Naman Ramachandran U.K. broadcaster ITV’s annual results for 2022 were revealed Thursday and the picture is robust. Total group revenue was up 7% to £4.3 billion ($5.3 billion) and total external revenue was up 8% to £3.7 billion.
ITV Studios total revenues grew 19% to £2 billion. The “Love Island” broadcaster said that the strong revenue growth and the adjusted EBITA margin of 12.4% for ITV Studios was driven by a 58% increase in high-end scripted hours produced, with 19 formats sold in three or more countries.
The percentage of total ITV Studios revenue from streaming platforms grew from 13% to 22% with commissions or development deals with most of the major streamers.
Given this success ITV is increasing its target for 2026 from 25% to 30%. Statutory operating profit was £519 million, the same as the corresponding period in 2021.
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