February 9, 2023: On Wednesday, Fox Corp said it would rake in a record of Super Bowl ad earnings as it reported an improvement in its fiscal second quarter results.
The strong quarter was primarily due to a sports event slate, including the men’s World Cup and NFL Sunday games. Shares of the company increase over 4% on Wednesday.
The company said its advertising revenue increased by 4% during the quarter, attributing it to live events such as the Qatar World Cup, which aired in November and December. Political advertising improved ad revenue because of the midterm elections and Fox’s free ad-supported streamer Tubi.
The positive promotion picture came as the industry contended with a challenging market. In recent months, significant media firms like Paramount Global and Warner Bros. The outcomes, which have portfolios of entertainment cable-TV media and sports and news outlets, have warned of the ad market weighing on their firm.
Fox executives said Wednesday that NFL and college football games helped drive ratings and advertising earnings.
Fox CEO Lachlan Murdoch said Wednesday the firm has yet to see the soft advertising corporation that its peers have described in latest months. Although he stated they know the market as “fluid and money arriving in late,” Fox is still hitting goals and revenue targets, which attributes to their live sports and news portfolio.
The firm’s broadcast network will air the Super Bowl on Sunday, known as the marquee event for advertisers. Murdoch said Wednesday it would be a record Super Bowl for the firm, with $600 million in gross advertising revenue.
“The money came for Super Bowl advertising, so we had some nervous moments,” Murdoch stated. “But it will be hit Super Bowl for us regarding total revenue and what we achieved for each spot.”
Fox has said it sold out on commercials for the Super Bowl, with the highest prices at over $7 million for 30-second spots.
Fox said its fiscal second-quarter revenue increased 4% to $4.61 billion compared to last year’s period.
Murdoch stated on a call with investors Wednesday that the company has “flourished” from spinning off its entertainment assets to Disney, as it focused on live sports and news.
The company’s free streaming service, Tubi, remained a bright spot as Fox’s reply to the streaming wars. Tubi experienced a 25% increase in ad revenue in the quarter and an increase in viewership, with December being its increased viewership and engagement month. Murdoch said the firm would continue investing and increase Tubi, noting it requires a minor investment in comparison to its peers in the streaming space.
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