ITV announces content-led recovery plan

ITV executive chairman Michael Grade has pledged to make the troubled broadcaster the UK’s “favourite source of free, original entertainment”. He also promised to double content revenues to £1.2bn by 2012 as part of a five-year recovery plan. 

Grade made the comments in a strategy update to investors today (Wednesday). He said improved programming and an increased Web presence would be the focus of the “content-led plan”. 

“By 2012, I want ITV to be widely acknowledged as the UK’s favourite source of free, original entertainment across all popular platforms and devices, not just on television,” said Grade. 

He added that he wants to raise the percentage of programmed commissioned in-house to 75% – it stands at 54% today – and announced the creation of a new “global content division” that will be headed by ITV’s new director of global content Dawn Airey. 

Grade said ITV will spend £1bn on its TV channels this year and set a target of bringing in £150m in online revenues by 2010.