TF1 revenue down 6.6% to €1.45bn as Netflix deal lifts streaming

By Daniel Okafor, Telecom Gazette

TF1 posted consolidated revenue of €1.45 billion for the first nine months of 2026, down 6.6 per cent year on year. The French broadcaster's Netflix partnership, launched in July, was not enough to offset a fourth consecutive quarter of advertising decline.

Total advertising revenue for the period to September 30th fell 8.9 per cent to €1.02 billion. Media segment revenue dropped 10.8 per cent to €1.23 billion, hurt by a persistently weak linear advertising market and €39 million of negative scope effects from disposals completed in 2025.

Where did the Netflix deal deliver?

The clearest growth story sits in streaming. TF1+ advertising revenue grew 20.5 per cent to €160 million, driven by the Netflix partnership that commenced in July. Consumption measured site-centrically rose 13 per cent year on year, accelerating to 25 per cent growth in the third quarter after Netflix content entered the mix.

The usage numbers behind that growth are concrete. TF1+ attracted an average of 42 million monthly streamers over the first nine months, with September its second-best month at 43.5 million. Médiamétrie counted 857 million hours streamed by end-September. Nearly one in two Netflix subscribers has watched at least one TF1+ programme since launch, according to the group.

For practitioners, the signal is that bundling a domestic broadcaster's AVOD platform with a global streamer can move both reach and monetisation quickly, but not yet at a scale that reshapes group economics.

What happened to profitability?

Current operating profit from activities fell to €110 million, down €81 million year on year and down €64 million excluding capital gains booked in the first nine months of 2025. The decline tracks the fall in linear advertising revenue, which TF1 describes as a major contributor to COPA. Programming cost arbitrage, notably during the FIFA World Cup, and strict control of other costs partially offset the pressure.

Margin from activities stood at 7.6 per cent, against 10.9 per cent before capital gains in the same period of 2025. TF1 says this level is in line with its 2026 roadmap, a claim worth noting but one the company frames against its own targets rather than an external benchmark. Operating profit came in at €102 million. Net profit attributable to the group reached €71 million, down €51 million year on year.

Studio TF1 provided a rare bright spot outside streaming. Revenue rose 2.6 per cent to €218 million, with third-quarter growth of 11.2 per cent driven by international deliveries.

Did audience share hold?

Yes, despite heavy sports competition. TF1 maintained leadership among commercial targets, women under 50 (W<50PDM) and individuals aged 25-49, even against the Winter Olympic Games and the World Cup. September delivered a record start to the season, with an all-time high audience share of 36.9 per cent among W<50PDM. The TF1 channel led across all target audiences on the back of strong programming across genres.

What comes next?

The structural read for the industry is straightforward. Linear advertising erosion is running faster than streaming monetisation can replace it, even with Netflix's audience injection. TF1's bet is that the TF1+ platform, now scaling past 40 million monthly streamers, becomes the primary engine as the Netflix partnership matures through its first full year in 2027.