LONDON (Reuters) -ITV said on Thursday it would launch a new on-demand platform called ITVX later this year with an aim of doubling its digital revenue to 750 million pounds ($1.01 billion) by 2026.
Britain’s biggest free-to-air broadcaster announced the service as it reported a 24% rise in external revenue in 2021 – a record year for its advertising – and a 40% rise in adjusted earnings per share.
ITVX will combine an ad-funded on-demand service and subscriptions, ITV said, adding it will spend 20 million pounds on digital-first content for the new platform this year and 160 million pounds in 2023.
Chief Executive Carolyn McCall said ITVX, which will launch in the fourth quarter, would offer viewers digital-first shows, weekly premieres and over 15,000 hours of content at launch.
“This will enable ITV to double streaming viewing, double monthly active users, double subscribers and deliver valuable addressable advertising inventory at scale,” she said.
ITV said ad demand remained strong, with the first three months of 2022 expected to be up around 16% and April expected to be up around 10%.
($1 = 0.7456 pounds)
(Reporting by Paul Sandle; Editing by Kate Holton)
