CINCINNATI—Scripps announced today that TV antenna sales are up 30% in the 13 markets where it launched a marketing campaign to promote free broadcast TV last summer. The company announced the results during its Q3 financials in which it reported an overall 10% increase in revenues, fueled by CTV and political ads.
Scripps President/CEO Adam Symson said the $20 million campaign was part of the station group’s efforts to promote both old and new ways of accessing free and ad- supported TV.
“Scripps’ impressive 10% revenue growth in the third quarter was fueled in part by the company’s multiplatform distribution strategy—to ensure viewers can find our high-quality programming content anywhere they watch TV,” Symsom said. “We have now launched our free, ad-supported TV (FAST) networks across major connected TV services, and in the third quarter, that paid off with a solid beat of Scripps Networks’ revenue expectations. We’re just getting started and expect that strategy to fuel continued revenue growth against an impressive run rate.
“In the midst of an economic climate that is challenging consumer spending and confidence, Scripps is leaning into its leadership in free TV to benefit the company and shareholders,” Symson added. “Pay TV prices are rising, subscription on-demand services have nearly doubled in price, and the TV marketplace is more confusing to the consumer than ever. It is clear from the results of our earliest initiatives that Americans are seeking to add an option that is free and easy — broadcast television. We are very pleased to see our marketing efforts beginning to increase antenna sales. Because we already capture nearly a third of all over-the-air viewing, more antenna use means more consumers spending time with our nine Scripps Networks and our local broadcast stations.’
Scripps earned $208 million in political ad revenues, surpassing its 2018 midterm results. Connected TV (CTV) revenue grew 57% year over year as the division launched more channels on major streaming services. The division expects to reach an annual run rate of more than $100 million in CTV revenue next year.
