Despite the arrival of Kylian Mbappé and his status as a LaLiga and Champions League champion, Real Madrid is not the team that generates the most interest on TV.
The Lamine Effect Seduces Spain and the World
Ancelotti's team ranks second behind a Barcelona that, with goals, has managed to captivate the audience. With the same goals against, Barça has scored 16 more goals than the Madrid team.

It's the Lamine Yamal effect in which the Spanish and international audience is immersed. Additionally, Lamine is supported by Raphinha and Lewandowski, a lethal trio that delights neutral fans.
Real Madrid, meanwhile, although winning their matches, fails to find a play style that attracts the audience. This explains why the average difference between Barça and Real Madrid's audiences is 100,000 more for Barça.
1,582,000 viewers per match for Barça. 1,482,000 viewers per match for Real Madrid, according to the verified measurement by Barlovento.
Barça Also Earns More Money from Their TV Rights
Barça dominates the television aspect. They also beat Real Madrid in the distribution of money, due to the caused audience. And also due to the facilities provided for LaLiga broadcasts.

Real Madrid, far from making things easier and complying with the rule that applies to everyone, creates difficulties and hinders the broadcasts. They do not allow interviews with their players. Nor do they allow cameras into the locker room or filming a minute more than agreed before and after the match.
All clubs comply with the rules established by LaLiga except Real Madrid. Hence, in the distribution of income, they are also relegated to second place behind Barça.
Last season, despite the champion being Real Madrid, Barça earned 162.49M from their TV rights. The champion remained at 159.55M.
Far behind was Atlético, with 117.89M and Sevilla, with 71.49M.