Pick up in revenue
STV sees recovery in advertising market
Simon Pitts: ‘encouraged’
Broadcaster STV said it had detected signs of recovery in the advertising market.
It is ahead of expectations, with Q3 total advertising revenue down 4% and October 2% lower.
STV-controlled advertising is outperforming, with regional advertising up 8% and VOD advertising up 10% in Q3;
STV Studios has maintained its creative and commercial momentum with 14 commissions so far in 2020, its highest ever number, including five recommissions.
In a trading update Simon Pitts, chief executive, said: “2020 has underscored both the loyalty of our viewers and the resilience of our business. We’ve seen record growth in audiences across the whole of 2020 so far, not just during lockdown, with TV viewing up 13% and online viewing up 82%.
“Despite the ongoing challenges around Covid-19, I’m encouraged that the advertising market has recovered strongly across the summer and autumn, demonstrating the enduring power of television and our ability to come through further uncertainty with confidence.
“In particular, STV-controlled Scottish advertising and digital advertising have returned to year on year growth during the autumn, fuelled by our Growth Fund and the excellent performance of our streaming service STV Player.
“We remain confident in our prospects for growth, and look forward to finishing the year strongly on screen with November traditionally our biggest month of the year thanks to the return of I’m a Celebrity; while in STV Studios our 14 new commissions so far this year means that 2021 promises to be our most successful year yet.”