The cancellation of Duck Dynasty and American Grit has hit ITV America’s bottom line with the U.S. production division of the British broadcaster suffering a 21% fall in revenue over the last twelve months.
ITV America reported a drop in revenue from £310M ($412M) for 2017 to £245M in the twelve months to the end of December 2018. This crept up slightly to £255M when adjusted for “unfavourable foreign exchange impact”.
Duck Dynasty, produced by ITV-owned Gurney Productions ran for 11 seasons and 130 episodes on A&E but ended in March 2017, while John Cena-fronted competition series American Grit, which was produced by Leftfield Pictures, ran for two seasons on Fox and ended in August 2017.
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The company also blamed a reduction in the volume of episodes of Pawn Stars and the fact that it delivered two seasons of Gordon Ramsay’s Hell’s Kitchen in 2017 and no series in 2018, although earlier this month Fox renewed it for two more seasons.
ITV America noted that this revenue drop was “partly offset” by talent competition The Four, History’s Forged in Fire spin-off Knife or Death and a higher volume of episodes of Netflix’s Queer Eye.
Elsewhere, ITV Studios performed well; revenues inched up in the UK from £692M to £695M thanks to the return of Dancing on Ice and an extended season of Love Island, while its business in the rest of the world grew 32% from £390M to £516M thanks to the acquisitions of Tetra Media Studio, Cattleya and Elk.
ITV Studios total revenue was up 6% to £1.67B, while advertising revenue across the company was up 1% and online growth up 36%, helping overall revenue at the group to grow by 3% to £3.21B for the full year.
Carolyn McCall, ITV Chief Executive, said, “ITV’s operational performance across 2018 was strong despite the uncertain economic and political environment. ITV Studios continued to show good growth producing a range of great shows including The Voice, Bodyguard, Love Island and a host of other hits. ITV is making good progress as we invest in our More than TV strategy – repositioning the ITV brand, developing our data and digital capabilities, increasing our ability to offer addressable advertising and expanding our direct to consumer activities. Cost savings, which will partly offset this essential investment are on track.”
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