FOX has reported a spike in advertising revenue from free streaming service Tubi, which saw a growth i revenue of nearly 30% during it’s first fiscal quarter, according to CNBC.
Fox initially acquired Tubi back in 2020 and says that they have invested $50 million in the ad-supported streaming service during this past quarter. Tubi has reported it’s highest viewing time during the last quarter, clocking in at 1.3 billion hours.
“In a quarter when digital advertising revenue appeared to be under pressure, Tubi posted standout revenue growth of almost 30%,” to about $165 million” Fox CEO Lachlan Murdoch said in a statement.
Murdoch said that Tubi’s revenue for the first time surpassed the advertising revenue generated by Fox Entertainment “in a meaningful way.”
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