Televisa-Univision reported a challenging first quarter of 2025 as declines in advertising and slower growth in its streaming platform ViX dragged down overall performance. The results highlight the ongoing headwinds for Spanish-language media in an increasingly fragmented and competitive marketplace.
Total revenue for the quarter fell to $1.02 billion, a year-over-year decline of 10 percent. Adjusted EBITDA also slipped 16 percent to $390 million, while operating income dropped 17 percent to $277 million.
The company attributed the revenue drop primarily to a softening advertising market across both the U.S. and Mexico. In the U.S., advertising revenue declined by 13 percent. The Mexican ad market saw an even steeper fall of 18 percent, reflecting both macroeconomic pressures and a challenging year-over-year comparison driven by election-related spending in early 2024.
Streaming platform Vix, long viewed as a growth engine for the company, showed signs of cooling after a period of rapid expansion. Subscription and advertising revenue from Vix grew just 4 percent year over year, reaching $109 million. By comparison, streaming revenue had grown 25 percent in the same quarter of 2024.
Company executives maintained a confident tone about the long-term trajectory of the platform. “Vix continues to gain traction and lead in Spanish-language streaming,” said CEO Wade Davis. “We are executing our strategic plan and remain focused on our core mission of serving the global Spanish-speaking community.”
Vix’s premium tier now has 5.4 million subscribers, up from 4.7 million at the end of Q4 2024. However, growth has slowed significantly, suggesting increased competition and audience saturation may be setting in. Total streaming hours viewed rose 13 percent year over year, with monthly active users up 18 percent—figures the company noted reflect healthy engagement despite top-line challenges.
Content licensing and subscription revenue beyond Vix performed better, growing by 12 percent year over year, supported by strong demand for Televisa-Univision’s library and original programming across third-party platforms.
In Mexico, the company’s revenue was down 15 percent overall, reflecting both declines in linear ad sales and continued foreign exchange headwinds. U.S. media operations were also down nine percent, despite what Davis called “resilient performance” in live sports and news.
Despite the downturn, Davis stressed that the company remains on a stable financial foundation. “We are in a strong position to manage through near-term macro pressures,” he said. “Our content strategy, our focus on profitability, and our leadership in Spanish-language media continue to differentiate us.”
The company’s cost base remained relatively flat, with only a modest uptick in programming and technology investments. Capital expenditures were not disclosed, though executives reiterated a focus on efficiency and disciplined growth.
No updates were provided on a potential public offering of Vix, which has been rumored in recent quarters. Davis deflected questions about the timing of any capital market moves, stating only that the company is “exploring all strategic options.”
While Televisa-Univision did not issue formal guidance for the remainder of the year, the tone of the call signaled cautious optimism. The company expects advertising demand to improve heading into the back half of 2025, particularly with major events such as Copa América and continued growth in Hispanic-targeted political spending.
