Three operators alone account for 90% of total Italian TV revenues. We are obviously talking about Rai, Mediaset and Sky which equally divide the first step of the podium into three "special" categories through which Mediobanca provides an overview of the Italian television universe: Mediaset conquers the record for revenues - but with the help from its Spanish subsidiary – Sky is the one that grinds the most profits, the Rai channels remain the most watched of all.
These are the main data of the new edition of the Focus TV presented by the Mediobanca Research Area which analyzes the dynamics of the five main Italian television operators in the period 2013-2017.
ITALIAN TV: THE RANKING OF REVENUES
In 2017, the turnover of the 5 main Italian television groups amounted to 9,4 billion euros, down 1,4% from 2015, but up 3,5% from 2013.
As mentioned, the lion's share is taken by Rai, Mediaset and Sky Italia, which generate 90% of total revenues.
In detail, Mediaset recorded an annual turnover of 3,6 billion euros (-0,8% on 2016), of which 1,1 billion in Spain. In second place "in the standings" is placed Sky Italy, with a turnover of 2,8 billion (+2,1). On the last step of the podium is the Rai with 2,6 billion euros, down by -6,6% thanks to the reduction in the fee. followed by Discovery Italia (244 million, +9,9%) and La7 (99 million, -3,9%).
OTHER ECONOMIC PARAMETERS
Broadening the horizon of analysis, from 2013 to 2017 these 5 large groups accumulated net losses for 321 million, closing 2017 with a profit only. Only two operators managed to achieve profit in the entire period: Sky with 118 million and Discovery with 31 million. Loss of 214 million instead for Rai.
With regard to the industrial profitability the overall picture signals a recovery, with all operators improving in 2013-2017. The best is Discovery Italia which recorded the highest ebit margin in 2017 (14,2%, up by +1,9% on 2013), followed by Mediaset (9%, +1,5%.), Sky Italia (6%, +4,8%) and Rai (3,4%, +0,3%). La7 does worse, which still has a negative impact, but with a strong improvement in 2013-2017 (+42,9%).
On the equity front, Mediobanca underlines, “il debt/equity ratio it dropped from 74,1% in 2013 to 70,9% in 2017. Of the three major Italian television operators, Mediaset recorded the best financial solidity (67,1% in 2017). Followed by Sky Italia (89,9%) and Rai (92,5%). Best of all La7 and Discovery Italia which have no financial debts in 2017”.
THE RAI FEE
Mediobanca's Focus TV underlines how, after the reduction in the amount and the inclusion of the fee in the bill established by the Renzi government in 2016, the cost of the public TV subscription is lower (and quite a lot) than the fees required in other Villages.
In detail, in Italy 90 euros are spent a year (-20,7% compared to 2013), in Germany they are more than double (210 euros a year). The fees of the United Kingdom (169,6 euros) and France (139 euros) are also more expensive.
But be careful: the 90 euros a year that we spend on license fees don't all go to Rai, which collects 74,73. “This percentage – underlines the Mediobanca Research Department – is far lower than that of the major European countries: Germany and the UK (both 98%) and France (96%)”.
Where does the rest go? The State retains it: 15,27 euros per subscription for a total of 340 million euros.
MOST VIEWED TVs
From the audience point of view, the study - based on Auditel data - underlines how the Italian traditional TV audience in 2017 fell for the first time below 10 million daily viewers, a figure that should make us reflect on the future. Above all because the leap in subscribers on paid platforms, Neftlix above all, acts as a counterbalance.
As regards generalist TVs: 2017 ended with a growth in viewers for Sky and Discovery Italia, +2,2% and +1,3% respectively, and with a drop for Rai (-2,9%) and Mediaset (-1,9%). Despite this, public TV is confirmed as the most followed broadcaster by Italians, reaching 36,5% of audience shares on an average day in 2017. Followed by Mediaset (31,3%), Sky Italia (8,4%), Discovery Italy (6,9%) and La7 (3,4%).
