Fox chief praises ‘breathtaking’ performance at Tubi

Fox Corporation CEO Lachlan Murdoch used the company’s latest results update to praise the impressive momentum of AVOD platform Tubi. Describing the platform’s growth as “breath-taking”, he said its revenues for Q1 2023 were up around 30% year on year to $165m. “This is the first time Tubi revenue has surpassed the advertising revenue generated by Fox Entertainment in a meaningful way,” he added.

Lachlan Murdoch

A key mover in the rapid expansion of the AVOD space, Tubi offers a combination of on-demand content and live TV channels, built around archive and third party content. In terms of viewing time, the platform reached 1.3 billion hours in the latest quarter, its highest quarterly viewership. Looking ahead, Murdoch predicted Tubi would perform even better in the next quarter, despite wider economic headwinds.

In terms of the overall picture at the fast-growing Fox, revenues grew to $3.19 billion for the quarter in question. While overall revenues are still weighted towards the US, the company is in the midst of ramping up its international activities.