British multinational advertising and public relations company WPP has agreed to acquire a minority stake in Swedish over-the-top television service FlowNetwork.
The company delivers its programmes via the Internet, which supplies Sweden’s regional newspapers with technology and content. Newspapers served by FlowNetwork include Norrköpings tidningar, Folkbladet, Motala Vadstena Tidning, Norrländska Socialdemokraten, Östgöta Correspondenten, Norrbottens-Kuriren, Västervik-Tidningen, Hela Gotland and UNT. FlowNetwork is co-producer of the new Swedish drama series Gåsmamman.
This investment continues WPP’s strategy of developing its integrated services in fast-growing and important markets and sectors and strengthening its capabilities including digital media. WPP’s digital revenues (including associates) were $6.9 billion in 2014, representing 36 per cent of the Group’s total revenues of nearly $19 billion. WPP has set a target of 40 per cent to 45 per cent of revenue to be derived from digital in the next five years.