A Backing Business Fund launched by ITV and Travel Weekly to allow travel firms to maximise marketing activity as been doubled to £1 million due to high demand.
It allowed travel brands who had not previously advertised with ITV or met other qualifying criteria to gain marketing support and boost their contributions.
ITV this week confirmed the first £500,000 had now been fully utilised and said a further £500,000 was being released to allow more brands to benefit.
Jason Spencer, ITV business development director, said: “We’ve had huge demand for our fund since launch and remain committed to helping travel businesses of all shapes and sizes to grow. Travel brands have signed up to capitalise on the fund which means we are delighted to be able to announce we have doubled our investment the fund to £1m to support the industry.
“As we head into 2023, it’s even more crucial that businesses are able to test and invest with confidence so this fund is based on like-for-like value whereby for every pound a brand invests, ITV will match it.”
Spencer added: “What’s more, we are also offering creative production support – to help you make your TV ad – at cost. This adds up to experiencing the effectiveness of ITV for your business at a significantly lower cost of entry, enabling you to measure the impact and scale-up as a result.
“We have a wealth of case studies – across not just the travel sector but all categories – of how the power of TV can help brands grow.
“We are adept at supporting brands in de-risking this investment and can’t wait to continue the work with Travel Weekly as we jointly focus on helping the travel industry supercharge growth in 2023.”
Lucy Huxley, Travel Weekly editor-in-chief, said: “The response to the Backing Business Fund and our partnership with ITV has been phenomenal, and it is a testament to that response that the total fund has now been boosted to £1 million.
“As the industry emerges from the pandemic and faces a daunting array of challenges heading into 2023, we are delighted to work closely with ITV to help companies of all sizes inspire potential consumers and drive crucial sales.”
The Backing Business fund forms part of a larger overall partnership between Travel Weekly and ITV which also includes exclusive consumer research and marketing insight.
To find out more about the fund and the wider partnership, click here.