Today Roku announced its 2nd quarter 2024 earnings report, and in that, it announced that during the 3rd quarter, Roku owners streamed over 30 billion hours of video, up 5 billion year over year. That works out to over 329 million hours of video streamed every day.
The company also reported a total net revenue of $968 million, reflecting a 14% year-over-year growth. This marks the fourth consecutive quarter of positive Adjusted EBITDA and Free Cash Flow (TTM) for Roku.
“We delivered solid results in Q2. Roku grew Streaming Households 14% YoY, Streaming Hours 20% YoY, and Platform revenue 11% YoY. The Roku Home Screen, which is the beginning of our viewers’ streaming experience, reaches U.S. households with over 120 million people every day. We achieved our fourth consecutive quarter of positive Adjusted EBITDA and Free Cash Flow (TTM) as a result of top-line growth and ongoing operational efficiencies. Importantly, Roku is executing well against initiatives to accelerate Platform revenue growth, which include maximizing ad demand for Roku, leveraging our Home Screen as the lead-in for TV, and growing Roku-billed subscriptions.” Roku said in a letter to share holders.
Platform revenue, a key indicator of Roku’s advertising and content distribution business, grew by 11% year over year to $824 million. Gross profit also saw a 12% increase, reaching $425 million.
Roku’s user base continued to expand, with streaming households reaching 83.6 million, a net increase of 2 million from the previous quarter. However, the average revenue per user (ARPU) remained flat year over year at $40.68 on a trailing 12-month basis.
These results highlight Roku’s sustained growth in the streaming market, driven by increased user engagement and a diversified revenue stream. The company’s focus on platform expansion and content partnerships continues to yield positive results, solidifying its position as a leading player in the streaming industry.