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August 4, 2010

ITV announces profit and pay-TV plans

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by Janet Harris

ITV has become profitable again and has announced plans to help it stay that way.

An 18% increase in advertising helped ITV’s pre-tax profits soar to £97m in the first half, compared with a £105m loss in the same period last year.

However the broadcaster isn’t resting on its success and has announced a five-year transformation plan that will introduce sweeping changes in management, culture and organization.

The broadcaster wants to become less reliant on the risky advertising market, with a move into pay-TV, including a deal with BSkyB for its HD channels.

It is also planning an online micropayments system and will charge for some of the content it will show on the Project Canvas IPTV joint venture.

Before Project Canvas is launched next year, ITV intends to revamp ITV.com which will benefit from a big share of a three-year investment fund of £75m.

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