16/04/2025 - The study highlights that European broadcasters and non-European video-sharing platforms each captured nearly half of 2023’s TV and OTT advertising revenues

This week, the European Audiovisual Observatory (EAO) unveiled the latest edition of its annual market study titled “Top Players in the European Audiovisual Industry – Concentration, Statute, Origin and Profile”. Authored by Laura Ene Iancu, the report offers a comprehensive snapshot of the structure and revenue distribution across Europe’s audiovisual landscape in 2023.

The report analyses estimated 2023 revenues and ownership structures for major audiovisual players across 41 European markets, regardless of their country of establishment. Using 2016 as a benchmark, it also reviews key mergers and acquisitions for 2024. The data were compiled through desk research, corporate reports, databases such as Orbis, and sources like the EBU and Dataxis. The study focuses on consolidated operating revenues from video-related activities, excluding telecom-only providers, radio groups, cinema chains and gaming companies. Figures are best-effort estimates based on available public and private data.

One of the central findings is the near-even split in TV and OTT advertising revenues: European broadcasters and non-European video-sharing platforms (VSPs) each captured 47.5% of the total, accounting for a striking 95% combined market share. Notably, YouTube alone generated more than twice the advertising revenues of RTL.

In the pay-audiovisual market, which combines pay TV and SVoD, the picture was more fragmented but equally telling. Sky and Netflix together commanded over 30% of this segment’s revenues. Broadcasters, telcos and pure streamers each played a significant role, contributing to a relatively balanced market structure. European players, particularly telcos such as Orange, Deutsche Telekom, Vodafone and Telefónica, stood out for their strong territorial anchoring, in contrast to the pan-European strategies of US-based studios and platforms.

Businesses with a strong presence in multiple territories accounted for over half of the pay-audiovisual revenues. This multi-country footprint was especially characteristic of European telcos, while US players mainly adopted a Europe-wide signature approach. Among the latter, European-born Sky and Liberty Global were the only groups representing US interests with a multi-territory presence.

Despite increasing pressure from global streamers, European players retained a solid grip on traditional media. They controlled 74% of traditional audiovisual revenues, while 88% of new-media revenues – including OTT and SVoD – were captured by non-European companies. In the linear advertising market, European broadcasters – both national and multi-country – continued to dominate, collectively banking half of all audiovisual ad revenues.

Yet the digital shift is unmistakable. Pure OTT platforms, fuelled by SVoD and VSPs, saw their European revenues grow sixfold between 2016 and 2023, accounting for over 60% of the top 100 groups’ cumulative revenue growth. US interests, bolstered by YouTube, Netflix, Meta and other streamers, surged despite declining shares for traditional US studios.

The report also finds that half of all audiovisual revenues among the top 100 players were concentrated in just ten groups. Comcast led once again, followed closely by Netflix and YouTube – highlighting the growing dominance of pure OTT platforms in the European ecosystem.

Each top-ten ranking is accompanied by downloadable extended lists, offering metadata on ownership, origin and legal status. The report further includes a review of key mergers and acquisitions that helped reshape the European audiovisual market.

The full document is available to peruse here.