ITV makes strategic investment in what3words | Media Investment | Business | News | Rapid TV News
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In the first part of its recently launched New Media For Equity programme, the UK’s leading commercial broadcaster ITV has announced a funding package for location services firm what3words.
what3words ITV 25March2021
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 channels and the ITV Hub on-demand platform. The initiative will serve as an innovative opportunity for early stage businesses seeking to build scale through TV advertising, alongside a strategic media partner.

Said to be able to provide uniquely accessible location capabilities, what3words divides the world into a grid of 3m squares, giving each its own three word identifier: a what3words address. For example, the front door to ITV's head office can be found at ///drama.keen.buyers, and one of ITV's most-iconic locations, the Rovers Return in Coronation Street is at ///horn.studio.towers. ITV is acquiring a minority stake valued at £2 million in return for advertising inventory, with an option to invest a further £2 million.

what3words is available as a free app to consumers and clients include automobility brands Mercedes-Benz, Ford, the AA and Addison Lee, and delivery/ e-commerce platforms such as Hermes and BJS. In addition, hundreds of emergency control rooms in markets as diverse as the UK, India, North America and South Africa use the technology on a daily basis to reduce search times.

Commenting on cash injection from the broadcaster, what3words CMO Giles Rhys Jones 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."