An agreement with audio content provider UBC Media Group will also see the formation of a new iPhone advertising network which UBC will operate.
UBC's advertising network will launch in April with the TalkSport app in the build up to the World Cup, while other UTV stations will follow over the following weeks.
Unique Interactive (UI), UBC's software division, will develop and supply the apps for free in return for UTV using UBC's internet advertising business Lynx Content to sell advertising within the apps. The agreement will be part of a revenue-sharing deal between UBC and UTV.
The apps will allow users to listen to their radio station wherever they have wifi or a mobile signal and provide a wide range of additional features, such as instant programme reminders, listen again and social network interaction.
UBC chief executive Simon Cole said: "This is the start of what should become an important source of revenue for UBC.
"The iPhone is creating an important listening platform for radio and a viable platform for mobile advertising. Last week's announcement by Apple that it intends to get into the sale of advertising on iPhone apps itself later this year will add momentum to what is a fast developing market."
2009 but it saw an improvement in the first four months of 2010. The company's financial results revealed the UTV group made pre-tax profits of £18.1m during 2009, down 12.6% from 2008, and revenue across the group was £112.1m, down 6.3% from 2008.
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