the cumulative incremental investment in ITVX.
Online ‘digital’ advertising revenue now represents over a quarter of total advertising revenue, but over half of group revenue comes from programme production. ITV Studios produces programmes that are shown on Netflix and Disney, even on the BBC. It has franchises like The Voice and Love Island. Over 30% of the ITV Studios revenues comes from the online video market.
Total group revenue was down 3% at £4.14 billion. Statutory operating profit was £318 million, compared to £238 million the year before.