FAST's Next Chapter Depends on Getting Three Things Right
By Dave Bernath, CEO, Wurl
For years, the conversation around FAST has centered on growth: the audience has arrived, viewership continues to climb, nearly every major media company now operates free streaming channels, and consumers have embraced them as a core part of how they watch television.
That's the good news. The harder question is whether the business model has evolved at the same pace.
At StreamTV Show Denver last month, I argued that the FAST business model is broken. Behind the growth touted in headlines lies an uncomfortable truth: the current economics are fundamentally flawed. Publishers continue to shoulder the cost of creating content without capturing enough of the value, critical performance data remains difficult to access, and the user experience still makes it too hard for viewers to discover great content.
The industry no longer needs to prove that consumers want free streaming television: It needs to fix the foundational issues that threaten its long-term sustainability.
That starts with these three areas: monetization, data, and discovery.
Monetization needs to evolve
FAST has often been described as "cable 2.0.” In reality, the economics look very different.
Traditional cable networks retained the vast majority of their advertising inventory and revenue. Today's FAST publishers often operate under revenue-share agreements or inventory splits that leave them with far less control over monetization. Add inconsistent fill rates, and it's easy to understand why many content owners are asking the same question: if viewing continues to grow, why isn't revenue keeping pace?
That's the disconnect the industry needs to solve.
If we want publishers investing in better programming and building long-term businesses, they need a greater share of the value they're creating. Today’s economics leave too much of the revenue with platforms, making it harder for content owners to reinvest in programming as audiences grow. A healthier ecosystem starts with rebalancing those economics and returning more revenue to publishers. Ultimately, this will help build more sustainable content businesses that benefit platforms, advertisers, and viewers alike.
Data should create value, not walls
One of the biggest promises of streaming was that it would combine the scale of television with the intelligence of digital. Yet in many ways, publishers have less visibility into their own performance than they did in traditional TV.
As platforms have taken on a larger role in content distribution, many publishers have lost access to the detailed audience insights they need to understand viewing behavior, improve programming decisions, and optimize engagement.
That's backwards.
Data isn't just about reporting performance after the fact. It's how publishers make smarter programming decisions, improve retention, and create more valuable advertising opportunities.
We've already seen this playbook succeed elsewhere. Digital platforms like YouTube have demonstrated that transparent analytics benefit creators, platforms, and advertisers alike. FAST should be moving in that same direction.
Discovery needs innovation – not fewer choices
As the FAST ecosystem expands, it's easy to assume we've reached a point where there are simply too many channels. But consumers have never complained about having access to too much great content. They struggle when they can't find what they want to watch. That's a discovery challenge – not a content challenge.
The answer probably isn't fewer channels. It's better navigation, stronger recommendations, and more personalized viewing experiences that help audiences connect with programming they'll enjoy.
At the same time, platforms have an opportunity to bring greater transparency to merchandising and editorial promotion, giving publishers confidence that great content has a fair opportunity to find its audience.
The goal shouldn't be limiting choice. It should be making choice easier to navigate.
Building a stronger foundation
The FAST industry has made remarkable progress over the past several years. Consumer adoption continues to grow, advertisers are investing more heavily in streaming, and publishers are embracing FAST as an increasingly important distribution model.
The next chapter, however, won't be defined by how many channels launch or how many viewing hours are logged; it will be defined by whether we're building an ecosystem that allows publishers to thrive. That means commercial models that reward content creation, access to the data publishers need to improve performance, and discovery experiences that help viewers find great programming.
Television has always been a hit-driven business. The next hit shouldn't depend on luck or platform preference – it should emerge because publishers have the economics, insights, and visibility to invest in great content.
If we can get those fundamentals right, growth won't just continue – it will become sustainable.
Catch Dave’s full keynote presentation from StreamTV Show Denver 2026 on demand here.