Distributors Survey 2026: Market split over threat to windowing

Netflix took much of the industry by surprise in June last year when it unveiled a far-reaching pact to provide access to almost all content from French commercial broadcast giant TF1, with distributors among those to immediately question the impact of the agreement.

The deal, revealed at advertising’s annual get-together Cannes Lions, came into force this summer and allows French subscribers to Netflix to watch almost all TF1 programming – ranging from sport and hit dramas to flagship entertainment shows and live channels – through the global streamer’s platform.

TF1’s deal was not a licensing pact, but rather an agreement that allows its streaming portal TF1+ to be accessed via Netflix. And TF1 is not alone. France has become a hotbed of dealmaking between streamers and broadcasters, with PSB France Télévisions placing its streamer France.TV – along with an array of its programming – on Amazon Prime Video.

Groupe M6 has a pact covering hundreds of hours of its shows with Disney+, and the latter has gone on to become a frequent partner for broadcasters across Europe, sharing first-window rights with national players ranging from Atresmedia and RTVE in Spain, to Rai in Italy.

While some of these deals are bespoke in nature – Disney+ in particular has tended to pick and choose the IP it shares rather than taking a wholesale approach – the impact of the Netflix-TF1 deal has been at the centre of a broader debate, particularly for those with skin in the second-window game.

“If secondary deals are being done as part of the greenlight process, that potentially removes a sales window for us”
Tim Mutimer, Cineflix Rights

Streamers had become frequent partners in this regard, seemingly happy enough to take a relatively short first window before a broadcaster in the same country took a second window, or vice-versa. This revenue-raising second-window strategy was important, and remains so in many countries, including the UK. Yet Netflix’s deal with TF1 has not only taken one major buyer out of the secondwindow game in France, it has fundamentally shaken the foundations of windowing.

Twelve months on, and the impact of this growing trend is beginning to be seen. A third of companies involved in our Distributors Survey have seen some of their shows’ first windows being shared by streamers and broadcasters, yet their opinions on this new model are decidedly mixed.

Deal proliferation

While there is broad agreement that such deals will proliferate in the coming years – 83% of respondents believe broadcaster-streamer first-window deals will increase either slightly or significantly – execs differ on whether it provides more opportunities or reduces them.

“If commissioners are doing secondary deals as part of the greenlight process, then that potentially removes a sales window for us,” admits Cineflix Rights chief executive Tim Mutimer, who adds that this lost value would need to be taken into account when it comes to projections and offers to producers. “Similarly, if we sell to one buyer who has a windowing deal with another network or streamer, then we would need to factor that into the deal with them.”

ITV Studios’ Ruth Berry, president of global distribution & Zoo 55, offers a similar assessment, but also reflects an understanding apparent among many in the distribution world that these deals are now commercially necessary for clients.

“There is a genuine need for broadcasters to expand their audience and advertising base, so collaboration announcements in this space are increasingly frequent,” she says. But Berry is also quick to add that while rights holders need to support “the underlying health of broadcasters”, there also needs to be a keen focus on ensuring “rights holders share in the benefits to avoid value erosion in later windows”.

While tensions around these deals are inevitable, Koulla Anastasi, managing director at Woodcut International, points out they can sometimes be the difference between securing a greenlight or not. Poppy McAlister, managing director at TVF International, goes further, highlighting how producers are working closely with broadcasters and streamers to get shows onto screen.

“We’re increasingly seeing producers approach us with projects that already have a pre-buy from a pan-regional broadcaster or global streamer, often covering worldwide rights,” McAlister says.

These are typically pre-buy agreements rather than full commissions, however, meaning there is still a funding gap to close. “Our role is to help bridge that deficit by securing additional pre-sales,” she adds, an approach that requires “close collaboration and flexibility in rights negotiations with the initial broadcaster, allowing certain territories or windows to remain available so we can maximise financing.”

Mark Bishop, chief monetisation officer at Blue Ant Rights & Streaming, says that the shift around second windows can have serious consequences. In some cases, he says, a shared first-window deal can replace the deficit financing that distributors have historically provided, reducing opportunities for second-window sales.

But Bishop also suggests that streamers’ increasing focus on local content for local markets can free up rights elsewhere, which can then be monetised by distributors. “Ultimately, the impact depends on how rights are structured on a title-by-title basis.”

For Zai Bennett, chief executive, global content, at BBC Studios, the question over second windows reflects a bigger shift in the way that content is being consumed and monetised. “It’s not as simple as saying yes or no to whether first-window deals between streamers and broadcasters pose a threat to traditional secondwindow sales,” he argues.

“The market is more nuanced than that. Our focus is not just on demand for rights, but on how we can maximise the value of our catalogue across a number of distribution options. While some first-window arrangements may reduce opportunities in certain parts of the traditional second-window market, they can also create new value and audience awareness that benefits a title over its lifetime.”

Some platforms are becoming “more receptive” to acquiring catalogue content, he says, which creates additional opportunities, while FAST channels, AVoD services and social video are another part of the ecosystem from which BBCS is seeing returns.

 Indeed, the returns from social video are now great enough that Bennett’s teams are reporting their contribution – a move, he says, that reflects the reality that viewers are increasingly engaging with content across a broad ecosystem.

Despite this, distributors are clearly concerned about the potential growth of broadcasterstreamer deals, with 62% believing they pose a threat to traditional second windows. The suggestion, however, is that by relinquishing that second window, a title can deliver greater reach, and in turn provide more opportunities for revenue generation.

“By combining broadcaster and streamer investment in the first window, more premium shows are getting made, which benefits the entire ecosystem”
Matthew Ashcroft, Parade Media

It is a view shared by Parade Media chief executive Matthew Ashcroft, whose slate includes Find My Country House, Everyday Gourmet With Justine Schofield and Extraordinary Animals.

“If anything, we see these deals creating more opportunities than challenges,” he says. “By combining broadcaster and streamer investment in the first window, more premium shows are getting made, which ultimately benefits the entire distribution ecosystem.”

Distributors are also seeing stronger demand for second-window rights despite the uptick in broadcaster-streamer pacts, with 63% reporting an increase over the past 12 months. Ashcroft, like Bennett and others, says this is coming from myriad viewing destinations, whether it be FAST channels, BVoD platforms, regional VoD services or premium streamers.

“Rather than diminishing the value of secondwindow sales, these evolving rights structures are extending the commercial life of quality programming, opening it up to entirely new audiences and creating more opportunities to monetise content across multiple platforms, windows and territories,” says Ashcroft.

“As long as producers and rights holders involve distributors early in rights negotiations, distributors can help structure deals that maximise secondary revenue opportunities while protecting the premiere value,” adds McAlister.