Welcome to the latest installment of Dan Rayburn's Streaming Insights & Intelligence, a weekly insights column on StreamTV Insider where the industry analyst puts facts and figures to the news you need to know about. Join the discussion on LinkedIn and check back each week as he unpacks key industry happenings.
For the week of August 7, 2024, Rayburn is tracking quarterly earnings across the industry.
Disney calendar Q2 2024 earnings (FY Q3)
Disney+ and Hulu combined lost $19M, adding in ESPN+, Disney’s DTC business turned profitable with an operating profit of $47M.
- Added 700K Disney+ Core subs (118.3M total); Lost 500,000K Disney+ Hotstar subs in India (35.5M total)
- Hulu SVOD gained 900,000 subs (46.7M total), Hulu + Live TV lost 100,000 subs (4.4M total)
- Disney did not disclose how many ESPN+ subscribers it had at the end of the quarter
- Will start crackdown on password sharing "in earnest" this September
- Disney continues to look for strategic partners for ESPN but could not yet outline a specific partner, but conversations are still ongoing.
Comcast Q2 2024 earnings
Peacock lost 500,000 subscribers, ending the quarter with 33 million subscribers.
- Revenue from Peacock was $1.04B, up 28% y/o/y, on losses of $348M (down from $651M y/o/y).
- Comcast lost 120,000 high-speed internet users, its biggest quarterly loss of broadband subscribers ever.
- Comcast lost 419,000 pay TV customers to end the quarter with 13.19M subs for residential pay TV
Roku Q2 2024 earnings
Roku added 2 million streaming households in the second quarter, reaching 83.6 million.
Platform revenue, a broad category including advertising, climbed 11% from the year-ago period to hit $824.3 million. That segment performance drove total revenue to $968.2 million, up 14%.
- Roku users around the world streamed 30.1 billion hours in the quarter, up 20% over the 2023 frame
- Had its fourth straight quarter of positive adjusted EBITDA and free cash flow
- Roku stock in last 6 months is down nearly 44%, and 40% in the past 12 months
Fubo Q2 2024 earnings
Fubo lost 61,000 subscribers in North America from Q1, ending Q2 with 1.45M subscribers. In the Rest of the World, it added 2,000 subscribers to end the quarter with 399,000 subscribers.
- Total revenue of $391M with a net loss of $25.8M (down from a net loss of $56.6M in Q1)
- North American revenue was $382.7M, up 26% y/o/y and Rest of the World revenue was $8.3M, up 2% y/o/y
- North American ARPU was up 5% to $85.69, and Rest of the World ARPU was up 2% to $7.02
- Ended the quarter with $161.3M in cash, cash equivalents and restricted cash on hand
- Fubo has no debt maturing in 2024 or 2025, $144.8M maturing in 2026 and $177.5M maturing in 2029
Fubo is increasing its previously announced full-year 2024 guidance for North America, projecting 1.725M to 1.745M paid subscribers, representing 7% y/o/y growth at the midpoint, and $1.57B to $1.59B total revenue, representing 18% y/o/y growth at the midpoint. Rest of World, Fubo is projecting full-year 2024 guidance of 395,000 to 405,000 paid subscribers, representing 2% y/o/y decline at the midpoint, and $33M to $35M total revenue, representing 4% y/o/y growth at the midpoint.
As covered by StreamTV Insider: “Fubo Free tier, launched in May, is only available to previous paid subscribers who paused or cancelled their subscription and those on a free trial that haven’t converted to paid users. The initial aim is to get consumers that have churned off the service to keep engaging in some way (and keep generating ad revenue) and hopefully entice them to resubscribe to the virtual MVPD when their primary sport season resumes.”
Charter Q2 2024 earnings
The company lost 393,000 net residential pay TV subscribers, ending the quarter with 12.7M residential video subscribers.
- Residential video revenue for Q2 totaled $3.8 billion, down 7.7% year over year
- The company declined to give any penetration or usage numbers of the Disney apps now included in certain Spectrum pay TV packages at no extra cost.
Dan Rayburn is an analyst in the streaming media industry, with regular TV appearances on CNBC, Bloomberg TV, and Schwab Network amongst others. He is conference Chairman for the NAB Show Streaming Summit in Las Vegas each year, and his streamingmediablog.com website is one of the most widely read sites for broadcasters, content owners, OTT providers, Wall Street money managers, and industry executives. He also has a podcast at danrayburnpodcast.com. He can be reached at [email protected]
Dan Rayburn’s Streaming Analysis & Insights is an opinion column. It does not necessarily represent the opinions of StreamTV Insider.