Scottish broadcaster STV Group is to present a refresh of its business strategy that includes a new Audience business that will house the STV channel and STV Player.
Broadcaster will also launch a new commercial radio station for Scotland that will sit within the Audience business.
The STV FastFwd to 2030 strategy sets out the broadcaster’s vision to be a globally recognised content powerhouse, and Scotland’s leading platform for audiences and advertisers.
By bringing together the existing Digital (STV Player) and Broadcast (STV) divisions STV plans to create a cost-efficient, future-proofed total audience and advertising proposition. It will also develop a new hyper-targeted advertising proposition across video and audio using AI to provide cost-effective advertising to unlock additional revenues. It has also taken a minority holding in Fan Club, a newly created digital content business, providing STV with access to a rapidly growing market and potential partnership opportunities across the creative label portfolio.
Rufus Radcliffe, CEO of STV said: ‘Today’s FastFwd 2030 strategy refresh outlines our vision to not only grow our presence in Scotland but to further establish STV on the international stage. Combining our broadcast and digital divisions and extending into audio both simplifies and further diversifies our advertising business. The launch of a new radio station and the continued growth of STV Player enable us to unlock exciting new opportunities for our customers’.
STV’s restated financial targets include plans to grow digital revenues to £30 million through pre commission on national VOD sales and grow Studios revenues to £120-140m with at least 25% of Studios revenues to come from international markets.
