Scottish broadcaster STV experienced a boost in revenue and profit in the first half of 2022, driven by a focus on streaming and local advertising.
The most popular peak-time channel for four years running, at 22.2 per cent, had a three per cent increase in revenue up until June 2022, up from £60.3m, while its profit before tax was up 25 per cent, to £10.6m.
In the first half of the year STV had 25 new commissions and an increase in active and VIP users on its channels, while reporting higher audience in Scotland than all subscription service combined.
They reported that the average Scot spends more than 6 times longer watching broadcast content than streaming channels such as Netflix.
“Our strategy of creating a more diversified business through a relentless focus on production growth, digital streaming and local advertising continues to deliver, with STV Studios revenue up 16 per cent, VOD advertising on STV Player up 16 per cent and regional advertising up 11 per cent”, said Simon Pitts, Chief Executive Officer.
Saying “STV Studios is accelerating rapidly, winning a record 25 new commissions so far this year from a range of networks and global streamers as we aim to become the UK’s no.1 nations and regions producer.
Amid the cost of living crisis, he added its “free streaming service STV Player is well positioned to meet the needs of a more cost-conscious audience, with content hours increasing to over 5500, including a further doubling of premium drama hours to 2000+ across more than 150 free boxsets.”