🧮 VGTRK Publishes Financial Results
The All-Russia State Television and Radio Broadcasting Company (VGTRK) has disclosed its financial and operational results for the first time since 2022.
According to the holding’s annual report, the revenue of the nation’s largest state media broadcaster expanded by 11.3% year-over-year at the end of 2025, reaching 36.5 billion rubles (compared to 32.8 billion rubles in 2024). Concurrently, the company’s net loss widened from 147.2 million to 335.2 million rubles.
VGTRK’s debt obligations demonstrated only a nominal decrease over the reporting period—dipping by 316,000 rubles to settle at approximately 4 billion rubles. The value of net assets remained virtually unchanged at 52.8 billion rubles.
Industry experts note that the holding’s debt load remains relatively low, while the stability of its balance sheet structure is bolstered, in part, by state funding; last year, VGTRK was allocated an operational subsidy amounting to 22.4 billion rubles.
Analysts attribute the revenue growth primarily to media inflation—specifically, a substantial increase in the cost of advertising inventory. The National Advertising Alliance (NRA) raised baseline rates for federal television ad placements by an average of 40% to 58%. Coupled with a general scarcity of inventory, this dynamic drove a 10% expansion across the entire domestic video advertising market, which reached 312 billion rubles.
In parallel, the holding is posting gains in audience metrics, which VGTRK credits to a comprehensive overhaul of its programming policy. The collective viewing share of the network’s broadcasting assets (including the Rossiya 1, Rossiya 24, Rossiya Kultura, and Karusel channels) reached 18.7%, noticeably exceeding the projected target of 16.7%.
Key drivers for audience retention included high demand for informational and socio-political broadcasting on Rossiya 1 and Rossiya 24 amid a tense international agenda, alongside the popularity of holiday programming blocks. A separate milestone was recorded within the digital environment: the average monthly viewing time on the Smotrim streaming platform reached 26.9 hours per user, outperforming initial projections by 53.6%. Online audiences demonstrated the highest engagement with both live news streams and flagship scripted series.
Source: Kommersant
