Fox Corp CEO heralds continued growth at Tubi

In a busy week for financial results, Fox Corporation has reported total quarterly revenues of $4.61 billion for the three months ending 31 December, 2022, a 4% increase. Key highlights included increased ad revenues off the back of the FIFA Men’s World Cup and continued growth at AVOD streaming platform Tubi.

Commenting, executive chair and CEO Lachlan Murdoch said: “A compelling fall sports schedule, combined with an active midterm political news cycle, showcased the power and relevance of the Fox platform in fiscal Q2. Whether measured in terms of engagement, monetisation or profitability, our strategy of live news and sports programming, coupled with our growing digital initiatives, continues to deliver.”

While Disney CEO Bob Iger was busy explaining to investors how the company will turn SVOD platform Disney+ profitable, Fox Corp was able to focus on continued growth at AVOD streamer Tubi. Total viewing time for the platform rose 41% year-on-year for the quarter in question, while ad revenues were up by 25% for the same period.

Speaking during Fox Corp’s earnings call, Murdoch said: “Revenue and engagement KPI for Tubi have far exceeded our expectations and are consistently growing. The results at Tubi are proof that our strategy is working and we will continue investing and growing this platform.” A recent coup for the company was the news that Tubi had secured a major content licensing agreement with Warner Bros Discovery.

Looking at the current quarter (Jan-March 2023), Fox Corp is also enjoying the impact of having broadcast rights to the NFL Super Bowl LVII on 12 February. Ad slots have sold out with Fox currently looking at gross ad revenue of around $600m.