Study of the information business model in France

Information is a common good essential to the functioning of democracy, as emphasized in the report of the Etats généraux de l'information. At the invitation of the latter, which proposed an initial estimate of the cost of producing information in France, the French Ministry of culture and communication and the French regulatory authority for audiovisual and digital communication (Arcom) commissioned the consultancy firm PMP Strategy to carry out a study on "The economic model of information in France". This study provides an unprecedented overview of the costs, revenues and economic equilibrium of players producing political and general news in France, against a backdrop of profound changes in usage and financing models.

The objectives of this study are :

• assess the costs of producing news content,
• analyze the sources of revenue for information producers,
• understand the business models of players producing information content,
• examining possible developments in the sector from an economic point of view.

The study is based on a quantitative survey conducted between June and September 2025 among the main news producers (television, radio, print and online press services, press agencies and news content creators), a qualitative survey (over thirty interviews conducted with industry professionals) and public data. The scope of the study focuses on political and general information (PGI), defined according to institutional criteria guaranteeing a homogeneous and comparable approach.

The main findings of the study are as follows:

• While traditional media (TV, radio, press) remain the main source of information for the French, with 180,000 hours of information shown on TV in 2024 and more than 40,000 political and general news titles, digital uses have developed significantly over the past twenty years. Social networks and digital platforms play an increasingly important role, but are rarely an exclusive source of information, with the majority of French people combining more than two channels and browsing more than nine online media brands.

• News, produced by a diversity of players (television, radio, press, agencies, news content creators), occupies a central place in the media ecosystemin terms of volume .

• The cost of producing political and general news is estimated at 2.9 billion euros in France in 2024. 70% of production costs were linked to payroll, illustrating the human investment required to produce reliable, verified information.

• The business models of news-producing media are fragile, particularly those based on advertising (declining advertising revenues for traditional media, capture of these same revenues by platforms). Faced with costs that are difficult to cut without reducing the volume or quality of information, 56% of the media surveyed were loss-making in 2024.

• Against this backdrop of changing usage patterns and shifting economic balances, news-producing media are looking for ways to control costs (optimizing staffing levels, pooling costs, using generative AI) and increase revenues (developing pay formats, leveraging the use of news content by digital platforms).

The study is available on the Arcom and Ministry of Culture websites.