In 9m 22, total advertising revenue decreased by 2% including a weak September 2022 (-14%). ITV Studios performed well with organic revenue up +13% in 9m 22. For 2022, total advertising revenue should decrease by -1/-1.5% given the broadcasting of the Football World Cup in Q4 22 and ITV Studios’ revenue should exceed the 2019 level. ITVX (AVOD/SVOD) is a key driver for digital revenue. The full launch of free content (>10,000 hours) is due on 8 December 2022.
