Scottish broadcaster STV has reportedly announced to have entered into a four-year strategic partnership with Virgin Media. As per trusted sources, the customers of Virgin TV in Scotland will now gain full access to regionalized versions of STV in HD for the very first time.
Simon Pitts, the Chief Executive Officer of STV, was reportedly quoted stating that Virgin Media’s TV platform is widely admired across Scotland and the company feels delighted to enhance its partnership in order to expand the reach of STV’s programs through the innovative four-year long agreement.
Pitts further added that the company would offer a new STV player and would make available all the STV regional variations in full HD to Virgin TV viewers, enabling them to enjoy STV’s popular shows as per their convenience.
David Bouchier, the Chief Digital Entertainment Officer at Virgin Media, stated that the firm is pleased to forge a long-term partnership with STV. Customers across Scotland would be delighted with the latest collaboration as it will be the first part of the UK to have channel 3 fully regionalized in HD, added Bouchier.
As per sources familiar with the knowledge of the matter, the total revenue of STV increased by 6% to £57.7 million from £54.6 million. Reportedly, this growth has been reflected across all its divisions including broadcasting, production, and digital.
Reliable sources claim that the broadcast revenue of STV recorded a 4% increase and the digital revenue improved by 24% including VOD revenue which registered a growth rate of 61%.
According to sources familiar with the development, the STV Growth Fund has depicted remarkable progress with a previously allocated investment worth £1.5m. Moreover, the advertising segment of the company has been generating significant revenue which has enabled it to maximize its share of the Scottish ad-sales market.