ITV Studios, a leading U.K. commercial broadcaster, has expressed its readiness to fill any programming gaps caused by ongoing strikes by SAG-AFTRA (Screen Actors Guild‐American Federation of Television and Radio Artists) and the WGA (Writers Guild of America) in the United States. The company aims to provide assistance without charging premiums to help U.S. broadcasters maintain their schedules.
Julian Bellamy, Managing Director of ITV Studios, highlighted the company’s strengths in having a robust U.K. and international pipeline, as well as a distribution arm with a catalog of over 90,000 hours. He emphasized that ITV is well-positioned to take advantage of any opportunities that arise or support its customers by offering content from its extensive catalogue.
ITV CEO Carolyn McCall echoed Bellamy’s sentiments, stating that the broadcaster would explore the possibility of filling the scheduling gaps for its U.S. counterparts. McCall affirmed that ITV would not impose additional charges, aiming to provide what their customers require from their catalog.
During the company’s earnings call, McCall and Bellamy addressed the potential impact of the strikes on ITV’s own schedules. They clarified that while 2023 would not be affected, 2024 could see some repercussions, specifically in ITV’s scripted business in the U.S. However, they assured investors that ITV Studios’ diversified customer base, genre offerings, and geographic reach would enable effective management of the situation.
ITV’s half-yearly financial results, announced on Thursday, revealed a decline of only 2% in revenues. However, profits suffered a significant drop of over 50%, primarily attributed to the challenging advertising market. McCall described the advertising recession as the worst since the global financial crash of 2008. Notwithstanding this setback, both McCall and Bellamy maintain a positive outlook.
The recent announcement by Unilever, a global consumer goods company, stating that inflation had peaked, was received as positive news. McCall emphasized the potential benefits for consumers and business confidence. She highlighted that all of ITV’s shows have sponsors and generate revenue, contributing to a positive outlook. Nevertheless, McCall acknowledged the uncertainty surrounding the visibility of the fourth quarter.
In conclusion, ITV Studios, with its diverse offerings and strong international presence, is prepared to support U.S. broadcasters dealing with strikes in the industry. The company aims to fill programming gaps without charging additional premiums. While the tough advertising market affected ITV’s profits, positive indicators such as inflation peaking offer hope for the future. Despite uncertainties, ITV remains hopeful and ready to navigate any challenges that come its way.
