One of the fastest-growing areas in cord cutting is free ad-supported streaming services. Now we get an idea of just how fast free ad-supported streaming is growing thanks to Fox.
Today, Tubi announced that the number of hours it streamed content jumped 36% in the third quarter (ending March 31, 2024) during its earnings call today. Viewing time jumped 36%, and revenue also went up 22% during that period.
“FOX’s fiscal third quarter results once again demonstrate how our unique strategy continues to distinguish FOX from our peers. The strength and leadership of our core brands, coupled with our focus on live content and must-have event programming, is clearly valued by our audiences, advertisers and distribution partners. The consistent financial delivery from this strategy supports our investments in innovation which are driving momentum in our digital portfolio, led by Tubi. Our balanced capital allocation approach, fortified by our strong balance sheet, underpins our ability to drive long-term value creation for our shareholders.” Said Lachlan Murdoch Executive Chair and Chief Executive Officer.
Fox did see advertising revenue plummet 40% to just $939 million from more than $1.56 billion in the same period last year. This is because many streaming services are facing a strong drop in ad revenue from the weak ad market.
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