Entertainment

ITV unveils new on-demand platform amid plans to double digital sales

Broadcaster ITV has unveiled plans for a new on-demand platform called ITVX, which aims to double its digital sales by 2026 after skyrocketing annual gains.

The group behind hit shows like Love Island and I’m A Celebrity… Get Me Out of Here! said it will launch the new platform – the first to integrate advertising-based video-on-demand and subscription video-on-demand streaming in the UK – in the fourth quarter.

ITV aims to grow its digital revenues to at least £750m within four years, with the group also pledging to increase investment in digital content, spending £20m and £160m on ITVX next year.

The details came as it posted a nearly 50% rise in annual profits thanks to a record year for ad revenue as the broader economy recovered from the pandemic.

ITV last year reported a 48% rise in pre-tax profit to £480m, with operating profit up 46% to £519m.

The group saw total advertising revenue rise 24% to £2bn – the highest in its history – adding that demand from advertisers has remained strong so far this year.

Ad revenue is expected to grow around 16% in the first quarter but will be impacted in the following three months by hard ad comparisons and the euro from June.

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ITV chief executive Dame Carolyn McCall said the group “had an excellent financial performance in 2021” (Parliament TV/PA).

ITV chief executive Dame Carolyn McCall said the group “had an outstanding financial performance in 2021”.

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She said: “The successful execution of the first phase of our ‘More Than TV’ strategy puts us in a strong financial and creative position from which to embark on the next phase – digitally accelerating ITV to drive our streaming business .

“With the success of ITV Hub, ITV Hub+, Planet V and BritBox, we see an exciting opportunity to at least double our digital revenue to at least £750m by 2026.”

https://www.independent.ie/entertainment/itv-reveals-new-on-demand-platform-amid-plans-to-double-digital-sales-41405975.html ITV unveils new on-demand platform amid plans to double digital sales

Fry Electronics Team

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