Sleeping Giant ITV Admits To ‘Subscale Online Performance’

ITV (LSE: ITV) under Adam Crozier and Fru Hazlitt remains refreshingly honest, admitting again today its “performance online remains subscale”. annual revenue grew by 17 percent to £28 million through 2010, after unique users grew 17 percent and video views nine percent to 234 million, half of which were long-form, in a “strong online advertising market”.

That’s still modest, yet heading in the right direction.

For all ITV’s historical problems making online tick, it’s been putting a new team in place which looks serious about pulling its socks up, including new online MD Robin Pembrooke, who has been hiring a new multiplatform controller and a new online and on-demand head.

In the vacuum left by the non-appearance of Kangaroo, video ad income is now starting to tick, and the company is keenly looking for online direct-payment opportunities.

The group is expected to devote £7 million of a £25 million annual investment fund toward online.

If all this comes to pass in the right way, ITV could yet be one of Britain’s most interesting online broadcasters.