Media: a growing market driven by streaming and the internet
In Italia, revenue is expected to rise by 5 per cent in 2026, but so far advertising spend has fallen for TV and radio; Rai, Sky and Mediaset remain at the top, but their market share is declining under pressure from streaming platforms
The media sector, both in Italia and abroad, is a growing market. But the driving force behind this growth is, inevitably, changing. This is what emerges from the latest edition of the Media & Entertainment report, produced by the Mediobanca Research Department
In 2026, the aggregate revenues of the leading operators are expected to grow by between 4 and 5 per cent, following a weaker 2025, estimated by the Mediobanca Research Department at between 2 and 3 per cent. The driving force behind this growth will not be traditional television, but rather streaming, digital advertising and the impact of major sporting events, from the Milan-Cortina Winter Olympics to the Football World Cup.
The clearest indication comes from the advertising sector. In the first six months of 2026, investment rose by just 0.5 per cent, but there is a wide gap within this average: digital advertising rose by 3.4 per cent, whilst TV fell by 2.1 per cent and radio by 3.7 per cent. In June alone, radio and television advertising revenue fell by 5.6 per cent. Advertisers follow the audience, and the audience is increasingly moving between platforms, online video and connected screens. Indeed, in Italia, 50 per cent of the time spent on YouTube is now via connected TVs: the boundary between television and the internet is blurring just as the domestic screen regains its central role, but with a digital focus.
Streaming is now the economic backbone of the industry. In the Italian broadcasting market in 2025, online subscriptions reached 2.4 billion, accounting for a quarter of the 9.6 billion in total revenue, becoming the second-largest source of income after advertising and overtaking satellite and traditional pay-TV. In 2024 – the latest consolidated figures based on a broader scope – SVOD revenues had grown by 15.8 per cent. The growth continues, but its nature is changing: less focus on acquiring new subscribers, more on monetising existing ones.
This is where the battle for 2026 will be fought. Ad-supported plans, AVOD offerings and Fast channels are on the rise, whilst platforms are focusing on pricing, bundles, combating account sharing and upselling. Netflix reports that over 60 per cent of new subscriptions in markets where the ad-supported plan is available now come from that option. This signals a hybrid model in which subscription and advertising are becoming increasingly intertwined.
