Prix Italia
In 2023, the turnover of the Italian radio and television sector amounted to €8.9 billion, up 1.6% on 2022, the year in which it had almost equaled pre-pandemic values (-0.1% 2022 on 2019). The recovery affected all sectors: +0.2% free-to-air TV (€4.8 billion), +3.0% pay TV (€3.4 billion) and +4.9% radio ( €0.6 billion), according to Mediobanca Media & Entertainment report. However, pay TV is suffering from diametrically opposite trends, with traditional Pay TV continuing to decline (-4.9%), albeit with a lower intensity than in previous years, while SVOD services continue to grow at double digits (+10.4%). The specific weight of streaming is increasing sharply, representing 53% of pay TV revenues in 2023 (€1.8 billion). The three main operators (Rai, Sky and Mediaset) jointly hold around 70% of national television revenues, but online platforms continue to erode ground, representing 20% of the sector in 2023.
OPERATORS REVENUES
In 2023 the revenues of the ten main Italian Media & Entertainment operators grew overall by 1.6% compared to 2022 (however still 6.9% lower than 2019), thanks to the continuous expansion of the SVOD segment (+9 .2%) and the recovery of advertising market (+3.0%). Pay TV revenues are still subdued (-4.9%), the top three traditional broadcasters (Rai, Sky and Mediaset) develop 77% of the overall turnover.
In terms of turnover, Rai remained in first position in 2023 (€2.7 billion, +0.3% on 2022), followed by Sky (€2.1 billion, +2.3% on 2022) and Mediaset (€2 billion, +2, 5%). The exponential growth of platforms continues online, now also active in the advertising market through the launch of AVOD offers, with Netflix which in 2022 recorded revenues of €616 million thanks to its over 5 million subscribers.
For the whole of 2024, a 2% growth in the overall revenues of the main Italian operators in the sector is estimated, thanks to the expected recovery of the advertising market (+5%), driven mainly by the important sporting events of the year (primarily the Olympics and European of football), the continued growth of AVOD formats and the increase in subscriptions to streaming services, although with a reduced momentum compared to the past.
With the SVOD segment increasingly competitive and close to saturation, also considering the decrease in the purchasing power of the average consumer, competition will intensify in the AVOD (Advertising Video on Demand) and Subscription AD-supported (a hybrid between SVOD and AVOD) offers, assures the report. It is therefore reasonable to expect a slowdown in paid subscriptions in the near future.
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