STV Group has unveiled a refreshed business strategy, dubbed "FastFwd to 2030," aiming to solidify its position as a leading broadcaster in Scotland and expand its global reach. A key element is the creation of a new "Audience" business unit, merging the existing Digital (STV Player) and Broadcast (STV) divisions. This restructuring will streamline operations and create a more efficient platform for audience engagement and advertising.
This new structure will also oversee the launch of a new commercial radio station for Scotland, marking STV’s entry into the audio market. The strategy also emphasizes a new hyper-targeted advertising approach. Utilizing AI, STV plans to deliver cost-effective advertising solutions across video and audio platforms, aiming to boost revenues. Furthermore, STV has secured a minority stake in Fan Club, a digital content business, providing access to a growing market and potential collaborative ventures.
Rufus Radcliffe, CEO of STV, stated: “Today’s FastFwd 2030 strategy refresh outlines our vision to not only grow our presence in Scotland but to further establish STV on the international stage. Combining our broadcast and digital divisions and extending into audio both simplifies and further diversifies our advertising business. The launch of a new radio station and the continued growth of STV Player enable us to unlock exciting new opportunities for our customers.”
The revised financial targets are ambitious. STV aims to increase digital revenues to £30 million, driven by pre-commission national VOD sales, and boost Studios revenues to £120-140 million, with at least 25% originating from international markets.