Marrakech – Morocco’s two public television operators, the National Broadcasting and Television Company (SNRT) and SOREAD-2M, both closed 2025 with net losses, even as public funding and capital measures propped up their accounts.
The figures appear in the report on public establishments and enterprises attached to the 2027 Finance Bill, which also tracks the consolidation of the public audiovisual sector around SNRT.
SNRT recorded a turnover of MAD 672 million ($67.2 million) in 2025, up from MAD 439 million ($43.9 million) in 2024, a rise of 53%. According to the report, the increase came mainly from higher receipts of the tax levied to promote the audiovisual landscape, which reached MAD 428 million ($42.8 million).
Of that amount, MAD 155.5 million ($15.55 million) came from the recovery of arrears owed by the National Office of Electricity and Drinking Water (ONEE) for the 2022-2024 period.
SNRT also ranked among the largest recipients of direct budget support. The report’s breakdown of state financial transfers puts the company’s 2025 allocation at MAD 1,502 million ($150.2 million), placing it among the top beneficiaries of the MAD 19,452 million ($1,945.2 million) channeled to commercial-type public entities that year.
This transfer, made up of investment subsidies, capital allocations, and operating subsidies, is separate from the earmarked audiovisual promotion tax booked in the company’s turnover.
That revenue growth narrowed but did not close the gap. SNRT’s net result stood at minus MAD 131 million ($13.1 million) in 2025, against minus MAD 410 million ($41 million) a year earlier, a 68% reduction in the deficit. Its operating result improved from minus MAD 581.1 million ($58.11 million) in 2024 to minus MAD 303.2 million ($30.32 million) in 2025.
On the audience side, average daily television viewing reached 3 hours and 48 minutes per person in 2025, of which 38 minutes went to SNRT channels. The group’s channels held an audience share of around 16%, while its radio stations drew a listening share of close to 28%.
Digitally, the Al Aoula channel counted about 3.3 million YouTube subscribers at the end of 2025, the “Forja” platform logged 55 million views over the year and reached a cumulative 4.3 million users, and SNRT’s news channel recorded 26.9 million views on YouTube.
Investment at SNRT fell to MAD 197 million ($19.7 million) in 2025 from MAD 283 million ($28.3 million) in 2024. The spending went mainly to audiovisual equipment at MAD 109.7 million ($10.97 million), television broadcasting equipment at MAD 32.2 million ($3.22 million), and IT equipment, software, fit-out works, and other fixed assets at MAD 54.8 million ($5.48 million).
For 2026, closing forecasts point to a turnover of MAD 624 million ($62.4 million) and a net result of minus MAD 463 million ($46.3 million).
The picture at SOREAD-2M, the operator of the 2M channel, was heavier. The company kept a significant place in the national audiovisual landscape in 2025, with an average audience share of close to 25%, broadly stable against 2024, and national production made up around 82% of its broadcast grid, in line with its public service mission.
On digital platforms, its YouTube subscriber base reached 10.1 million at the end of 2025, up by 0.8 million from the previous year.
Market strength, however, did not translate into commercial health. The channel captured 65.8% of total gross television advertising investment in 2025, yet its commercial income declined over the same period. Turnover came to MAD 375 million ($37.5 million), a drop of 10% from 2024, of which MAD 357 million ($35.7 million) came from advertising.
The net result settled at minus MAD 356 million ($35.6 million), against minus MAD 360 million ($36 million) in 2024, while the operating result stood at minus MAD 303 million ($30.3 million), which the report reads as a continuing structural imbalance in the company’s economic and financial model.
Keeping state broadcasters afloat
To keep the company afloat, the state intervened directly on its balance sheet. SOREAD-2M carried out a capital increase of MAD 1,102 million ($110.2 million) in 2025, lifting its share capital from MAD 359 million ($35.9 million) to MAD 1,461 million ($146.1 million) through the conversion of debts owed to the state.
Alongside that measure, operating needs required the mobilization of MAD 221 million ($22.1 million) in advances through partners’ current accounts.
These results come as the state reorganizes its broadcasters into a single public audiovisual pole built around SNRT as the parent company. The report notes that the restructuring moved forward with SNRT’s acquisition of Medi1 Radio and Medi1 TV during 2024, followed by the transfer of the state’s stakes in SOREAD-2M to SNRT on April 24, 2026.
With that transfer, SNRT became the majority shareholder of SOREAD-2M and the parent of the main public operators in the sector, a step accompanied by the integration of Medi1 TV and Radio Méditerranée Internationale and by the pooling of resources across the pole’s components.
The report frames the consolidation as a way to strengthen integration and synergy among the sector’s public bodies, improve their governance, clarify their economic model, and set the public audiovisual service on a more sustainable path.
The study dedicated to the pole lays out a target vision built on a gradual course. Its first phase, running to 2030, aims to activate the first synergies, in particular through a unified advertising management agency placed under SNRT, the grouping of certain activities, and suitable governance arrangements.
Phases after 2030 are meant to raise the pole’s performance and coherence through a more structured organization by field of activity and a clearer separation between public-service activities and those of a commercial nature.
