Fox Corp. reported revenue in its fiscal first quarter of $3.19 billion, up 5% from the same quarter a year ago, owing to higher affiliate fees and a strong advertising environment led by a record-shattering midterm elections advertising haul. (THR)
Fox CEO Lachlan Murdoch announced Tubi, the company’s AVOD service, reached a revenue milestone. “With first-quarter revenue growth re-accelerating to almost 30% over last year, this marks the first time that Tubi revenue has surpassed the advertising revenue generated by Fox Entertainment in a meaningful way,” he said. (Adweek)
The boost in ad revenue from Tubi comes as Fox’s linear TV networks have been hurt by cord-cutting, and many fear a downturn in the advertising market due to economic headwinds and a potential recession. (CNBC)