ITV managing director Kevin Lygo has insisted that Love Island has a strong future with the broadcaster.
After a year out of the schedules due to coronavirus, the most recent series ended on Sunday with 2.8 million viewers - 22% down on the equivalent episode from 2019.
In general, the show has continued to dominate the 9pm timeslot for ITV2, although ratings were down across the board on the last series.
Speaking at the Edinburgh TV Festival, Lygo denied that the show is past its best, saying: "I don't think it has peaked. I think this is a pattern you see when new programmes come along and they are huge phenomenons.
"In catch-up it's certainly the best performing series [of Love Island] ever. The overnights are still really strong - most nights it's the most watched show at 9pm anywhere, so that alone is quite a success.
"I still maintain who would think that you could invent a programme that runs for eight weeks every single night at 9pm and kind of takes more viewers than anything else? Particularly younger viewers which are obviously the most difficult to find now.
"There's many years left in it and I think the challenge thrown down to producers is to make some subtle changes, to spice it up a bit and keep it as fresh as you can."
Lygo was also asked about a long-rumoured non-straight version of the show, replying: "Love Island is a particular thing of course, it's about boys and girls coupling up.
"So if you want to do a gay version, or you want to widen it... it is discussed, but we haven't found a way yet that would make it suitable for that show."
ITV2 has scheduled an additional programme for this year's series, Love Island: The Reunion, for September 5.
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