ITV hails ad market stabilisation

Broadcaster ITV pointed to signs of stabilisation in a tough market today, despite advertising revenues from its flagship channel falling 9% in the first half of 2007.

ITV1’s performance compares favourably with its previous update in May, when revenues for the half year were expected to be down 9.6%.

The overall television advertising market was down around 0.3% in the first half of the year, but ITV said it continued to be affected by the impact of the Contract Rights Renewal (CRR) mechanism, which reduces the amount that ITV advertisers have to pay if audience figures fall.

ITV chief operating officer John Cresswell said: “Returning stability in the total TV advertising market has been an important feature of the first half.”

The company’s overall advertising revenues fell 5%, reflecting a better performance from its digital channels.