Channel 4 on Disney+: A lower-risk alliance

Disney+’s content deals with FTA operators in the UK, Germany and Spain have been characterised by the company as a lever to boost engagement from its older audiences but also younger viewers increasingly disconnected from broadcasters

Greater volumes of proven local programming on Disney+ can only be helpful—the divergent viewing tastes of Germany and Spain are case studies in the regional specificities of content demand

Further, a greater variety of content and release patterns will challenge current Disney+ viewing behaviours and could create greater urgency around usage

Netflix’s deal to carry TF1 channels and on-demand content in France indicates that it is now interested in becoming an aggregator—its scale and reach make it attractive but terms will not suit everyone 

This reach should be advantageous for TF1, giving the company access to viewers that currently are not regularly exposed to its programming, while also boosting frequency

For FTA operators this deal highlights a possible template to maintain some stability in reach, with less of the uncertainty of content distribution on YouTube 

2025 was a somewhat stable year for Channel 4, with revenue generally flat (–1%, to £1,027 million), bolstered by a better advertising performance (–2%, to £922 million) than ITV, after three straight years of the reverse.

There was growth in non-advertising revenue, although it still remains a small contributor—10% of the total— but Channel 4’s production efforts are gradually taking shape while its IP acquisition strategy is moving faster. Remit delivery continued to outperform.

With new leadership in place, the future remains tricky: a volatile ad market must be navigated with the lowest cash reserves in over twenty years.