ITV says advertising revenue on its flagship ITV1 channel will be down almost 10% year-on-year for the first half of 2007. The broadcaster is predicting a drop of 9.6% for the first six months of this year, while group advertising revenue is likely to fall by 5.7%.
ITV, is holding its annual general meeting today, says the total TV market is “less volatile” than last year. It predicts the total market to be flat in the six months to June, compared with a year earlier.
Executive chairman Michael Grade (left) says: “Encouragingly, the airtime sales market appears less volatile than last year, and we remain firmly focused on the needs of our viewers and advertisers.”
ITV adds that it is involved in a “wider review” of company resources. It will update the market by autumn. In a statement, the broadcaster says: “The clear imperatives for management are to improve the performance of the ITV1 schedule and explore the opportunities that exist for other business, while addressing some of the regulatory constraints.” It says progress to date is “encouraging”.
Earlier this week, ITV commercial director Ian McCulloch stepped down after 27 years at the broadcaster.