Report: Streaming, AI to boost global M&E revenues
September 16, 2026

From Branislav Pekic in Rome



The global media and entertainment industry is entering a new phase of consolidation and expansion, with SVoD establishing itself as the primary engine of growth.

According to the latest Media & Entertainment Report published by the Mediobanca Research Area, aggregate turnover for the top 25 private international operators reached €362.8 billion in 2025—a 2.8 per cent increase year-on-year—and is projected to rise further by 5.3 per cent in 2026.


US media giants accounted for 84 per cent of total sector turnover and occupied 11 of the top 25 spots. Streaming services generated 22.2 per cent of overall revenues after expanding 13.4 per cent in 2025. Conversely, legacy revenue streams – including traditional pay TV, line advertising and distribution – contracted.

SVoD platform subscribers grew by 6.1 per cent, with Netflix leading the market with over 300 million users (27.7 per cent global market share), followed by Prime Video (over 200 million) and Walt Disney’s combined services (196 million).

Average EBIT margins rose to 14.3 per cent in 2025. Netflix led profitability at 29.5 per cent, followed by Versant (21.1 per cent) and TelevisaUnivision (21 per cent).

In Italy, sector revenues expanded 7.4 per cent in 2024 to hit €9.6 billion in 2025. Rai, Sky and Mediaset generated 63 per cent of market turnover, but their combined market share continues to erode under pressure from global OTT platforms.

Public broadcaster Rai leads domestic earnings at €2.8 billion (+4.7 per cent), followed by Sky (€2.3 billion; +8.6 per cent) and Mediaset (€2.1 billion; +6.9 per cent).

Web subscriptions surged 10 per cent in 2025, now accounting for 24.9 per cent of total Italian media turnover. Streaming generates €2.4 billion, representing 59.4 per cent of the domestic pay-TV space.

Digital platforms now absorb over 66 per cent of Italian ad spend and the internet has overtaken TV as the primary news gateway for consumers (55.8 per cent vs 43.2 per cent).

Rai operates on a lower overall budget (€2.8 billion) than its peers in Germany, the UK and France, but maintains a higher EBIT margin (+3.9 per cent).

For 2026, global SVoD revenues are projected to grow by 14.9 per cent, supported by a 11.6 per cent rebound in digital advertising.

In Italy, major operator turnover is forecast to rise 4-5 per cent, boosted by major sporting events including the Milano Cortina 2026 Winter Olympics and the 2026 FIFA World Cup. However, traditional TV advertising remains under pressure, forcing players to focus heavily on AVoD models, ad-supported tiers, and FAST channels to monetise shifting viewer demographics.