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published:
05-Mar-08
territories:
UK
categories:
Market data analysis, New market data/forecast, General market development
Turnaround for ITV now on the cards
ITV has halted the seven year decline in its advertising revenues and could move into growth from next year following a series of positive developments over the last twelve months. While advertising revenue continues to drop at the commercial broadcaster's main ITV1 channel, revenue from its digital channels is now compensating for the decline . The trend led to flat revenues in 2007 but with digital channel advertising revenue continuing to grow strongly, a turnaround during 2008 looks to be on the cards.
ITV1 net advertising revenues (NAR) fell 3.3 per cent to £1,224m from £1,281m in 2006, but the decline was minimal compared to the 12 per cent collapse between 2005 and 2006. The £57m drop in advertising revenue at ITV1 was almost entirely offset by the growth of digital channels' income. ITV2, ITV3, ITV4 CITV and Men & Motors posted £209m NAR (up £52m or 33 per cent). As a result the total group NAR was essentially flat at £1,489m (-0.3 per cent). Total 2007 revenues were £2,082m, down five per cent from £2,181m in 2006. Operating EBITA was £311m (down 17 per cent). Profit before tax was £188m (down 35 per cent from £288m in 2006). Much of the decline was due to a £54m hit on income from premium rate services, revenue for which fell to £53m from £111m. Content revenue also fell.
Online revenues were up 43 per cent at £33m (£22m for Friends Reunited, £11m for ITV.com and other online properties), although online EBITA is still negative due to the heavy investment in itv.com and itvlocal.
ITV has also confirmed the launch of Project Kangaroo in the second half of 2008. The VOD website run jointly with Channel Four and BBC Worldwide will offer more than 10,000 videos on-line. After the seven day catch-up period on itv.com, programmes will shift to Kangaroo, partly through pay VOD but mostly through free-to-screen advertising-supported VOD. ITV also confirmed the launch of ITV HD on Freesat in the next weeks.
Our take...
The stabilisation of ITV plc advertising revenues is excellent news after years of heavy losses and is a reflection of a similar positive trend in terms of viewing share. The signs are that Michael Grade's 'turnaround' digital strategy is on track.
In audience and revenues, digital channel gains are finally offsetting ITV1's erosion. ITV may be seeing the end of a painful transition, with the completion to an all-digital, all-multichannel environment coming to an end. Audience fragmentation should soon stabilize as it did in the US where the major networks have managed to retain about half of viewing share.
In terms of TV audience performance, thanks to digital channels, the ITV 'family' stopped losing viewing share for the first time since 1994, stabilising its share in 2007 at 23.2 per cent and expecting a one per cent growth in 2008. Adult share of commercial impact (SOCI) of the ITV family was 41.7 per cent, down one point on 2006. ITV1 is still the most powerful channel in the UK by some margin as it delivered 949 programmes exceeding five million viewers in 2007 against only 24 for Channel Four and none for five.
As for 2008, ITV is relatively confident predicting that ITV plc NAR will be up two per cent in the first quarter while the whole market fell one per cent. ITV is giving no revenue guidance on its 2008 trading outcome but is endorsing forecasters' consensus that the overall TV advertising market will grow by one per cent at best. Screen Digest is expecting +0.9 per cent TV advertising growth in 2008 with revenue for digital channels growing seven per cent and revenue for the main national channels falling two per cent.
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Analyst, market intelligence & notices
Reports
(5) 1-5 showing
HDTV 2008: Global uptake, strategies and business model...
This new HD report focuses on business models, costs and benefits derived from HD services, notably from a pay TV operator perspective. The report is mostly centred on broadcast HDTV and pay HDTV across all platforms (satellite, terrestrial, cable, IPTV) but it is also looking at the overall migration to HD in all audiovisual services and devices (displays, set-top boxes, online HD, hi-def video, hi-def gaming, hi-def VOD).
published:
01-Jul-08
territories:
Albania, Austria, Belgium, Canada, China, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Japan, Korea. Rep [S], Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Russian Federation, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, UK, USA - Asia-Pacific, Benelux, Central and Eastern Europe, Europe, Africa and Middle East, Nordic Region, North America, Regional Totals
Vincent Létang
The Business of Children's Television
Covering Western Europe, North America, Australia and New Zealand, this report includes comprehensive data on spending on originated and acquired children's programmes, together with the value of the home entertainment market and licensing. The report also details hours of children's programmes transmitted over the last five years, the number of theme channels, and viewing by the children's audience. Profiles of the 25 leading players in the business are provided, including production and exploitation strategies, financial results and key properties.
published:
20-Jul-07
territories:
Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Spain, Sweden, UK, Canada, USA, Australia, New Zealand, Japan
Guy Bisson
Tim Westcott
European Broadband Cable 2007
The seventh edition of this best selling report is the only study of the European cable industry that is fully endorsed by Cable Europe (previously ECCA) and its members. The report contains a detailed analysis of 22 Western and Eastern European cable markets - for each country coverage includes homes passed, cable TV, telephony, Internet, unique cable homes, digital vs analogue as well as breakouts for cable TV, telephony and Internet revenues.
published:
20-Jun-07
territories:
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Israel, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovenia, Spain, Sweden, Switzerland, UK
Guy Bisson
Maria Aguete
Chris Dziadul
European Digital Terrestrial Television: Market assessm...
The latest report from Screen Digest provides a detailed analysis of the European
digital terrestrial television (DTT) market in 15 Western and 4 Eastern European markets.
The report includes historical and five year forecast household and penetration data for free,
pay and top-up DTT as well as penetration numbers for cable, DTH and IPTV.
published:
21-Jan-06
territories:
Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Russian Federation, Serbia & Montenegro, Slovakia, Slovenia, Spain, Sweden, Switzerland, UK, Ukraine - Central and Eastern Europe
Guy Bisson
Chris Dziadul
European IPTV: Market assessment and forecasts to 2009
This report considers the prospects for IPTV services in sixteen European markets and the threat posed to the more established pay TV operators. Analysing key factors in each market the conclusions illustrate those countries best placed to take advantage of the triple play and advanced on demand services offered by IPTV operators.
published:
16-Nov-05
territories:
Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland, UK, Slovenia
Daniel Schmitt
Articles
European pay TV giants hold sway
Key DTH satellite broadcasters face continuing challenges for pay TV rights, especially in sports
published:
26-Mar-08
territories:
France, Italy, Spain, UK, Germany - Western Europe
Tim Westcott
Rapid on-demand growth in Europe
Increased availability of content has changed the pay-per-view landscape
published:
26-Mar-08
territories:
Belgium, France, Germany, Italy, Netherlands, Norway, Poland, Spain, Sweden, UK - Europe
Richard Broughton
Euro HDTV channels expand
There were 78 high-definition channels on air in Europe at the end of Year Two, the year's launches roughly divided between free-to-air, basic pay and premium platforms. But the real channel surge is yet to come. New operators and major sporting events will boost the profile of HDTV in 2008.
published:
22-Feb-08
territories:
Albania, Belgium, Denmark, France, Germany, Italy, Netherlands, Poland, Russian Federation, Spain, Sweden, Switzerland, UK - Benelux, Europe, Nordic Region, Western Europe
Vincent Létang
Internet protocol TV market
Although IPTV as a platform has yet to achieve a subscriber base to rival that of cable or satellite, it has made serious gains in the years since it first arrived in Europe. France, is, and will remain, the main market for IPTV in Europe, with seven operators and a penetration rate of over 14 per cent. Its market share (now over 50 per cent of Europe's IPTV viewers) will decline as other European IPTV services start to take hold. By 2011, 65 per cent of European IPTV viewers will be outside France.
published:
23-Jan-08
territories:
Austria, Belgium, Czech Republic, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Romania, Russian Federation, Slovakia, Slovenia, Spain, Sweden, UK, Switzerland, Portugal, Ireland, Denmark - Central and Eastern Europe, Europe
Richard Broughton
Advertising market under pressure
Advertising market under pressure: TV ad revenues will struggle to match an already sluggish GDP growth in the next five years in Europe and the US. 2008 in particular is uncertain, between 'quadrennial' drivers (Sports, US elections) and adverse economic conditions
published:
23-Jan-08
territories:
France, Germany, Italy, Spain, UK, USA - North America, Western Europe
categories:
Market data/forecast revision, General market development
Vincent Létang
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Western Europe
ARPU
