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ITV under pressure with £20 million budget cut

After announcing the loss of 1,600 jobs last year ITV is under more pressure to reduce costs after announcing a £20 million cut in its programme budget. The significant reduction comes on top of an additional £20 million of cost savings announced by CEO John Cresswell as the ongoing downturn in advertising revenue continues to hit home. This is the latest in a line of disappointing announcements from the media and TV sector which is certainly feeling the pinch.

Many people believe that the likes of ITV have been too slow to react to the threat from the online media market which has grabbed significant business from the traditional advertising sector. As cost pressure continues to hit the sector there is intense speculation regarding potential mergers and acquisitions in the short to medium term as many of the more traditional and well-known media companies continue to struggle.

The potential for significant cost savings by moving businesses and operations online has led to a significant change in the traditional business model for companies such as ITV and other media related operations. However, those companies created specifically for the online marketplace have stolen something of a march as they have been able to keep costs to a minimum allowing them to remain ultracompetitive.

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