LONDON - The soccer World Cup, for long seen by underperforming media owners as a magic bullet for restoring sagging ad revenues, looks unlikely to deliver the hoped-for miracle for Britain's largest commercial networks ITV and Channel 4.
According to Thursday's Financial Times, agency sources predict that ITV ad revenues could fall by as much as 25% in July. This follows an earlier forecast that the broadcaster will experience an ad revenue drop of between 3%-5% in June.
Channel 4 could see revenues slide by as much as 11%-12% next month, while the British commercial TV market overall is expected to slump between 13%-15%.
The soccerfest runs for four weeks, June 9 to July 9 and it is reported that ITV ceo Charles Allen is currently on the stump around London's media shops with his revenue divining rod.