ITV, a British free-to-air television network, is reportedly planning to concentrate on streaming to outdo big names like Disney and Netflix. Sources close to the matter stated that this move will lead to job losses at its conventional TV broadcasting operation, as the move is partly to cut costs.
The company said that their viewers can expect to see more new content commissioned for its streaming services, similar to the exclusive hits created by Disney+ and Netflix like The Mandalorian and Stranger Things. However, this reorganization does not indicate the end of household TV hits from The X Factor to Love Island.
Speaking of the move, Carolyn McCall, Chief Executive of ITV, reportedly said that the firm needs an on-demand business which will primarily be funded by its new investments in content as well as technology, and would help them grow and attract the youth as well as more targeted audience towards ITV.
As per credible sources, the changes are intended to prepare ITV for the future as a greater number of viewers, especially the youth, are inclined towards streaming content online.
McCall further added that ITV will continue to broadcast shows to entertain their audience, of which most shows are watched live, rather than on-demand, which along with their humongous audience base offers an unmatched opportunity for brands to reach their customers.
When compared to streaming giants, ITV's streaming business remains infinitesimal, based on both, revenue generation and viewers, however, they both are expanding annually at double-digit percentage rates. Last year, the number of hours watched on its ITV Hub free online streaming service passed 500 m, while registered users passed 30 million.
If sources are to be believed, the broadcasting business of ITV, which employs nearly 4,000 employees, will be substituted by a new media & entertainment division with two units, that are on-demand and broadcasting units.