Abstract: Last week, we said we expect a return to FTA TV revenue growth by FY26. Year-to-year FTA TV revenue variation is mostly driven by the economy. In the longer run, per capita viewing is more important. We think FTA per capita viewing is still falling, but more slowly as SVOD and AVOD competition matures.

This means that the industry still has cost-cutting to do, but there is light at the end of the tunnel. As viewing decline flattens and BVOD share grows, there is a long-term growth story for FTA TV that will support industry value.