Blog Post

Earnings: UK’s ITV.com Propped Up By Friends; Profit Drops 35 Percent

UK’s ITV (LSE: ITV) grew online revenue 43 percent to £33 million through 2007. But two thirds of that is from subscription network Friends Reunited (up 36 percent to £22 million)… ITV.com, on which it has pinned so many hopes following a redesign, pulled in £11 million (up 57 percent) and got six million monthly users (BBC.co.uk got 19.1 million in January). The broadcaster’s pre-tax profits slumped 35 percent to £188 million overall.

September’s turnaround plan in part aimed to triple online revenue to £150 million by 2010. ITV said the plan is on track though, with two years to go, the task seems a tough one. And now ITV is planning “reduced emphasis on subscription fees” for Friends Reunited, removing some of the revenue streams that have made it so surprisingly effective despite more modern social nets. It pulled in £22 million (up 36 percent) and got two million more subscribers, taking it up to 19 million. Lots more here on PCUK.