The 10 Victorian-based AFL clubs managed to cut their debt levels but financial losses increased in 2015, and tougher trading conditions could impact their fiscal performances this year.

An analysis of the annual reports lodged by the 10 clubs showed them making a combined loss of just over $2 million last year from revenue of $501 million.

Tech giants such as Amazon could enter the fray with broadcasting AFL. Credit:Pat Scala

The revenue figure was flat compared to 2014, but large losses sustained by Carlton, Geelong and Essendon, pushed the overall result into negative territory, despite premier Hawthorn recording a $3.3 million net profit.

Better news was found in the balance sheets of the clubs, with combined debts falling to about $41.2 million last year, compared with $46.4 million in 2014.