Where is ITV going next as it scales global content and streaming?
ITV's pivot to More than TV matters as linear ad revenue falls; in 2025 streaming and global production drove strategic shifts, with 2025 focus on IP sales and digital ad yield growth supporting the next phase.
Scale production and data-driven ads to replace declining linear revenues; prioritize platform monetization and international IP sales. See ITV SWOT Analysis
Where Is ITV Trying to Go Next?
ITV is shifting from UK ad-dependence toward a studios-first, global content and streaming strategy focused on growing non-linear revenue above 55% of total earnings by expanding ITV Studios, scaling ITVX BVOD, and pushing format sales and co-productions in the US, Germany and the Nordics.
Studios-first global content engine
ITV is prioritizing ITV Studios as the main growth engine, selling premium scripted and unscripted formats to global streamers; studios revenue grew in 2025 to approximately £1.1bn, up from 2024, making format sales and third-party distribution the most commercially attractive scalable revenue stream.
International market expansion: US, Germany, Nordics
ITV plans to deepen format licensing and non-English drama co-productions in the US, Germany and Nordics where demand for local-language scripted content is rising; these markets already accounted for a rising share of studios commissions in 2025, reducing UK ad cyclicality.
Product upside: scale ITVX BVOD and direct-to-consumer
ITVX aims to convert reach into paying and ad-supported D2C relationships; in 2025 ITVX viewing minutes and addressable ad inventory grew, and management targets higher ARPU via FAST channels, premium subscription tiers and targeted ad sales.
Most credible next move: accelerate US scripted co-productions in 2025-26
Near-term, scaling US and global streamer partnerships for high-end scripted co-productions is most realistic: it leverages existing ITV Studios output, lifts licence fees and reduces reliance on UK linear ads, and is already reflected in increasing commissioning activity in H1-H2 2025.
Direction: decouple from UK ad cycles via studios, streaming and international growth
ITV is pursuing a clear pivot: make ITV Studios the primary global revenue engine, scale ITVX into the leading UK BVOD, and expand format licensing and co-productions in the US, Germany and Nordics to push non-linear revenue above 55%.
- Studios-first growth through format sales and third-party distribution
- Geographic expansion into the US, Germany and Nordics
- ITVX scaling, ARPU lift, FAST and premium tiers
- Near-term focus: US scripted co-productions and streamer deals in 2025/2026
For operational context and corporate governance detail, see How ITV Company Runs
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What Is ITV Building to Get There?
ITV is building three pillars-technology, content, and operational efficiency-to shift revenue mix toward digital advertising, streaming, and lower production costs. Key moves: scale Planet V for addressable ads, embed Generative AI across Studios, and expand IP and sports rights to drive ITVX growth.
Expansion Priorities: Scale Digital Reach and Platform Migration
ITV is pushing viewers from linear to ITVX, using major sports and premium titles to grow streaming hours and advertising yield in the UK and internationally. The aim is broader reach across devices and markets while converting linear audiences into higher-value, addressable users.
Product or Service Innovation: Targeted Ad Products and Studio Efficiency
Planet V offers programmatic, data-driven ad formats to boost CPMs and fill rates; simultaneous upgrades to ITVX (UX, measurement, ad pods) and studio workflows improve content throughput and monetisation per title.
Technology and AI Initiatives: GenAI Across Production and Data-Led Ads
Generative AI is embedded from R&D to post-production, reducing Studios costs by 5 percent in 2025 and shortening edit cycles. Planet V uses data from over 40 million users to increase addressable ad revenue and CPMs.
Partnerships or Acquisitions: Selective M&A and Rights Buying
ITV expanded its IP via mid-2024 acquisition of All3Media for approximately 1.15 billion GBP and is leveraging major sports rights, including the expanded 2026 Men's Football World Cup, to accelerate platform migration to ITVX.
Investment and Execution: Capital Allocation to Tech and Content
Capital is prioritised for Planet V scaling, AI tooling, and rights acquisitions; ITV targets increasing targeted ad share on linear from 30 percent at end-2025 to 50 percent by end-2026 and reallocates Studio budgets to support higher-margin streaming originals.
Most Important Strategic Build: Planet V and Addressable Ads
Scaling Planet V is the hinge: programmatic addressability directly lifts CPMs and digital ad revenue, enabling reinvestment in content and tech and supporting ITV's broader ITV plc strategy and ITV streaming expansion.
What It Is Building to Get There
ITV is building programmatic ad scale, AI-driven production efficiency, and an expanded IP/sports portfolio to drive ITVX growth and higher-margin digital revenue; these moves target faster streaming expansion and improved monetisation of linear inventory.
- Scale Planet V to boost addressable ad revenue and CPMs using data from over 40 million users
- Embed Generative AI to lower Studios costs (realised 5 percent reduction in 2025)
- Acquire IP (All3Media ~1.15 billion GBP in mid-2024) and secure sports rights (2026 World Cup) to drive platform migration
- Increase targeted ads on linear from 30 percent end-2025 to 50 percent end-2026
See the History of ITV Company Explained for background on how these moves fit ITV future and ITV corporate strategy 2025 outlook.
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What Could Slow ITV Down?
Structural and execution risks could slow ITV plc down: weak UK ad demand, a volatile US production market, rapid decline in linear TV, and strategic uncertainty from potential corporate reshaping.
UK advertising weakness and streaming monetization lag
UK advertising fell 5 percent in 2025, reducing near-term revenue and slowing ITV future ad-funded growth; ITVX monetization must outpace a roughly 12 percent annual decline in linear viewing to offset losses.
Competition and pricing pressure from global streamers
Intense rivalry from Netflix and Disney limits pricing power for original content and ad rates; shifting viewer choice increases churn risk and pressures margins as OTT acquisition costs rise.
Execution and investment risk in scaling ITVX and studios
ITV Studios revenue in the US contracted 21 percent to 310 million GBP in 2025, showing production-market volatility; failure to contain costs or scale ITVX subscriptions and ad yield could hurt free cash flow.
Regulation, tech shifts and corporate uncertainty
Regulatory review of media consolidation, rapid AI-driven content shifts, and ongoing preliminary talks with Sky on a possible sale of the Media and Entertainment business raise strategic uncertainty and execution delays.
Primary risks that could slow ITV plc
The clearest constraints are weak UK advertising (-5% in 2025), a 21% drop in US studios revenue to 310 million GBP, fast linear-TV decline (~12% p.a.), and strategic uncertainty from potential M&A talks.
- UK ad-market softness and slower ITV streaming expansion
- Execution risk scaling ITVX and stabilizing Studios revenue
- Regulatory, AI/tech shifts, and geopolitical exposure
- The single biggest risk: failure to monetize digital audiences fast enough to offset linear-TV and ad declines
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How Strong Does ITV's Growth Story Look?
ITV plc's growth story looks convincing and positioned for stronger growth, though execution risk remains material. The firm is shifting from a broadcast-centric model toward studios and digital M&E, which is driving faster, more diversified revenue streams.
Growth Direction: From Local Broadcaster to Global Media Asset
ITV future appears to be accelerating toward a global media asset as studios and digital M&E now account for roughly two-thirds of revenue. This marks a clear pivot from a traditional broadcast mix to a diversified content and distribution revenue base.
Near-Term Growth Signals: Strong Revenue Mix Shift
Recent signals include external studios revenue up 10% in 2025 and digital ad revenue rising 12% to £540m, showing demand for produced content and programmatic/digital advertising strength. ITVX recouping its investment four years early is a clear operational milestone.
Strategic Support for Growth: Portfolio and Catalysts
Strategic moves supporting growth include scaling ITV Studios globally, monetising IP across streaming, and prioritising digital ad monetisation. A calendar of rights events, notably the FIFA World Cup in 2026, provides advertising and subscription catalysts.
Upside Potential: International Studios and Ad Mix
Upside comes from accelerating international commissions for ITV Studios, higher-margin streaming monetisation on ITVX, and further digital ad share gains. Successful M&A or strategic partnerships could scale distribution faster.
Downside Risk to the Outlook: Execution and Macro Ads
Main downside risks are execution on international studio expansion, slower-than-expected digital CPM recovery, or advertising weakness in a UK/Europe macro slowdown. Elevated execution demands could slow margin improvement.
Overall Growth Judgment: Convincing but Execution-Dependent
The growth narrative is convincing with quantifiable shifts in revenue mix and strong 2025 metrics, but resilience depends on executing international expansion and sustaining digital ad momentum. Leverage at about 1.0x entering 2026 provides financial flexibility.
How Strong the Growth Story Looks for ITV plc
ITV plc shows a credible, measurable transition from a legacy broadcaster toward a diversified global content and digital-ad business, with tangible revenue shifts and near-term event catalysts supporting growth.
- Positioned for stronger growth as studios and digital M&E now contribute about 66% of total revenue.
- Most supportive near-term signal: digital ad revenue of £540m in 2025 and 10% external studios growth.
- Biggest upside: international scaling of ITV Studios and higher monetisation of ITVX around major sports rights.
- Main downside risk: execution on international expansion and sensitivity of ad revenue to macro conditions.
For context on audiences and distribution strategy, see Who ITV Company Serves.
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Frequently Asked Questions
ITV is shifting away from UK ad dependence toward a studios-first, global content and streaming strategy. The main goal is to grow non-linear revenue above 55% by expanding ITV Studios, scaling ITVX, and increasing format sales and co-productions in the US, Germany and the Nordics.
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