ITV has posted its earnings for the first half of 2020, and unsurprisingly it is not a pretty picture after the coronavirus pandemic wiped out advertising revenue and shut down production. But, the UK commercial broadcaster and production powerhouse said there is light at the end of the tunnel.

ITV’s total group revenue in the first six months of the year dropped to £1.45BN ($1.9BN), down 17% from £1.74BN over the same period last year. ITV Studios revenue was also down 17% to £630M, while advertising revenue fell 21% to £671M.

ITV CEO Carolyn McCall was stark in her reflections on the first half of the year. She said: “This has been one of the most challenging times in the history of ITV.”

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