The streaming platform owned by Fox, Tubi, has reported a significant increase in its user base. The platform now boasts 80 million average monthly users, compared to 67 million a year ago, reflecting a 36% year-over-year uptick in platform usage. Additionally, from January to March the heightened engagement on the platform has driven revenue up by more than 22%.
Furthermore, marked by a 22% decrease in quarterly revenues attributed to the absence of the Super Bowl, Tubi reported a challenging fiscal Q3 for Fox’s broader television segment. However, as stated by Fox CEO Lachlan Murdoch, in the company’s quarterly financial report, the losses incurred would have been more pronounced if not for the continued growth observed at Tubi, which helped offset some of the downturn in revenue.
According to the latest report of Nielsen “The Gauge”, which monitors market share for total U.S. TV viewing, Tubi captured 1.6% of all U.S. TV watching in March. Thereby, putting Tubi ahead of other ad-supported streaming services such as Peacock, Roku Channel, and Pluto TV. Furthermore, in terms of market share Tubi also outperformed subscription streaming platforms like HBO Max and Paramount Plus.
Fox CEO Lachlan Murdoch disclosed significant insights regarding Tubi’s performance during the company’s earnings conference call. Murdoch highlighted that Tubi comprised only 1% of total American viewing in March 2023 and 90% of Tubi’s viewing activity is on-demand, indicating that, rather than relying solely on live channels, users actively seek out and engage with the content they consume.
Murdoch said, “It’s very important when the viewing comes on demand as opposed to passively sitting back and watching our FAST channels, that’s much more valuable to advertisers. We are looking forward to showcasing Tubi’s strengths at next week’s upfronts.”