Broadcaster ITV has unveiled plans for a new on-demand platform called ITVX amid aims to double its digital sales by 2026 after posting a leap in annual profits.

       The group behind hit shows including Love Island and I’m A Celebrity … Get Me Out Of Here! said it will launch the new platform – the first to integrate advertising-based video on demand and subscription video on demand streaming in the UK – in the fourth quarter.

       ITV is looking to boost its digital revenues to at least ￡750 million within four years, with the group also pledging to increase digital content investment, spending ￡20 million, and ￡160 million next year for ITVX.

       The details came as it posted a near-50% jump in annual profits thanks to a record year for advertising revenues as the wider economy recovered from the pandemic.

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       ITV reported a 48% surge in pre-tax profits to ￡480 million last year, with operating profits up 46% to ￡519 million.

       But shares in ITV tumbled 15% on Thursday morning as investors baulked at the level of investment spend needed to drive the digital overhaul and the strength of the competition it faces.

       ITV’s results showed total advertising revenues rose 24% to ￡2 billion – the highest in its history – with the group adding that demand from advertisers has remained strong so far this year.

       It expects ad revenues to rise by around 16% in the first quarter, but for the following three months to be affected by tough advertising comparatives and the Euros from June.

       ITV chief executive Dame Carolyn McCall said the group “delivered an outstanding financial performance in 2021″.

       She added that the firm is now moving on to its new phase of growth – prioritising digital content.

       ITV chief executive Dame Carolyn McCall said the group ‘delivered an outstanding financial performance in 2021’ (Parliament TV/PA)

       (PA Media)

       The new ITVX platform will replace the ITV Hub brand and will give subscribers the choice of watching ad-funded content free of charge, or to trade up and buy ad-free content, such as BritBox.

       In a first for the group, it will premiere much of its new content on ITVX some six to nine months before it airs on traditional ITV channels.

       Ms McCall said: “We are supercharging our streaming business, fundamentally shifting our focus to think digital first, as well as optimising our broadcast channels, by continuing to attract unrivalled mass audiences.”

       The group also confirmed that it has stopped Russian broadcasters from airing its shows, with the country previously having access to I’m A Celebrity and Come Dine With Me, which is produced by ITV Studios.

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       This falls in line with a wider boycott of business with Russia across the TV and entertainment sector in response to the Ukraine invasion.

       ITV said it does not sell advertising in Russia.