Article by Riccardo Greco | Football Benchmark
As European football adapts to a new economic and competitive era, the Italian Serie A finds itself at a crossroads. While grappling with long-standing structural inefficiencies and a flattening of media rights revenues, Serie A is also witnessing a transformation in club hierarchy and a broader rise in competitiveness. This evolving scenario presents both challenges and opportunities for clubs, stakeholders, and investors eyeing long-term value creation in the Italian football ecosystem.
Value of TV rights and financial instability as main barriers to growth
Serie A is experiencing the stagnation of a critical revenue stream: media rights. The league’s current domestic broadcasting deal – split between DAZN and Sky – has seen an 8% drop in value compared to its 2018/19–2020/21 peak, and a 3% decline versus the previous cycle. This mirrors trends observed across Europe, especially with Ligue 1’s dispute with DAZN serving as a cautionary example. Regarding international rights, following a decline after the record cycle of 2018/19–2020/21, the challenge ahead will be to continue recovering their value in key markets such as the USA and the Middle East.
Despite efforts to diversify income streams, Serie A clubs continue to battle structural financial instability. As opposed to some virtuous clubs like SSC Napoli (a record EUR 63m profit after tax in 2023/24) and Atalanta BC (EUR 9.8m), some of the league’s top clubs have reported significant losses in the latest financial year, most notably Juventus FC (EUR 199.2m losses) and AS Roma (EUR 81.4m). However, a renewed focus on financial sustainability is expected to yield signs of progress. Indeed, FC Internazionale more than halved their losses to EUR 35.7m compared to 2022/23, and AC Milan posted a profit (EUR 4.1m) for the second consecutive year.
Shifting dynamics among the elite
Serie A’s recent internal hierarchy is undergoing a significant reshuffle. For nearly a decade, Juventus held a commanding lead in terms of operating revenue. That changed in 2023/24, when both Inter and Milan surpassed the Bianconeri – marking the first time since the early 2010s that Juventus no longer led the league on this metric.
Juventus’ revenue decline is closely linked to their absence from UEFA Club Competitions in 2023/24 and a dip in sporting competitiveness following the 2019/20 Scudetto. In contrast, clubs like Napoli and SS Lazio have achieved significant revenue growth since 2014/15 (+103% and +75% respectively). Despite this progress, a notable gap remains between them and Juventus, Milan and Inter.
Napoli’s rise has been particularly noteworthy. Seven UEFA Champions League qualifications in the past decade, culminating in their third and fourth league titles in 2022/23 and 2024/25, have translated into both sustained sporting and financial success.
Competitiveness and exposure driving growth
Over the past five seasons, four different clubs have won the Scudetto – illustrating a balanced competitive environment rarely seen in other European elite leagues. This growing competitiveness has coincided with a significant rise in operating revenue among top clubs.
From 2014/15 to 2023/24, the largest contributor to revenue growth among the top six clubs by operating revenue have been commercial & other (+EUR 388m), accounting for more than half of the increase in operating revenue in the period.
Top clubs transitioning from the role of traditional football institutions to global brands and entertainment companies as well as the international exposure of frequent participation to UEFA Club Competitions played a key role in the surge of commercial revenue.
Indeed, this trend occurred during a period when UEFA increased the number of Champions League (and overall European competition) slots allocated to Serie A, alongside the launch of the UEFA Europa Conference League, where Serie A clubs played a leading role.
This translated into a surge in income from UEFA Club Competitions from an aggregate of EUR 175m for Serie A clubs in 2014/15 to more than double in the 2022/23 record season (EUR 393m) – the season when Inter, Roma and Fiorentina reached the UEFA Champions League, Europa League and Europa Conference League finals, respectively. In 2024/25, that record is likely to be surpassed, thanks to the expanded and more lucrative UCL format – and Inter’s run to the final.
“Middle class” clubs gaining ground
Beyond the top six clubs by operating revenue, several mid-table clubs have made substantial progress. Among some selected “middle class” clubs that have never relegated to Serie B in the past decade, only a few - Atalanta BC, ACF Fiorentina, and Bologna FC - have demonstrated consistent revenue growth and significant improvement in their sporting competitiveness.
Atalanta (+244% in operating revenue since 2014/15) and Fiorentina (+61%) have cemented their status as Serie A underdogs, frequently able to outperform on the pitch other top clubs. Their consistent qualifications to European competitions and their UEFA campaigns - highlighted by Atalanta’s five qualifications to UEFA Champions League since 2014/15 and their UEL triumph in 2023/24, and Fiorentina’s back-to-back UECL finals - underscore their upward trajectory. Bologna (+87%) are on a similar path, having qualified for the UEFA Champions League at the end of the 2023/24 season, with a solid foundation to remain competitive in the coming years.
In this increasingly competitive landscape, clubs like Torino FC and Udinese Calcio have maintained stability without significant breakthroughs, instead. Conversely, other historic clubs have struggled to keep the pace, facing relegation during the period under analysis, often as a result of poor governance. In most cases, these clubs changed ownership during the period and began a rebuilding phase that eventually led them back to Serie A recently (e.g., Genoa CFC, Parma Calcio), while others are still grappling with the consequences of an unstable financial situation (e.g., UC Sampdoria).
Potential opportunities for newcomers
This evolving landscape has opened some opportunities for ambitious newcomers. Como’s strong 2024/25 campaign positions them as a future contender, driven by committed ownership and a clear long-term vision. This includes stadium redevelopment, youth-focused recruitment, and international branding - an atypical strategy in a league where most promoted sides without recent top-flight experience face immediate relegation and tend to be short-term oriented.
Outlook: Potential versus structural limitations
Serie A’s trajectory reflects both renewed promise and persistent constraint. The league’s rising competitiveness, shifting club hierarchy, and deeper participation in European competitions have driven international exposure, prize money, and commercial growth. Over the past decade, UEFA and commercial revenues have accounted for the bulk of revenue expansion, underscoring the increasing reliance on international dynamics amid a weakening domestic base.
At the same time, the stagnation of media rights revenues continues to weigh heavily. With no short-term rebound in sight, future growth will depend on areas the league can more directly influence. One of the most pressing is stadium infrastructure. While widely recognised as a critical lever for value creation, progress has been repeatedly delayed by bureaucratic, political, and planning hurdles.
If Serie A is to unlock its next chapter, it must overcome these long-standing barriers. For clubs, investors, and stakeholders alike, a clear understanding of the nuances of Italian football, its structural gaps, cultural complexity, and international potential, will be key to seizing the opportunities ahead.
