Morocco's public audiovisual sector has faced significant financial challenges, with combined losses of 487 million dirhams reported for 2025. This deficit is attributed to the two main operators, Soread-2M and the Société nationale de radiodiffusion et de télévision. The financial performance of these operators reveals a mixed picture, with one experiencing substantial improvements and the other facing difficulties. The sector's financial struggles highlight the need for strategic interventions to ensure sustainability.
Soread-2M, one of the operators, reported a deficit of 356 million dirhams for 2025, marking a considerable reduction from the 360 million dirhams loss recorded the previous year. This improvement is largely attributed to a significant increase in revenue, which rose by 53% to 672 million dirhams. A key factor contributing to this growth was the tax for the promotion of the national audiovisual landscape, which generated 428 million dirhams. This includes 155.5 million dirhams in arrears paid by the Office national de l'électricité et de l'eau potable.
In contrast, the Société nationale de radiodiffusion et de télévision reported a deficit of 131 million dirhams for 2025, a substantial decrease from the 410 million dirhams loss recorded the previous year. Despite this improvement, the operator's financial performance is still a concern. The reduction in losses is a positive sign, but the sustainability of this trend remains to be seen. The operator's ability to maintain financial stability will depend on various factors, including its revenue streams and cost management.
The second operator, Soread-2M, experienced a 10% decline in revenue, which fell to 375 million dirhams. This decrease is primarily attributed to a drop in advertising revenue, which totaled 357 million dirhams. Despite capturing 65.8% of the gross advertising investments in television, the operator faces challenges due to the overall market conditions and its cost structure. The report highlights a persistent structural imbalance in its economic model, which necessitates careful consideration.
The Moroccan government's support remains crucial for the public audiovisual sector. In 2025, the radiodiffuseur public received 1.502 billion dirhams in financial assistance from the state. Additionally, the state converted its claims into capital for the second channel, increasing its capital from 359 million to 1.461 billion dirhams. This support underscores the importance of government intervention in maintaining the sector's stability.
Looking ahead, the prospects for the current year do not indicate significant improvement. The Ministry of Finance anticipates a decline in revenue for the radiodiffuseur public, projecting a figure of 624 million dirhams, and a net negative result of 463 million dirhams. This forecast suggests that the sector's financial challenges will persist, emphasizing the need for strategic planning and potential reforms.
Since April 24, the public radiodiffuseur has held a majority stake in the second channel, consolidating their financial performance under a single umbrella. This move is expected to streamline operations and potentially lead to more effective management of resources. However, the sector's long-term viability will depend on addressing the underlying structural issues and implementing sustainable business practices.
Key points
- The public audiovisual sector in Morocco reported combined losses of 487 million dirhams in 2025.
- Soread-2M and the Société nationale de radiodiffusion et de télévision have received significant financial support from the government.
- The sector's financial challenges are attributed to a combination of factors, including revenue declines and structural imbalances.
