Nov 7, 10:41 PM

ITV Studios Revenue Falls 20% to £1.21B Amid Hollywood Strikes; Lionsgate Reports $163.3M Loss

ITV Studios reported a 20% decline in revenue for the third quarter of 2024, attributing the drop to the impact of ongoing Hollywood strikes. The company's revenue fell to £1.21 billion for the period, contributing to an overall 8% year-over-year decrease in ITV's revenue, which totaled £2.74 billion from January to September 2024. In response to the financial challenges, ITV announced an additional $13 million in cost cuts, bringing the total planned cuts to £20 million. Meanwhile, Lionsgate also faced significant losses, with its revenue for the second quarter falling to $948.6 million and a net loss of $163.3 million, as the company dealt with disappointing results and a loss of 800,000 North American streaming subscribers. Sony Pictures reported a 14% year-over-year revenue decline to approximately $2.39 billion, with profits slipping 39% to $124 million, affected by lower TV series deliveries due to the strikes. AMC Networks reported a 6% drop in revenue to $600 million, alongside a 35% decrease in net income to $41 million, as affiliate revenues fell 13% due to subscriber declines.

#ITV Studios #Hollywood #ITV #Lionsgate #North American #Sony Pictures #AMC Networks

Written with ChatGPT (GPT-4o mini).

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ITV Studios Revenue Falls 20% to £1.21B Amid Hollywood Strikes; Lionsgate Reports $163.3M Loss

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