ITV has announced the creation of a new streaming service to compete with the likes of Netflix and Amazon Prime.
ITV’s chief executive, Carolyn McCall, confirmed the broadcaster was planning a new streaming service to replace its current on-demand offering, ITV Hub, with a mind to increase their online revenue – amid increasing competition from major streaming rivals.
The announcement comes after ITV Hub saw a surge of new subscribers to its online portal – reportedly a 500% increase, undoubtedly fuelled by the popularity of ITV’s hit reality show Love Island and viewers’ desires to watch the show abroad or via catch-up. The broadcaster is also planning to invest £60m to develop its programming over the next three years.
ITV Hub currently offers a seven-day free trial of its service before a £3.99 monthly subscription, around half the cost of a standard Netflix account.
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There’s no word on what exactly ITV’s new streaming service would do differently, but we’ve heard rumors that they may be in talks with the BBC and Channel 4 about a joint venture.
A common streaming platform could be what the three broadcasters need to ensure their longevity in the on-demand landscape, while significantly reducing the individual cost and risk involved.
While BBC iPlayer is home to many popular shows, its revenue model still relies on more popular streaming services like Netflix paying for digital rights to its programming. With many users already paying for Netflix, Amazon or Hulu services, however – and with a Disney streaming service set to launch in the near future – we may well be reaching saturation point. And there's no guarantee young viewers would make the jump, or be willing to add another monthly fee to their bank bill...
- Image credit: ITV.com
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