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  1. A full reconciliation between our adjusted and statutory numbers is included in our APMs section of our 2025 full year results RNS
  2. Includes £614 million of M&E digital revenues (2024: £556 million)
  3. Group Adjusted EBITA includes £3 million related to unrealised profit in stock adjustments (2024: £(7) million)
Our Two Divisions

ITV Studios is a scaled global creator, owner and distributor of high-quality TV content, producing some of the most successful shows in the world. It operates in 13 countries, across 60+ labels and is diversified by genre, geography and customer in the key creative markets around the world.

ITV Studios is the largest producer in the UK, one of the world’s largest studio groups, and a key player in the markets in which it operates. ITV Studios is a trusted supplier with well-established relationships with major content buyers and leading creative talent. With a high-quality content library of over 100,000 hours and a digital distribution network through Zoo 55, ITV Studios’ digital label, it is also one of the preeminent global distributors of content.

ITV is the UK’s largest commercial streamer and broadcaster. Through M&E, we make brilliant British-focused content available on ITVX – our free, advertiser-funded streaming service – alongside our free-to-air linear TV channels and third-party partners, allowing viewers to watch whenever and wherever they choose.

For advertisers, ITV offers a compelling combination of mass audience reach, targeted advertising, and innovative commercial and creative partnerships, all delivered in a brand-safe, reliably measured environment across ITVX and our linear TV channels. We further extend this scale and reach by offering digital advertising around our content, and partner content on YouTube.

Our Strategic Assets and Competitive Advantages

ITV’s business model is built upon a unique set of strategic assets and competitive advantages, based on our ability to create, own, manage, and distribute the rights to our content.

Group:

  • Producer, broadcaster and streamer model creates valuable synergies
  • Strong, trusted brand, products and culture
  • A high-performing, agile, creative and diverse workforce

 

ITV Studios:

  • World-class talent producing some of the most successful shows around the world
  • Scaled and diversified global studios creating strong platform for growth 
  • Unique and valuable library and Zoo 55, ITV Studios’ digital label, enabling ITV to maximise the monetisation of intellectual property (IP) globally 
  • Deep, established relationships with the world’s largest content buyers 
  • Focuses on the key growth segments of the content market – premium scripted and unscripted content for global streamers, and global content licensing and distribution, particularly for digital platforms 
  • Attractive and resilient business model delivering high-quality earnings

 

ITV Media & Entertainment:

  • Commercial leader 
  • Compelling commercial proposition with strong relationships with advertisers and partners 
  • Leading digital platforms in ITVX and Planet V, the UK’s second-largest programmatic targeted addressable platform 
  • Strong data capabilities with one of the largest first-party datasets in the UK 
  • Trusted brand with a strong content offering across ITVX and our linear TV channels 
  • Cost discipline, agility and highly cash-generative

Our Diversified Revenue Streams

By leveraging our strategic assets and competitive advantages to maximise the value of our IP across ITV Studios, Streaming and Broadcast, we are able to grow our diversified revenue streams and create value for our shareholders.

ITV Studios

We create and produce original scripted and unscripted content commissions for a diverse customer base, including all major networks, streaming platforms and broadcasters across our global production bases

We create some of the world’s most successful unscripted formats, which we license globally to maximise the value from our programme rights

We license the rights to our extensive program library to broadcasters and streaming platforms through our global distribution network

Through Zoo 55, our digital label, we monetise our ITV Studios brands and 100,000+ hours of content across digital platforms globally, including social video (e.g. YouTube, Meta and TikTok), FAST* channels, and gaming

* Free Ad-supported Streaming Television (FAST) channels

Media & Entertainment

ITVX and our free-to-air linear TV channels drive significant advertising revenues, due to our ability to deliver mass audiences and targeted advertising across our portfolio of channels

Through strategic partnerships, we sell advertising inventory around all our content and partner content, e.g. Banijay, on YouTube

We leverage the power of our brands to offer advertisers unique and innovative ways to engage audiences. This includes sponsorship, product placement, and advertiser-funded programming across ITVX and our linear TV channels

We generate streaming subscription revenue (ITVX Premium), monetise our consumer interactions through competitions, and receive revenue from third-party platforms for carrying our channels

Our Risk Management Framework

ITV operates in an increasingly complex business environment, and our risk management framework provides the business with the tools to continually identify, assess, and manage our risks. This enables the Board and the business to strike the right balance between risk-taking and mitigation, ensuring underlying strategic risks are managed for the successful delivery of our strategy.

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