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UK terrestrial broadcaster ITV is leaving no stone unturned in its quest for new revenue streams and ways to bolster its current income.
Through its ‘media for equity’ investment fund, ITV has acquired a stake in the online estate agency Purplebricks in exchange for advertising. Last year, Purplebricks nearly collapsed and was subsequently purchased by Carphone Warehouse magnate for approximately $1.
The ITV fund acquires minority stakes in businesses in return for advertising inventory, with one of its goals being to attract online advertisers to TV, which is often perceived as unaffordable.
Sheena Amin, Director of ITV AdVentures, commented that Purplebricks is “well positioned to continue disrupting the estate agent market, and we aim to help them build both brand awareness and market share by leveraging the power of TV to reach millions of viewers.”
However, this approach involves taking risks with struggling businesses. Despite offering lower fees than traditional estate agents, Purplebricks has found that DIY house selling can be cumbersome and less appealing. Traditional estate agents have managed to withstand the challenge, partly due to their established lists of potential buyers.
ITV, meanwhile, is grappling with declining ad revenues and the financial pressures of expanding its digital streaming services. The company has initiated a round of layoffs aimed at saving $150 million.