ITV is poised to launch a new advertising funded streaming service packed with weekly exclusive series, in a fresh attempt to challenge the might of Netflix.
The Love Island broadcaster is preparing to roll-out ITVX, a new app where viewers can pay to upgrade to an ad-free service and 6,000 hours of British programmes from its subscription streaming service Britbox.
Britain’s biggest commercial broadcaster said its plans to launch the ITVX by the end of the year will be the first step towards doubling digital sales to £750m by 2026 and becoming “a leader in UK streaming”.
The announcement came as ITV bolstered revenues by 24pc to £3.4bn for the year to December, as it rebounded from the pressures of the pandemic to deliver a record advertising sales.
Pre-tax profits also rose by 48pc to £480m, underpinned by a strong viewing performance from the Euros to Pembrokeshire Murders and The Masked Singer.
Chief executive Carolyn McCall said the broadcaster had delivered an “outstanding financial performance”.
She added: “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 launch the next phase – ITV’s Digital Acceleration, to supercharge 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 revenues to £750m by 2026.
“At its heart will be ITVX – the first integrated AVOD/SVOD streaming platform in the UK.
“It will be a seamless viewer experience with a digital first content and windowing strategy and significant content investment providing 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.”
ITV said it remained on track to deliver £100m of savings by the end of this year and would strip out an extra £50m of costs by 2026 and beyond.
Meanwhile BritBox, its joint streaming service with the BBC, grew UK subscriptions by 45pc to 733,000 last year and 38pc to 3.6m globally.
ITV also said it will stop the Russian versions of I’m a Celebrity Get Me Out of Here and Come Dine with Me from being broadcast in the country following the invasion of Ukraine. Neither show is currently being broadcast in Russia.
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