FOX’s Q4 numbers showed a bit of a give-and-take as advertising fell flat from the same quarter a year prior and while overall revenues were up slightly, profits showed a dip slightly, according to the Hollywood Reporter.
Per the report, FOX’s overall revenue was $3.09 billion for the quarter, which was up 2% from the prior year and was driven by affiliate fee increases seen at the Fox Broadcast Network and in the cable division, which is led by FOXNews’ channel.
Advertising revenue accounted for $1.007 billion which is essentially flat from the prior year, where FOX hauled in $1.008 billion with the company stating that “broadcasts of the UEFA European Championship and CONMEBOL Copa América, along with continued growth at Tubi were offset by lower ratings and pricing at the Fox Network.”
FOX’s net income reportedly dropped to $320 million which is primarily attributed to paper value of investments.
“We see a much healthier market than the nuanced one I referred to six months ago, as evidence: Our upfront commitments were strong, our focused portfolio of market leading properties in sports, news, entertainment and streaming delivered year over year growth in both linear and digital advertising commitments as well as growth in overall portfolio pricing in this year’s upfront,” Fox CEO Lachlan Murdoch said, per the report.
“Notably, we start with double digit volume growth and stable pricing at Tubi, which is testament to its incredible momentum in the streaming marketplace. At the local level, we are expecting a very robust election advertising cycle that will be weighted to our second quarter, and if anything, as the polling tightens, the election map may be extended to more of the markets in which we operate.”
FOX is hyping an expected big year for the company in 2025, which they see being led by the upcoming Presidential election.
“The recent news cycle has been nothing short of extraordinary, and when news breaks, people turn to the news brand they trust,” Murdoch said of the brand. “The strength of our news coverage is unmatched, and Fox News remains the clear first choice for viewers during the most pivotal moments. The fourth quarter saw audience levels return to growth at the Fox News Channel, driven by our political coverage and strong primetime lineup, Fox News exited their fiscal year as the most watched network in all of cable in total day and in prime time, and gained share amongst cable news networks in both prime and total day versus last year.”
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