
Distribution fees charged to cable and satellite television distributors helped boost Fox Corporation’s overall revenue during the company’s latest fiscal quarter.
On Tuesday, the company revealed its fourth quarter (Q4) revenue for 2024 — which coincides with the second quarter (Q2) of the calendar year — increased 2 percent on a sequential basis to $3.09 billion, spurred by a 5 percent increase in affiliate fees largely associated with its broadcast television division.
Overall, affiliate fees increased to $1.859 billion during Q4, up from the $1.771 billion Fox earned during the prior quarter. Advertising revenue was relatively flat on a sequential basis, with Fox earning slightly more than $1 billion.
Broadcast television continued to be the biggest driver of revenue during Q4, with the company earning $1.615 billion from that part of the business. Its broadcast segment includes the Fox network, local Fox-owned television stations and free, ad-supported streaming service Tubi. Fox does not typically break out revenue from Tubi from that of its other TV operations.
Meanwhile, cable TV programming earned $1.438 billion during Q4, of which $1.048 billion was attributed to affiliate fees charged to cable and satellite distributors. (Fees earned from some cable-like streaming services, including Fubo and YouTube TV, are also counted in this metric.) Advertising revenue from cable channels increased by $8 million on a sequential basis to $328 million for the quarter, Fox revealed. The company associated the increase in advertising revenue to sports programming, including the CONMEBOL Copa America tournament and UEFA European Championship soccer tournaments, which were simulcast or replayed on FS1 and FS2.
On the broadcast and streaming side, Fox said its affiliate fee revenue jumped to $811 million during Q2 from the $744 million reported during the prior quarter. Advertising revenue came in at $679 million, spurred by similar interest in the soccer tournaments, whose main events were broadcast live on the Fox network. Fox also cited “continued growth at Tubi” as helping its broadcast business segment, though it offered no specifics.
Fiscal 2024 was another successful year for Fox with very clear achievements across our portfolio, including delivering strong total company affiliate revenue growth each quarter from our ongoing renewals, cementing Tubi’s position as the most watched free TV and movie streaming service in the United States, and generating reinvigorated ratings and share growth at Fox News,” Fox CEO Lachlan Murdoch said in a statement.
Murdoch said that momentum will carry into the company’s 2025 fiscal year — which starts during the third quarter (Q3) of the 2024 calendar year — during which Fox believes it will benefit from an uptick in political ad spending heading into November, as well as the return of the Super Bowl to Fox next February.