Today Roku released its 2nd quarter 2023 earnings and announced that it had added 1.9 million new active accounts. Now Roku has over 73.5 million active accounts using Roku Players and Roku TVs.
Roku TVs was the #1 selling TV OS in the United States and was larger than the next three TV OS combined, according to Roku. This is helped by partners like TCL and the new Roku branded TVs. Roku also launched RCA TVs in Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.
Roku said one of the fastest growing areas of its Roku TVs is larger screens which saw its year-over-year growth jump 70%.
“We launched Roku-branded TVs (the first TVs designed and made by Roku) in March to offer consumers even more choice and enable more innovation across the Roku TV program. Best Buy is our exclusive retailer for Roku- branded TVs, and all 11 TV models have received customer ra>ngs of 4.5 (out of 5) stars or higher. The TVs are also receiving strong industry reviews.” Roku said in a letter to investors released today.
Roku saw revenue hit $847 million, up 11% year over year. Roku also saw streaming hours hit 25.1 billion on Roku devices, up 4.4 bill hours year over year. Roku says streaming hours grew 21% year over year as cable TV numbers fell 13%, according to Nielsen.
Roku expects its growth to continue as cord cutting speeds up. According to Roku, the number of U.S. Households with cable TV by the end of 2023 will be down 40% vs a decade ago.
Recently Roku has focused on offering ways for people to discover content on the home screen, including the new Women’s Sports Zone. These moves have seen streaming from the home screen on Roku Players and Roku TVs jump 90% in the 2nd quarter year over year.
Roku says the average revenue per user was $40.76 per year, down 7% year over year as the soft ad market hits Roku.
Overall, Roku is continuing to see growth in its devices but, like most media companies, is being negatively impacted by the softening ad market.