Fox News and Tubi help bring money to Fox Corporation

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A show on the Fox Business Network. (Still image courtesy Fox News Media, Graphic by The Desk)

Fox Corporation says strong interest in its Tubi video streaming service and an increase in ratings for its cable news offerings helped generate more than $3 billion in revenue in its most recent financial quarter. .

On Wednesday, the company said higher ratings and advertising interest at Fox News Media and Fox Sports helped generate 7% more revenue this quarter compared to a year ago.

Executives said its advertising revenue could have been higher if its news networks hadn’t had to pre-empt coverage of breaking news and other events. Fox News Media includes Fox News Channel, Fox Business Network, Fox Weather and the Fox Nation streaming service.

A return to normalcy among the sports Fox offers has helped offset some commercial break interruptions on the news side of the portfolio, and the company said it has seen strong interest among local and cable channels that air its sports programming.

The free, ad-supported service Tubi saw a 34% increase in monthly active users, Fox executives said, although the company did not disclose a specific figure. In its previous quarter, Fox said Tubi had 51 million monthly active users.

Tubi’s growth has been associated with an increase in the amount of licensed and original content available on the platform, as well as the addition of more than two dozen linear streaming channels, almost all of which contain advertisements. .

On Wednesday, Fox said Tubi now has more than 45,000 TV shows and movies available to viewers in markets where the streaming service operates, which includes more than a dozen original shows created exclusively for the service.

“We will continue to invest wisely in Tubi with a goal of achieving $1 billion in revenue over the next two years,” Fox Corporation CEO Lachlan Murdoch said on a conference call with investors.

Murdoch acknowledged reports of a possible slowdown in spending by companies that advertise on traditional and digital video networks, but said Fox “did not see any negative advertising impact on our business.”

On the contrary, Fox thinks it will be teeming with political ad dollars as the midterm election cycle continues over the next few months.

“We are seeing an unprecedented wave of political spending, which is accelerating as we head into November,” Murdoch said.

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