Fox Corp. Sees Q2 Uptick in Tubi Ad Revenue, Fox Nation SVOD Service Subscriptions
February 8, 2023
Fox Corp. Feb. 8 reported an 4% increase in second-quarter (ended Dec. 31, 2022) advertising revenue to $2.5 billion, from revenue of $2.4 billion in the previous-year period. The media giant attributed the gain in part to upticks in ad sales at Tubi, the company’s free ad-supported streaming TV and AVOD streaming platform, as well as the FIFA Men’s World Cup soccer tournament, strong NFL results at Fox Sports, and higher political advertising at the Fox television stations.
Fox, which acquired Tubi nearly three years ago for $440 million, along with some Wall Street analysts, contend the platform can generate $1 billion in standalone revenue this year.
Separately, Fox said its “other” business segment revenue increased 13% to $155 million, from $145 million, primarily due to the impact of the consolidation of entertainment production companies at the television segment and higher Fox Nation subscription streaming VOD revenue. The SVOD service was launched in 2018 as a companion to the Fox News Channel featuring opinion-based talk shows and documentaries.
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Fox has never disclosed Fox Nation subscriber numbers, with Fox Corp. CEO Lachlan Murdoch two years ago saying he was more interested in the time subscribers spent on the platform.
“We’re purely interested in the amount of content they are consuming,” Murdoch said on the Q4 2021 fiscal call.