STV expects record advertising revenue
Simon Pitts: beyond expectations
STV is forecasting record levels of advertising revenue as the speed and scale of the recovery has exceeded expectations.
The Glasgow-based broadcaster is predicting a 22-24% surge in total advertising revenue for the year to the end of this month, delivering its highest ever advertising revenues and growth of more than 10% compared to financial year 2019.
Within that STV expects regional advertising to finish the year strongly, up around 20% for 2021, despite only dropping 5% during 2020 when the pandemic was at its height, and 15% ahead of 2019.
VOD advertising on the STV Player is expected to be up 35-40% for the full year, over 50% ahead of 2019 levels.
Additionally, STV announces that the STV Growth Fund will be increased from £20m to £30m in 2022. Since launch in 2018, the STV Growth Fund has allocated £15.7m across more than 700 deals with Scottish SMEs, attracting more than 300 new advertisers to television.
Previous guidance that STV Studios is on track for its best ever financial performance in 2021, with full year revenue of £20-25m, is reconfirmed today.