Key Data Points From Q1 Earnings Across WBD, Disney, FOX, EcoStar, Vizio, Akamai, Brightcove and Vimeo

Dan Rayburn | Sunday May 12, 2024 | 12:52 PM | Comments (0)

Here’s this week’s bulleted list of key numbers and data points from Q1 earnings across WBD, Disney, FOX, EcoStar, Vizio, Akamai, Brightcove and Vimeo, including P&L, sub additions/losses, ARPU, and 2024 year-over-year projected growth:

  • The Disney earnings deck said that a definitive agreement regarding the new JV sports streaming partnership hasn’t been signed yet with FOX and WDB.
  • FOX said 90% of all viewing hours on Tubi come from AVOD content, not FAST channels. Tubi’s CEO confirmed in April 2024 that Tubi is not profitable. In Q3 of 2022, FOX said Tubi had $165 million in revenue for the quarter. Based on those numbers, Tubi’s annual run rate for 2023 should have generated over $700 million in revenue. More details here.
  • In Q1, Warner Bros. Discovery added 2 million DTC subs (700,000 from the US) to end the quarter with 99.6 million. DTC revenue was $2.46 billion on a profit (Adjusted EBITDA) of $86 million. More details here.
  • Sinclair is looking to sell more than 30% of its 185 owned or operated broadcast stations, including the Tennis Channel. Sinclair CEO Chris Ripley said the company is open to offloading parts of its business without giving specifics.
  • AMC Networks added 100,000 DTC subscribers in Q1 to end the quarter with 11.5 million subscribers, up 300,000 YoY. Ad-supported versions of some of its DTC services will roll out in 2025.
  • Disney’s DTC streaming business, Disney+ and Hulu, had an operating income profit of $47M in Q1, while ESPN+ lost $65 million. More details here.
  • Vizio’s SmartCast Active Accounts growth is slowing. It added only 100,000 accounts to end Q1 with 18.6 million. More details here.
  • Verizon, Comcast, Charter, Altice, EcoStar and WOW! have lost 1.55 million pay TV subscribers in Q1. Looking at figures from last year, I estimate they will lose about 5 million subs this year combined.
  • Akamai expects to see $3 million—$4 million in revenue due to the Olympics. The impact of the Olympics on CDNs is never as significant as some suggest. Akamai also mentioned that their delivery business is “highly profitable” and that they have reduced their delivery capex costs to “low single digits,” a 50% reduction from a few years ago. More details here.
  • Vimeo’s revenue in Q1 was $105 million, flat from Q4 revenue of $106 million and up 1% YoY. Net income in the quarter was $6 million. Keeping the 2024 revenue guidance of $385-$400 million would mean revenue would be down -8% to -4% YoY. More details here.
  • Brightcove’s revenue was $50.5 million in Q1, flat from Q4 and up 3% YoY. Its net loss was $1.6 million. The 2024 revenue guidance stays the same and is expected to be in the range of $195M-$198M. More details here.
  • Launching this August, Sky is bringing more sports to viewers with Sky Sports+ at no extra cost. This will give users over 50% more live sports this year and enable the capability to show “up to 100 live events via concurrent streams.”
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