Millions of people watch Morocco’s public television channels, and advertisers continue to spend heavily on them. But the companies behind two of the country’s main broadcasters are struggling to balance their books, with combined net losses of 487 million dirhams in 2025. Soread 2M, which operates the 2M channel, lost 356 million dirhams, while the National Broadcasting and Television Company (SNRT) recorded a loss of 131 million dirhams.
The figures come from an official report accompanying the 2027 Finance Bill. They highlight the financial challenges facing public broadcasting as the government prepares to reorganise the sector, bring its main operators under a common structure and create a unified agency to manage advertising.
2M dominates advertising but remains in the red
2M retained a strong position with viewers and advertisers in 2025. Its average audience share stood at about 25%, broadly unchanged from the previous year, while locally produced programmes accounted for 82% of its schedule.
The channel attracted 65.8% of gross television advertising investment, meaning it accounted for nearly two-thirds of the total market measured by advertising value.
Yet its financial results went in the opposite direction.
Soread 2M’s turnover fell by 10% to 375 million dirhams in 2025. Advertising generated 357 million dirhams, or about 95.2% of its total revenue.
The company recorded a net loss of 356 million dirhams, only slightly below the 360 million dirhams lost in 2024. Its operating result, which measures performance from its core activities, stood at minus 303 million dirhams.
The report said the results showed that the company’s economic and financial model continued to suffer from structural weaknesses.
A large share of the advertising market does not necessarily mean a company is profitable. Gross advertising investment measures the value of advertising attributed to a broadcaster, while turnover reflects the revenue it records. The report does not break down the costs of production, broadcasting, management and public-service obligations enough to show how much each contributed to 2M’s losses.
The company also received a major financial restructuring in 2025. Its capital increased by 1.102 billion dirhams, rising from 359 million dirhams to 1.461 billion dirhams.
The increase came through the conversion of debts owed to the state into company capital. This changed the structure of its liabilities but did not necessarily provide the company with the same amount of new cash.
Soread 2M also raised a further 221 million dirhams through advances in partners’ current accounts to cover its operating needs.
SNRT cuts losses as revenue rises
SNRT improved its financial results in 2025, although it remained loss-making.
Its turnover rose by 53% to 672 million dirhams, up from 439 million dirhams in 2024. The report attributed much of the increase to revenue from the levy intended to support the audiovisual sector.
That source generated 428 million dirhams in 2025. The total included 155.5 million dirhams in outstanding payments collected from the National Office of Electricity and Drinking Water for the years 2022 to 2024.
The collection of these earlier debts accounted for part of the revenue increase, meaning that the growth did not come entirely from the company’s activities during 2025.
SNRT’s net loss fell to 131 million dirhams from 410 million dirhams in 2024, a reduction of about 68%.
Its operating result also improved, moving from a deficit of 581.1 million dirhams to 303.2 million dirhams. But the continuing operating deficit shows that the company’s core activities remained under financial pressure, including the costs associated with producing and broadcasting programmes and providing a public service.
SNRT invested 197 million dirhams in projects in 2025, compared with 283 million dirhams the previous year.
The spending included 109.7 million dirhams for audiovisual equipment, 32.2 million dirhams for television broadcasting equipment and 54.8 million dirhams for IT equipment, software, renovation works and other fixed assets.
SNRT losses could rise sharply in 2026
The report forecasts a renewed deterioration in SNRT’s finances in 2026.
Its turnover is expected to fall to 624 million dirhams, down from 672 million dirhams in 2025. Its net loss is projected to climb to 463 million dirhams.
If that forecast is realised, the loss would increase by 332 million dirhams in a year, reversing much of the progress made in 2025.
State transfers reach nearly 1.8bn dirhams
The two broadcasters also received substantial financial support from the state in 2025.
SNRT received 1.5018 billion dirhams in transfers, including 901.8 million dirhams for operating costs, 300 million dirhams for equipment and 300 million dirhams in capital allocations.
Soread 2M received 286 million dirhams: 121 million dirhams for operating costs, 65 million dirhams for equipment and 100 million dirhams in capital allocations.
The combined total was 1.7878 billion dirhams, or nearly 1.8 billion dirhams.
These transfers sit alongside the companies’ reported financial results and form part of the wider public funding of the broadcasting sector.
Millions continue to watch public channels
The financial difficulties have not prevented the broadcasters from attracting large audiences on television and online.
2M held an average television audience share of about 25% in 2025, while SNRT’s channels collectively accounted for 16%.
People in Morocco watched television for an average of three hours and 48 minutes a day. They spent 38 minutes a day watching SNRT channels, while its radio stations accounted for 28% of radio listening.
The broadcasters also maintained a substantial online presence.
2M had about 10.1 million YouTube subscribers by the end of 2025, an increase of 800,000 from the previous year. SNRT’s Al Aoula channel had about 3.3 million subscribers.
SNRT’s Farja platform recorded about 55 million views during 2025 and had a cumulative total of 4.3 million users. Its news channel recorded 26.9 million views on YouTube.
SNRT becomes majority shareholder in 2M
The government began a new phase of its public broadcasting restructuring in 2026.
On 24 April, the state transferred all its shares in Soread 2M to SNRT, making SNRT the majority shareholder in the company that operates 2M.
The move followed SNRT’s acquisition of Medi 1 TV and Medi 1 Radio in 2024.
The changes place SNRT at the centre of a structure covering the main public audiovisual operators. The stated aims include improving coordination, sharing resources and functions, and strengthening governance and efficiency.
The transfer does not automatically mean that Soread 2M has ceased to exist as a separate legal entity or that all its activities have been merged into SNRT.
Unified advertising agency planned by 2030
The report sets out a longer-term plan to make the public broadcasting sector more financially sustainable.
The first phase, running towards 2030, includes creating a unified agency to manage advertising under SNRT’s supervision. The plan also calls for some activities and functions to be consolidated and for a governance system suited to the new structure.
The agency would change how advertising resources are managed across public broadcasters. The proposal comes as 2M’s dominant position in advertising contrasts with its continuing losses.
The later phases, planned for after 2030, are expected to focus on improving efficiency and coordination by organising institutions more closely around their areas of activity.
