ITV’s new media-for-equity initiative “ITV AdVentures Invest,” has invested £2 million worth of advertising inventory in the location service what3words Limited.
what3words has divided the world into a grid of 3m squares, giving each its own three word identifier, the what3words address. For example, the Rovers Return in Coronation Street (pictured) is at ///horn.studio.towers while the Highways News registered office is //////yachting.qualifier.tougher.
ITV is acquiring a minority stake valued at £2 million in return for advertising inventory, with an option to invest a further £2 million.
The Media for Equity programme sees ITV take minority stakes in early stage digital and direct-to-consumer businesses, alongside venture capital investment, in return for advertising inventory across ITV’s range of market-leading channels and the ITV Hub. It says the initiative will serve as an innovative opportunity for early stage businesses seeking to build scale through TV advertising, alongside a strategic media partner.
Giles Rhys Jones, CMO of what3words said, “what3words has seen a dramatic increase in the number of people using the system. Our work is helping individuals and businesses across the UK to make deliveries, meet friends, specify destinations for taxis and cars, but also to save lives. ITV can take our message of helping people to “know exactly where” to millions of homes. It’s fantastic to have such a great partner on our mission to make the world a safer, less frustrating and more efficient place.”
Kelly Williams, Managing Director ITV Commercial, added, “We are always exploring new and creative opportunities to introduce emerging brands to TV advertising. This new equity scheme marks an opportunity for ITV to invest in and support entrepreneurial consumer-focused companies, whilst diversifying and expanding upon our existing clients and relationships. This initiative will also demonstrate to digital-led businesses the power of ITV’s weekly reach of over 40 million people, as well as the storytelling and brand-building capabilities of TV. We are thrilled that our first investment is a leading UK-based tech company which also supports public services.”