Fox Corp. reported substantial financial gains in its quarterly earnings, with overall revenue climbing 28% to $4.21 billion compared with the equivalent period from the prior year. The company attributed much of this growth to the FIFA World Cup, which took place in North America this summer and generated significant advertising revenue across its platforms.
The World Cup broadcast and streaming on Fox averaged approximately 7.7 million viewers across 104 matches, with the final matchup between Spain and Argentina drawing nearly 39 million viewers, marking a record for Fox’s platforms according to Nielsen data. The tournament also drove traffic to Tubi, Fox’s ad-supported streaming service, which saw over 20 million viewers access the World Cup hub. The final match and select early-round games generated some of the highest traffic days in the platform’s history.
Fox CEO Lachlan Murdoch characterized the fiscal year as one of “record financial performance” during Thursday’s earnings call with investors. He noted that the results were particularly noteworthy given comparisons to the prior year, which had benefitted from the Super Bowl and presidential election coverage. The company also reported strong performance from its annual advertising sales pitch to sponsors, citing double-digit growth in volume.
Live sports have become increasingly important for media companies seeking to maintain advertising revenue as traditional pay television subscriptions continue to decline. Fox One, the company’s subscription streaming service that launched nearly a year ago, also benefitted from World Cup viewership and attracted new subscribers while maintaining strong retention rates. Murdoch indicated that Fox One has exceeded expectations and generated minimal impact on traditional pay TV losses.
The company is pursuing additional growth opportunities, including its proposed $22 billion acquisition of Roku, which would expand its advertising capabilities. Fox has historically focused on building Tubi as an ad-supported alternative rather than pursuing traditional subscription streaming, positioning itself to capture younger viewers who represent a valuable demographic for advertisers.
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