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.
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