Serie A have returned following the European Championship and are ahead of what promises to be a turbulent autumn with the familiar economic challenges. Despite these issues, recent research indicates a strong domestic interest in the league and significant potential for growth on the international stage.
Italy's premier football league remains in a state of instability, plagued by persistent debts and increasingly intense global competition. However, this season is set to be particularly notable, with 8 out of the 20 teams competing in UEFA competitions (with ACF Fiorentina needing to navigate the Conference League playoff) and FC Internazionale Milano and Juventus FC concluding their seasons with the Club World Cup in the USA, scheduled for June and July.
Article by Marco Iaria | La Gazzetta dello Sport
In the red, but passion is unchanged
“The Italian league has essentially turned into a training ground for young, inexperienced players; the talented ones will head to the English Premier League, and perhaps finish their careers in Saudi Arabia,” remarked John Elkann, CEO of Exor, which, as the majority shareholder of Juventus FC, spearheaded the club’s third recapitalization in four years just a few months ago, totaling 900 million euros. Juventus are projected to end the 2023/24 financial year with a loss of approximately 200 million euros and have initiated a recovery strategy focused on investing in young talent.
FC Internazionale Milano, needed to enhance its financial standing, much like Juventus did. However, the two clubs are employing different strategies to reach their goals. The reigning Italian champions have already made notable strides, posting a loss of 40-50 million euros in the 2023/24 season according to media reports. More importantly, they have regained financial stability with Oaktree Capital Management taking over from Suning.
AC Milan have greater financial flexibility, marking their second consecutive year of profitability, thanks to a revitalization under Elliott and strategic guidance towards international growth from RedBird.
Overall, Serie A remain burdened by debt, which, net of receivables, amounted to 3.2 billion euros as of June 30, 2023, according to the latest report from La Gazzetta. During the Covid years, from 2019/20 to 2021/22, the top-flight clubs accumulated 2.8 billion euros in losses. They continued to deplete their finances even afterward, ending the 2022/23 season with a deficit of 427 million euros. This underscores a system that has deviated significantly from stable operations and faces ongoing challenges in staying competitive with other European leagues.
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Despite this, Serie A remain one of the few irreplaceable rituals of Italian society. This is confirmed by the Sponsor Value research conducted by StageUp and Ipsos. Interest in Serie A, which saw significant growth between 2010 and 2019, has stabilized just below the 30 million mark: the June survey recorded a total of 29.45 million people interested in the league, showing a slight increase from the previous year but not reaching the peak of 30.4 million recorded in 2018/19.
The passion for football remains robust: among those interested, a significant segment (46%) consists of "regular" viewers - true enthusiasts - who, together with the "fairly regular" viewers, make up 72% of the total audience. Of those interested, 45% are women, while only 16% are young adults aged 14 to 24. This distribution highlights that Serie A is predominantly geared towards older demographics, with 42% of viewers being over 45. The same trend is evident among dedicated fans, who follow the league regularly, where only 15% fall within the 14 to 24 age group.
The distinction, compared to the general group of interested individuals, lies in the lower percentage of women (from 45% to 33%) and the higher proportion of graduates (from 20% to 23%) and individuals with middle-to-high incomes (from 68% to 70%).
Giovanni Palazzi, President of StageUp, explains: “Interest in football serves as a mirror of Italian society, reflecting both its changes and its underlying tensions. It is a complex social phenomenon that provides the foundation for collective identity, social interaction, regional affiliation, and economic growth. It serves as a crucial resource for the country, not only through the economic benefits it generates but also through each Serie A club's role as a regional ambassador. This participation fosters local development, job creation, and the enhancement of city and regional brands, supported by extensive global television coverage. Despite this, Serie A - and football in general - have become a globalized product due to increasing media exposure, facing the challenge of keeping the pace with the rising competitiveness of international leagues and events.”
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When examining fans specifically - those who support a single team - their numbers total 25.45 million according to the Sponsor Value research conducted at the end of the previous season. This represents a 3.9% increase compared to 2022/23. The historical trend shows that in the last five years, support for Serie A teams has increased thanks to medium and small clubs. In 2018/19, fans made up 77% of those interested in the league, with an 88% share for the top five teams (Juventus FC, AC Milan, FC Internazionale Milano, AS Roma, SSC Napoli). At the end of 2023/24, support has grown to involve 86% of those interested, but the top five's share has dropped to 80%.
Juventus FC remain the team with the most fans in Italy (almost 8 million). The Bianconeri have the same audience as FC Internazionale Milano (4.1 million) and AC Milan (3.8 million) combined. They are followed by SSC Napoli (2.9 million) and AS Roma (1.8 million). Noteworthy is the strong increase for Bologna FC 1909 (+47%) thanks to their historic qualification for the UEFA Champions League.
“The significant growth in support for Bologna, along with that of Atalanta and Fiorentina, highlights how investments that enhance competitiveness make the spectacle more compelling, foster stronger emotional connections with clubs, and simultaneously boost revenue generation, job creation, and local development,” explains Palazzi.
International interest at 60%
The challenge for everyone is to harness the momentum of globalization. Ipsos' Be-Italy research underscores the significant international interest in Italian football: 60% of respondents across 18 countries—covering Europe (Germany, France, Spain, the UK, Poland), mature markets (the USA, Canada, Australia, Japan, UAE), and emerging markets (China, Russia, Turkey, India, Brazil, South Africa, Nigeria, Morocco)—demonstrate substantial engagement. This interest is particularly pronounced among high-income groups and in strategic regions of the Middle East and Africa.
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Ipsos analysts note: “The survey highlights that football is a vital aspect of Italian culture and that the international dimension, especially within the BRICS nations, represents a considerable opportunity for expanding the Serie A brand. This brand is associated with values of excellence, style, and prestige, closely linked to 'Made in Italy,' further driven by the league's competitiveness.” Juventus FC and AC Milan are the most admired Italian teams abroad, with 27% and 25% interest respectively, followed by AS Roma (18%), FC Internazionale Milano (18%) and SSC Napoli (14%).
The challenge remains: successfully monetizing an interest that would otherwise remain untapped.
