As a seasoned gamer who has seen countless battles and conquests in the virtual world, I can say that Fox Corp.’s Q4 performance is like navigating through a challenging level with unexpected twists and turns. The revenue growth, while not spectacular, is a small victory, much like clearing a minor obstacle in a game.
In the final quarter of Fox Corporation’s financial year, there was a diverse outcome. Advertising revenue remained nearly unchanged compared to the same period previously, while total earnings saw a slight increase. However, profits experienced a modest decrease.
In Q1, our overall earnings amounted to approximately $3.09 billion, representing a 2% increase compared to last year. This growth can be attributed mainly to higher affiliate fees at the Fox Broadcast Network and in the cable division, with Fox News taking the lead. Advertising revenue made up about $1.007 billion of this total, remaining relatively stable at nearly the same level as last year’s $1.008 billion.
The statement made by the company indicates that the broadcasts of both the UEFA European Championship and the CONMEBOL Copa América, as well as the ongoing expansion at Tubi, were balanced out by decreased viewership and reduced prices in the Fox Network.
In the meantime, it’s worth noting that our net income decreased to approximately $320 million. However, a significant portion of this decline can be attributed to the fluctuation in the value of our investments, rather than actual earnings.
As a dedicated fan, I’m excitedly anticipating the significant role Fox is poised to play in the coming fiscal year, 2025. With the approaching presidential election, I can’t help but feel that this event will bring a surge of financial resources to our local TV stations and Fox News. Not to mention, the Super Bowl next year promises to be another money-spinning spectacle for the network.
In a statement, Fox CEO Lachlan Murdoch highlighted that fiscal year 2024 was another triumphant period for Fox, marked by significant accomplishments throughout our business spectrum. Key achievements included consistent growth in total affiliate revenue for the company each quarter, thanks to ongoing contract renewals, establishing Tubi as the most popular free TV and movie streaming service in the U.S., and boosting ratings and viewership at Fox News.
More to come.
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2024-08-06 14:54