dimensional scale, synergies and/or diversification and to manage optionality for innovative uses of the existing infrastructure. To date, the set-up and planning of the main initiatives is underway.
Regarding the relations with the customer RAI, 2020 mainly focused on the evolution and updating of the DTT network required by the refarming process and defined in the agreement signed in December 2019. In particular, during the year the coverage extension of the thematic Multiplexes continued, doubling the number of sites hosting the related equipment, and the procurement and installation activities for both the new macro- regionalized MUX and the upgrade to DVB-T2 of the national Multiplexes were started. Moreover, with regard to further new services provided to Rai, the reconfiguration of the satellite offer, which enabled the broadcasting of regional contents on the Tivusat platform, and the renewal of the MF radio network are worth mentioning.
Concerning the activities with third-party customers, as part of the refarming process Rai Way was awarded in 2020, following the completion of the first tenders called by the Ministry of Economic Development, rights to use frequencies in Lombardy and Piedmont, areas characterized by a wide range of local television offerings.
In the Tower Rental segment, the dynamics already observed in previous years were confirmed, with the growing contribution of hospitality services for Fixed Wireless, Corporate and Broadcasting Radio/TV customers offsetting the pressure in the mobile operators’ segment, leading to a substantially stable overall volume of business compared to 2019.
Finally, in October, a new loan agreement was finalised for a total of €170 million that will cover the financing needs related to the organic initiatives included in the Industrial Plan.
The Company’s core revenues amount to € 224.5 million for the year ended 31 December 2020, an increase of 1.4% over € 221.4 million as represented in the 2019 results. Revenues from RAI, equal to € 191.3 million, reflect mainly the contribution for € 10.9 million from new services. Revenues from third-party customers amount to € 33.2 million.
Adjusted EBITDA amounts to € 136.1 million, an increase of 3.7% over € 131.2 million in 2019, due to higher revenues as well as a reduction in operating expenses also due to the 3