UK TV companies take on the streamers

Escapism is a lucrative business. Bloomsbury’s (BMY) chief executive, Nigel Newton, told the Financial Times this month that people had “had too much reality” and were “turning to books as an enjoyable form of escape from quotidian worries”. At the risk of sounding like Mr Wormwood in Matilda, television can be a good alternative to reading – and UK companies want a piece of the action.

ITV (ITV) and its Scottish counterpart STV (STVG) are strongly associated with traditional broadcasting. Coverage of the companies tends to focus on the outlook for advertising and, as a result, 2023 is looking lacklustre at best. ITV’s ad sales are expected to fall by between 10 and 15 per cent year on year in April, and STV is similarly pessimistic.