STV saw its figures slump in the year of Covid with the pause in filming because of the pandemic hitting revenue from its studios division by 36%.
The broadcaster’s total advertising revenue was down by a tenth, with STV-controlled regional advertising down by 5%. It said operating profit was £18.2 million, ahead of initial expectations but with a full-year decline of 19%.
However, CEO Simon Pitts said the company was coming through the pandemic “with confidence”, as digital revenue rose by 5%,with video on demand (VOD) revenues from the STV Player up by 12%.
STV’s digital business continued its surge, recording a 68% rise in online viewing, and the announcement of new content deals with Sony and eOne.
The total STV audience rose by 14% in 2020, the highest growth of any channel in Scotland, with all-time viewing share of 19.2% as it remained the most watched peak-time channel in Scotland, stretching 10% ahead of BBC1.
It had the largest ever lead over the ITV Network, with all-time share 12% higher and its STV News at Six delivered its highest average audience and viewing share.
Pitts said: “STV is coming through the pandemic with confidence.
“With profit and net debt materially better than expectations, the 2020 financial results we are confirming today are testament to the strength of our business and the commitment and creativity of our people in what has been an extraordinary 12 months.
READ MORE: STV results 'above expectations' due to strong regional and digital performance
“We enjoyed record audience growth in 2020, with TV viewing up 14% and online viewing up 68%, the biggest gains of any UK broadcaster, and were also able to accelerate delivery of our strategy.
“Our advertising growth fund enabled us to attract 91 new Scottish advertisers, we bolstered our successful digital content strategy with a further 1200 hours of content, and we launched our streaming service STV Player across the UK for the first time, meaning it is now available in over 17m homes.”
Despite the pandemic, he said STV Studios had secured 19 new commissions – its largest to date – as it looked to establish itself as the UK’s leading nations and regions producer.
“We took proactive steps to conserve cash and raise capital from shareholders and, combined with better than expected trading, we now have a significantly strengthened balance sheet as we look to invest £30m in the next phase of our strategic growth, targeting at least 50% of our operating profit from outside traditional broadcasting by 2023,” said Pitts.
“We have made another strong start to the year on screen and online, with TV viewing up a further 14% and STV Player up 83%.
“Advertising trends are also improving materially, with April forecast to be up 60-75% and Jan-April +7-9% as lockdown hopefully begins to ease.”
He added: “There is also much to look forward to on STV with more new drama than ever in 2021, as well as the exciting prospect of the delayed Euro 2020 football championships involving both England and Scotland. While there is inevitably still uncertainty around the pandemic, we are positive about the future outlook.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel