ITsART's first balance sheet shows €7 million loss, low user engagement

ITsART, the Italian cultural streaming platform dubbed the 'Netflix of culture,' has reported a net loss of €7 million in its first financial statement. While such a deficit is typical for a startup, the platform's user numbers are more concerning: only 141,000 registered users in its first year, with very few making purchases. The library contains 1,400 titles. Journalist Andrea Giacobino first anticipated the results. The article, written by Massimiliano Tonelli for Artribune, suggests the platform may need to reconsider its model, possibly making content free, focusing on niche areas like design, art, fashion, and architecture, and integrating with Rai rather than competing. The platform's problems may include unappealing content, wrong pricing, cumbersome registration, strong competition from YouTube, RaiPlay, Netflix, Amazon, and Disney, and insufficient marketing. Tonelli argues that the project should not be dismissed as a flop but improved.