On today’s ExchangeWire digest: ITV Profits Plunge By 61%; Half of US Subscription Revenues Will Go To Streaming By 2025; US Approves TikTok Crackdown Bill

Amidst the TV advertising downturn, ITV has recorded a profit drop of 61% to £193m in 2023, plunging from a record revenue of £501m in 2022. The dramatic decrease is a result of the fall in advertising revenue as well as the broadcaster’s planned investment costs in its ITVX streaming service. Moving forward, the broadcaster intends to cut costs by £50m, on top of its existing plan to save £150m between 2019 and 2026. 

Diving deeper into the TV landscape, a forecast from eMarketer expects over half of US video subscription revenues to go to streaming services by 2025. As backed by many sources, traditional pay TV services are on the decline, and are set to be overtaken by OTT subscriptions for the first time. Meanwhile, an investigation of streaming in Latin America expects the region’s SVOD subscriptions to rise to 165 million by 2029, up from the 110 million recorded at the end of 2023. 

As linear TV awaits its demise, TikTok prepares for a potential shakeup. On Thursday, the US House Energy and Commerce committee approved the legislation which would see Chinese apps being banned from app stores, and would consequently see the ban of TikTok unless it breaks ties with Chinese parent company, ByteDance. The vote saw a 50-0 result in favour of the legislation; representing the most significant momentum yet for a US crackdown on the app.  

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