Fox Corporation’s Tubi broke a quarterly viewership record in the December quarter, with total viewing time on the service jumping 41% year over year.
The free, ad-supported streaming television service saw ad revenue climb 25% year over year, Fox said as it reported its fiscal second quarter Wednesday.
“We have seen increases in almost every KPI, including CPM, TVT and engagement,” Fox CEO Lachlan Murdoch told analysts on the company’s earnings call Wednesday. “When we look at these metrics, there’s a ripeness for very significant revenue growth.”
Fox said Tubi had 61 million monthly active users in November. In May, Tubi reported a figure of 51 million monthly active users.
Tubi offers over 48,000 movies and TV shows from more than 400 entertainment partners, including a growing library of original programming and over 200 local and live news and sports channels.
The service recently struck a content-licensing agreement with Warner Bros. Discovery, which will encompass the launch of 11 channels featuring various genres with offerings like “WB Sweet Escapes,” which will feature baking competitions, and others organized by types of programming, such as series, reality shows and family-themed content.
“We’re seeing everyone work with us, which is why Tubi has the biggest television movie library in streaming anywhere in the world,” Murdoch added.
The strong viewership growth for Tubi comes as Fox Corporation reported net income of $321 million, or adjusted earnings per share of 48 cents, on revenue of $4.61 billion for the second quarter of its 2023 fiscal year.
The Cable Network Programming segment reported revenue of $1.63 billion, compared to $1.64 billion reported in the prior year quarter, while the Television segment posted revenue of $2.93 billion, an increase of $175 million or 6% from the prior year quarter.
The company’s overall advertising revenue increased 4%, primarily reflecting the impact of the FIFA Men’s World Cup (“World Cup”) and strong NFL results at FOX Sports, higher political advertising revenue at the FOX Television Stations and continued growth at Tubi, partially offset by the absence of “Thursday Night Football.”
Shares of Fox climbed 7% in early trading Wednesday following the earnings results.