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Fox Reports Strong Q4 Earnings Boosted by World Cup and Streaming Growth
Fox announced on Thursday that this summer’s North American World Cup tournament significantly increased its advertising revenue and fueled growth for its free streaming service, Tubi.
The company’s overall revenue climbed 28% year-over-year to $4.21 billion. Advertising revenue surged 78% to $1.92 billion, largely driven by the World Cup and Tubi’s expanding audience, according to Fox’s fiscal fourth-quarter and annual earnings report.
Fox’s broadcast and streaming coverage of the tournament drew an average of approximately 7.7 million viewers across 104 matches. The final game between Spain and Argentina attracted a record nearly 39 million viewers on Fox’s platforms, Nielsen data showed.
Telemundo and Peacock, which aired the Spanish-language broadcasts, also saw strong viewership and ad revenue gains.
Live sports continue to be a major driver for media companies, thanks to their ability to attract large audiences. Events such as the World Cup, Super Bowl, and playoff series consistently generate the highest advertising dollars.
Fox CEO Lachlan Murdoch described the fiscal year as one of “record financial performance” during Thursday’s earnings call, noting the results were especially impressive given the strong prior year that benefited from both the Super Bowl and presidential election.
Since selling its entertainment assets to Disney in 2019, Fox has concentrated its portfolio on sports and news networks, where advertising revenue has remained steady.
Murdoch highlighted that Fox delivered one of its “strongest Upfronts in our history” with double-digit growth in advertising volume. Upfronts are the annual presentations where networks pitch content to advertisers.
Fox has also been expanding its streaming footprint. While it entered the subscription streaming market only last year, it has long focused on growing Tubi, its ad-supported service favored by younger viewers-a crucial demographic for advertisers.
Selective sports events, including the Super Bowl and World Cup programming, have helped boost Tubi’s profile. Murdoch shared that Tubi’s World Cup hub attracted over 20 million viewers, with some early-round matches generating two of the platform’s highest traffic days ever.
Fox One, the company’s subscription streaming service launched about a year ago, also benefited from the World Cup. Distribution revenue rose 5% in the quarter, partly thanks to Fox One’s strong performance, which surpassed expectations. The World Cup helped attract new subscribers and improve retention rates.
Fox emphasized that Fox One was designed not to accelerate pay-TV losses, unlike many other streaming alternatives. The service costs $19.99 per month but is also available bundled with Disney’s ESPN direct-to-consumer platform.
Overall, the World Cup and strategic streaming initiatives have positioned Fox for continued growth in a competitive media landscape.