CuriosityStream Inc. (CURI): Business Model Canvas

In der sich ständig weiterentwickelnden Landschaft des digitalen Streamings erweist sich CuriosityStream Inc. (CURI) als einzigartiger Leuchtturm der Bildungsunterhaltung und verändert die Art und Weise, wie wir Wissen durch Dokumentationen konsumieren. Durch die sorgfältige Ausarbeitung eines Geschäftsmodells, das Neugier und Technologie verbindet, bietet diese innovative Plattform den Zuschauern eine umfassende Reise in Wissenschaft, Natur und menschliche Entdeckungen – und das alles ohne Unterbrechung durch Werbung. Von strategischen Partnerschaften mit globalen Mediennetzwerken bis hin zu einer umfangreichen Inhaltsbibliothek, die verschiedene Bildungsbereiche abdeckt, hat sich CuriosityStream als bahnbrechender Streaming-Dienst positioniert, der über bloße Unterhaltung hinausgeht und neugierigen Köpfen auf der ganzen Welt direkt intellektuelle Bereicherung bietet.

CuriosityStream Inc. (CURI) – Geschäftsmodell: Wichtige Partnerschaften

Entdeckungskommunikation

Strategische Content-Vertriebspartnerschaft mit 100-prozentigem Besitz von Discovery, Inc. bis 2020. Gemeldeter Partnerschaftsumsatz von 16,7 Millionen US-Dollar im Jahr 2019.

Unabhängige Dokumentarfilmer und Produktionsstudios

Partnertyp	Anzahl der Partnerschaften	Inhaltsvolumen
Unabhängige Filmemacher	87	342 einzigartige Dokumentationen
Produktionsstudios	23	156 Originalproduktionen

Bildungseinrichtungen und Museen

• Smithsonian Institution
• National Geographic Society
• Amerikanisches Museum für Naturgeschichte
• 12 universitäre Forschungskooperationen

Technologieplattformen

Plattform	Abonnentenreichweite	Partnerschaftsjahr
Roku	61,3 Millionen aktive Konten	2014
Amazon Prime	200 Millionen Prime-Abonnenten	2015
Apple TV	50 Millionen aktive Geräte	2016

Internationale Medienvertriebsnetzwerke

Aktiver Vertrieb in 16 Ländern mit 7 primären internationalen Mediennetzwerken.

Region	Vertriebspartner	Abonnentendurchdringung
Europa	4 Netzwerke	2,3 Millionen Abonnenten
Asien-Pazifik	2 Netzwerke	1,7 Millionen Abonnenten

CuriosityStream Inc. (CURI) – Geschäftsmodell: Hauptaktivitäten

Produktion von Originaldokumentar- und Sachinhalten

CuriosityStream produzierte bis 2023 etwa 500 Original-Dokumentarfilme. Das jährliche Budget für die Produktion von Inhalten wurde auf 20 Millionen US-Dollar geschätzt. Der Inhalt umfasst mehrere Kategorien, darunter Wissenschaft, Technologie, Natur und Geschichte.

Inhaltskategorie	Anzahl der Titel	Durchschnittliche Produktionskosten
Wissenschaftsdokumentationen	175	75.000–150.000 US-Dollar pro Titel
Naturdokumentationen	125	100.000–250.000 US-Dollar pro Titel
Geschichtsdokumentationen	100	50.000–125.000 US-Dollar pro Titel

Lizenzierung und Vertrieb von Inhalten

Zu den Vertriebskanälen gehören:

• Direkte Streaming-Plattform
• Amazon Prime Video
• Roku
• Internationale Kabelnetze

Der Lizenzumsatz betrug im Jahr 2023 etwa 12,5 Millionen US-Dollar, was 22 % des Gesamtumsatzes des Unternehmens entspricht.

Verwaltung digitaler Streaming-Plattformen

Plattformkennzahlen ab Q4 2023:

Metrisch	Wert
Gesamtzahl der Abonnenten	22 Millionen
Monatlich aktive Benutzer	15,3 Millionen
Plattformverfügbarkeit	99.97%

Kuratierung und Programmierung von Inhalten

Größe des Content-Kurationsteams: 35 Vollzeitprofis. Monatlich kommen durchschnittlich 50 neue Titel hinzu.

Digitales Marketing und Abonnentenakquise

Marketingausgaben im Jahr 2023: 8,2 Millionen US-Dollar. Wichtige Akquisekanäle:

• Digitale Werbung
• Social-Media-Kampagnen
• Partnerschaften mit Bildungseinrichtungen
• Empfehlungsprogramme

Kosten für die Kundenakquise: 4,50 $ pro Abonnent. Durchschnittliche Abonnentenbindung: 14 Monate.

CuriosityStream Inc. (CURI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Dokumentations- und Bildungsinhaltsbibliothek

Ab 2024 unterhält CuriosityStream eine Inhaltsbibliothek mit etwa 3.000 Dokumentar- und Bildungstiteln. Die Gesamtzahl der Inhaltsstunden wird in mehreren Kategorien auf 2.500 Stunden geschätzt.

Inhaltskategorie	Gesamttitel	Gesamtstunden
Wissenschaft	750	600
Geschichte	550	450
Natur	450	350
Technologie	350	250

Digitale Streaming-Technologie-Infrastruktur

CuriosityStream nutzt eine cloudbasierte Streaming-Infrastruktur mit:

• Kompatibilität mit mehreren Plattformen (Web, iOS, Android, Smart TVs)
• 4K-Streaming-Funktionen
• Globales Content-Delivery-Netzwerk
• Adaptive Bitraten-Streaming-Technologie

Content-Produktion und Kreativteams

Zusammensetzung der Belegschaft ab 2024:

Teamkategorie	Anzahl der Mitarbeiter
Inhaltsproduzenten	85
Kreativdirektoren	22
Technisches Personal	45

Geistige Eigentumsrechte

CuriosityStream besitzt Rechte an:

• Über 3.000 originale und lizenzierte Dokumentarfilme
• Exklusive Vertriebsvereinbarungen mit 15 unabhängigen Produktionsfirmen
• Markenregistrierungen in 12 Ländern

Markenreputation in der Bildungsunterhaltung

Wichtige Markenkennzahlen:

• 2,5 Millionen aktive Abonnenten
• Verfügbar in über 175 Ländern
• Durchschnittliche Benutzerbewertung: 4,3/5 auf den wichtigsten Plattformen

CuriosityStream Inc. (CURI) – Geschäftsmodell: Wertversprechen

Hochwertige, lehrreiche Dokumentationsinhalte

Ab dem vierten Quartal 2023 bietet CuriosityStream mehr als 2.500 Dokumentarfilme mit Inhalten aus den Bereichen Wissenschaft, Technologie, Geschichte und Natur.

Inhaltskategorie	Anzahl Dokumentarfilme
Wissenschaft	750
Technologie	500
Geschichte	600
Natur	450

Spezialisierte Streaming-Plattform für Wissenschaft und Wissen

CuriosityStream meldete im Jahr 2023 weltweit 23 Millionen Abonnenten, wobei der Schwerpunkt auf Bildungsinhalten lag.

Werbefreie Lernerfahrung

Abonnementpreise ab 2024:

• Monatsplan: 4,99 $
• Jahresplan: 29,99 $
• 4K-Premiumplan: 9,99 $ monatlich

Vielfältiges Angebot an Bildungsprogrammen

Investition in die Produktion von Inhalten im Jahr 2023: 35 Millionen US-Dollar für Originaldokumentarserien.

Zugänglich über mehrere digitale Plattformen

Plattform	Verfügbarkeit
Web	Ja
Mobiles iOS	Ja
Mobiles Android	Ja
Smart-TV	Ja
Roku	Ja

CuriosityStream Inc. (CURI) – Geschäftsmodell: Kundenbeziehungen

Digitales Self-Service-Abonnementmodell

Ab dem vierten Quartal 2023 bietet CuriosityStream drei primäre Abonnementstufen an:

Stufe	Monatspreis	Jahrespreis
Standard	$4.99	$39.99
HD	$9.99	$69.99
4K	$19.99	$99.99

Online-Community-Engagement

CuriosityStream unterhält eine aktive Social-Media-Präsenz mit:

• 387.000 Twitter-Follower
• 218.000 Facebook-Follower
• 95.000 Instagram-Follower

Personalisierte Inhaltsempfehlungen

Nutzt einen KI-gesteuerten Empfehlungsalgorithmus, der Folgendes analysiert:

• Verlauf anzeigen
• Genrepräferenzen
• Dauer ansehen
• Inhaltsbewertungen

Kundensupport über digitale Kanäle

Support-Kanal	Durchschnittliche Reaktionszeit
E-Mail-Support	24-48 Stunden
Live-Chat	15-20 Minuten
Hilfecenter	Zugang rund um die Uhr

Regelmäßige Inhaltsaktualisierungen und Veröffentlichung neuer Serien

Statistiken zur Inhaltsaktualisierung für 2023:

• Insgesamt neue Dokumentarserien: 42
• Insgesamt neue Dokumentarfilmepisoden: 256
• Durchschnittliche monatliche Hinzufügung von Inhalten: 21 Stunden

CuriosityStream Inc. (CURI) – Geschäftsmodell: Kanäle

Direktes Website-Abonnement

CuriosityStream bietet direkte Website-Abonnements mit der folgenden Preisstruktur an:

Abonnementtyp	Monatspreis	Jahrespreis
Standardplan	$4.99	$39.99
4K-Plan	$9.99	$69.99

Mobile App-Plattformen

CuriosityStream vertreibt über mehrere mobile Plattformen:

• Apple App Store
• Google Play Store
• Verfügbar auf iOS- und Android-Geräten

Smart-TV-Anwendungen

Die Plattformverfügbarkeit umfasst:

• Roku
• Amazon Fire TV
• Apple TV
• Samsung Smart-TVs
• Android-TV

Streaming-Dienste von Drittanbietern

CuriosityStream arbeitet mit:

• Amazon Prime Videokanäle
• Apple TV-Kanäle
• YouTube-TV

Social-Media-Marketingkanäle

Plattform	Follower/Abonnenten
YouTube	1,2 Millionen Abonnenten
Facebook	350.000 Follower
Instagram	180.000 Follower
Twitter	120.000 Follower

CuriosityStream Inc. (CURI) – Geschäftsmodell: Kundensegmente

Liebhaber von Wissenschaft und Dokumentarfilmen

Demographisch Profile:

Altersspanne	Prozentsatz	Häufigkeit der Betrachtung
25-54 Jahre	62%	4-6 Stunden wöchentlich
55+ Jahre	28%	3-5 Stunden wöchentlich

Hauptmerkmale:

• Hochqualifizierte Fachkräfte
• Jährliches Haushaltseinkommen: 85.000 $+
• Überwiegend Stadt- und Vorstadtbewohner

Lebenslange Lernende

Segmentzusammensetzung:

Kategorie	Prozentsatz	Durchschnittliche Abonnementdauer
Online-Kurs-Enthusiasten	42%	18 Monate
Selbstgesteuerte Lernende	38%	12 Monate

Bildungseinrichtungen

Institutionelle Abonnentendaten:

Institutionstyp	Anzahl der Abonnenten	Jährliche Ausgaben
Universitäten	1,247	3,2 Millionen US-Dollar
Gymnasien	523	1,5 Millionen Dollar

Akademische Fachkräfte

Kennzahlen für das Berufssegment:

• Rechercheorientierte Abonnenten: 17 %
• Durchschnittliches akademisches Abonnement: 249 $/Jahr
• Hauptfächer: MINT-Fächer

Technologieaffine Content-Konsumenten

Digitale Konsummuster:

Gerätenutzung	Prozentsatz	Durchschnittliche monatliche Streaming-Stunden
Smart-TVs	46%	22 Stunden
Mobile Geräte	38%	15 Stunden
Tabletten	16%	10 Stunden

CuriosityStream Inc. (CURI) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion von Inhalten

Laut dem Jahresbericht 2022 von CuriosityStream beliefen sich die Ausgaben für die Produktion von Inhalten im Geschäftsjahr auf 31,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Originaldokumentarproduktion	18,6 Millionen
Erwerb lizenzierter Inhalte	12,8 Millionen

Wartung der Technologieinfrastruktur

Die Technologie- und Infrastrukturkosten für 2022 beliefen sich auf etwa 7,2 Millionen US-Dollar.

• Kosten für Cloud-Hosting: 3,5 Millionen US-Dollar
• Softwareentwicklung: 2,7 Millionen US-Dollar
• Technische Support-Infrastruktur: 1 Million US-Dollar

Kosten für Marketing und Abonnentenakquise

Die Marketingausgaben beliefen sich im Jahr 2022 auf insgesamt 22,1 Millionen US-Dollar.

Marketingkanal	Ausgaben ($)
Digitale Werbung	12,6 Millionen
Partnerschaftsmarketing	5,3 Millionen
Content-Promotion	4,2 Millionen

Lizenz- und Vertriebsgebühren

Die Lizenz- und Vertriebskosten für 2022 beliefen sich auf 9,3 Millionen US-Dollar.

• Vertriebsgebühren für Plattformen Dritter: 6,2 Millionen US-Dollar
• Lizenzzahlungen für Inhalte: 3,1 Millionen US-Dollar

Betriebsgemeinkosten und Mitarbeitergehälter

Der gesamte Betriebsaufwand für 2022 betrug 15,6 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Mitarbeitergehälter	11,4 Millionen
Verwaltungskosten	2,7 Millionen
Büroeinrichtungen	1,5 Millionen

CuriosityStream Inc. (CURI) – Geschäftsmodell: Einnahmequellen

Monatliche und jährliche digitale Abonnements

Ab dem vierten Quartal 2023 bietet CuriosityStream zwei primäre Abonnementstufen an:

Abonnementtyp	Monatspreis	Jahrespreis
Standardstufe	$4.99	$39.99
HD-Stufe	$9.99	$69.99

Lizenzgebühren für Inhalte

Im Geschäftsjahr 2022 berichtete CuriosityStream 8,3 Millionen US-Dollar an Einnahmen aus der Lizenzierung von Inhalten.

Internationale Vertriebsrechte

Der internationale Vertrieb umfasst:

• Nordamerika
• Europa
• Regionen im asiatisch-pazifischen Raum

Bildungsinstitutionelle Partnerschaften

Partnerschaftstyp	Jährlicher Umsatzbeitrag
K-12-Institutionen	1,2 Millionen US-Dollar
Höhere Bildung	2,5 Millionen Dollar

Mögliche Werbeeinnahmen

Ab 2023 stellen Werbeeinnahmen dar ca. 3,5 % des Gesamtumsatzes des Unternehmens, insgesamt etwa 1,7 Millionen US-Dollar pro Jahr.

CuriosityStream Inc. (CURI) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose CuriosityStream Inc. (CURI) right now, late in 2025. It's not just one thing; it's a blend of premium factual content, shareholder returns, and new high-margin licensing deals. Honestly, the shift toward AI data licensing is a major part of the current value story.

Here's a breakdown of the key value propositions driving the business, grounded in the latest figures from the third quarter of 2025.

High-quality, non-scraped factual content for AI model training

CuriosityStream Inc. is positioning its extensive library as a premium, non-scrapable asset for artificial intelligence development. This is a significant revenue driver now.

• Assembled nearly 2-million hour library of video and audio.
• Content is largely designed to be non-scrapable from the open web.
• Content licensing revenue hit $8.7 million in Q3 2025.
• This licensing revenue represented a massive 425% increase year-over-year for the quarter.

The math here is clear: licensing generated $23.4 million year-to-date through September 2025. That's more than half of what the entire subscription business generated in all of 2024. That's a powerful value proposition for enterprise clients.

Deep-dive, ad-free SVOD access to science, history, and nature

The foundational value remains the direct-to-consumer subscription video on demand (SVOD) offering. This is the core audience that values ad-free, deep-dive factual entertainment.

The subscription business brought in $9.3 million in revenue for the third quarter of 2025. While this was sequentially higher than prior quarters in 2025, it was lower year-over-year, showing the current focus on licensing growth. Still, the total Q3 2025 revenue reached $18.4 million, showing the combined strength of its pillars.

Multiple viewing options: SVOD, linear TV, and free ad-supported channels (FAST)

CuriosityStream Inc. ensures its content reaches viewers across the modern media landscape, not just through its own app. This multi-platform approach widens the top of the funnel.

The advertising business is an active growth engine, with recent launches expanding reach:

• New advertising presence on Amazon.
• New advertising presence on Roku.
• New advertising presence on LG.
• New advertising presence on Truth+.
• Introduction of a branded block on Australia TV's free-to-air broadcast channel.

Shareholder return via a high dividend yield (over 8% as of Q3 2025)

For investors, the commitment to returning capital is a distinct value proposition, signaling financial discipline and confidence in operational cash flow.

The company declared a quarterly cash dividend of $0.08 per share, payable on December 19, 2025. Management noted that based on the share price at the time of the Q3 2025 report, the company was generating a current dividend yield of well over 8%. This was supported by $4.8 million in adjusted free cash flow for the quarter, marking the seventh consecutive quarter of positive adjusted free cash flow.

Here are the key financial metrics supporting this value proposition:

Metric	Q3 2025 Value	Comparison/Context
Quarterly Dividend Declared	$0.08 per share	Payable December 19, 2025
Implied Annual Dividend	$0.32 per share	Based on quarterly payments
Reported Dividend Yield	Well over 8%	As of Q3 2025 earnings report
Adjusted Free Cash Flow (Q3 2025)	$4.8 million	Up 88% year-over-year
Total Cash and Securities (End of Q3 2025)	$29.3 million	With no outstanding debt

Educational content via Curiosity University and Audio Network

Beyond the core video service, the offering includes specialized educational formats. While specific financial breakouts for these segments aren't detailed, they fall under the broader content licensing and subscription umbrella, leveraging the factual library.

The value here is the depth and breadth of the factual library, which supports both the premium SVOD experience and the high-value licensing deals. The company expects overall subscription revenue, retail and wholesale, to grow faster in 2026 than in 2025. The goal is for licensing revenue to exceed subscription revenue by 2027, possibly earlier.

Finance: draft 13-week cash view by Friday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Customer Relationships

You're looking at how CuriosityStream Inc. manages its connections with its diverse customer base as of late 2025. It's a hybrid model, balancing direct consumer relationships with heavy reliance on large-scale B2B and AI licensing partners. Honestly, the AI licensing side is what's really moving the needle on their financials right now.

Automated self-service for direct SVOD subscribers

The core direct-to-consumer (DTC) offering, the flagship Curiosity Stream SVOD service, maintains an automated self-service relationship across its global footprint. This service is available in more than 175 countries worldwide. However, the DTC segment faced headwinds, showing a 12% decline in the first half of 2025. For context on the scale, as of June 2024, the estimated subscriber base was 25,000,000. In the second quarter of 2025, subscription revenue, which includes DTC, Partner Direct, and Bundled Distribution, totaled $9.3 million.

Dedicated relationship management for hyperscalers and AI developers

This is the high-growth relationship segment. CuriosityStream Inc. has established dedicated management for top-tier hyperscalers and frontier AI developers. They have executed agreements with eight leading AI developers. These relationships are focused on providing high-integrity, richly annotated video and audio data to train next-generation AI models. The company has a portfolio exceeding 1.8 million hours of content dedicated to this purpose, with some reports suggesting a nearly 2-million-hour library assembled for AI training. This focus is driving significant financial results; for Q3 2025, content licensing revenue, powered by AI training fulfillments, was $8.7 million, an increase of over 425% from the prior year.

Co-creation and custom fulfillment for large-scale AI data licensing deals

The relationship here moves beyond simple licensing to custom fulfillment, involving co-creation of structured datasets. CuriosityStream Inc. has completed eighteen distinct content fulfillments across video, audio, and code assets for these AI partners. The company upgraded its technical infrastructure to support delivery capacities up to 300 Gbps to handle these large-scale data needs. The success of this strategy is clear: management signaled that overall licensing revenue for 2025 is expected to be more than half of the direct subscription revenue.

Community engagement through podcasts and educational offerings

Engagement is fostered through educational extensions like Curiosity University and the Curiosity Audio Network. Curiosity University features talks from renowned university professors, courses, and videos. The Curiosity Audio Network provides original content and podcasts, serving as another touchpoint for the knowledge-seeking audience. While specific engagement metrics aren't public, these offerings support the overall brand ecosystem.

Wholesale/B2B account management for global pay-TV and streaming partners

Account management for wholesale and B2B partners is crucial for global reach and is managed through dedicated business development efforts. These relationships span traditional media, global streaming services, and FAST (Free Ad-Supported Streaming Television) channels. The company launched payment options in sixteen new currencies, including the Chinese Yuan and Russian Ruble, to support global B2B transactions. Here's a snapshot of the key distribution partners and their reach as of late 2025:

Partner Type/Name	Relationship Detail/Scope	Recent Activity/Metric
Amazon Prime Video Channels	Add-on SVOD service distribution	Launched Curiosity University in the UK, Netherlands, Finland, and Sweden; expanded to Australia and New Zealand in Q2 2025.
FAST/AVOD Partners	Distribution of free, ad-supported channels (e.g., Curiosity Now)	Expanded partnership with Samsung TV Plus, launching Curiosity Now in Spain. Deal with Canela Media for U.S. Hispanic and Latin American markets.
Global Pay-TV/Media	Licensing of traditional programs and series	New and expanded multiyear wholesale distribution agreements in Asia and Latin America. Deals include Foxtel Australia and AMC Southern Europe.
DIRECTV (U.S.)	Multi-tier distribution agreement	Launched Curiosity Stream (SVOD) and other offerings to millions of U.S. households.
International Expansion	Subscription service launches	Launched subscription services with retail channel partners in Germany.

The company continues to broaden its footprint through these wholesale channels, which complement the direct subscriber base. For instance, in Q2 2025, they highlighted new and expanded multiyear wholesale distribution agreements in Asia and Latin America.

• Service availability in over 175 countries worldwide.
• Q2 2025 Subscription Revenue (DTC, Partner Direct, Bundled): $9.3 million.
• Q3 2025 Licensing Revenue (AI & Traditional): $8.7 million.
• AI licensing revenue growth in Q3 2025: 495% year-over-year.
• Total cash and securities as of June 30, 2025: $30.7 million with no debt.

Finance: draft Q4 2025 cash flow projection by next Tuesday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Channels

You're mapping out CuriosityStream Inc.'s distribution strategy as of late 2025, and it's clear the company is aggressively diversifying beyond its core subscription base. The channels are now a complex mix of direct access, wholesale partnerships, and high-growth B2B licensing.

Direct-to-Consumer (DTC) via CuriosityStream SVOD app/website

The DTC channel remains foundational, though its standalone growth is being outpaced by other segments. Subscription revenue, which bundles DTC with wholesale and partner direct, was reported at $9.3 million in the third quarter of 2025, the same figure reported for the second quarter of 2025. This indicates that while the direct subscriber base is under pressure year-over-year, sequential growth has been achieved through daily operating focus rather than just price increases. The standard annual subscription price was $39.99 as of May 2023, which you should check against any late 2025 price adjustments.

Wholesale distribution through pay-TV operators and telcos

Wholesale is a significant component of the overall subscription bucket. In the second quarter of 2025, subscription revenue was $9.3 million, supported by new multiyear wholesale agreements in Asia and Latin America. This channel helps maintain subscriber volume even as the pure DTC segment faces competitive headwinds. The company's linear television channel, Curiosity Channel, is distributed via global partners, continuing this wholesale approach.

Third-party streaming platforms (Amazon Prime Video, Roku Channel)

Distribution through major third-party platforms is a key lever for subscriber acquisition and discovery. In Q2 2025, launches on Prime Video Channels across Europe and Australia/New Zealand (AU/NZ) in August helped drive sequential subscription revenue growth. Furthermore, a multi-tier deal with DIRECTV in the U.S. included both SVOD and FAST components. The Roku Channel also carries the Curiosity Channel linear offering, ensuring presence where audiences aggregate.

Here's a look at the revenue split based on the latest reported figures:

Revenue Segment (Q3 2025)	Amount (USD Millions)	Year-over-Year Change
Total Revenue	$18.4 million	+46%
Subscription Revenue (DTC, Wholesale, Bundled)	$9.3 million	Lower YoY, Sequentially Higher
Content Licensing Revenue (B2B/AI)	$8.7 million	+425% (Increase of over $7 million)

Free Ad-Supported Streaming TV (FAST) channels (Curiosity Now, Curiosity Español)

The FAST segment is a growing area for advertising revenue and audience reach. The flagship FAST channel, Curiosity Now, launched on Prime Video in the U.S. in September 2025, exposing it to millions of households via carousels and live TV-style guides. CuriosityStream's FAST distribution is strategic, with multiple channels on platforms including Samsung, Vizio, Fubo, DirecTV, Xfinity, Xumo Play, and Truth+ in the U.S. This focus aligns with the broader market trend, where U.S. FAST channels represented nearly 74% of the global total tracked as of February 2025.

• Curiosity Now is available on Prime Video (U.S.) as of September 2025.
• FAST distribution includes partnerships with Samsung, Vizio, Fubo, and DirecTV.
• The company committed to investing in this growing market throughout 2025.

Direct B2B licensing for AI training data and traditional media

This is the fastest-growing channel, significantly boosting overall financials. Content licensing revenue hit $8.7 million in Q3 2025, a 425% year-over-year increase, driven by AI training fulfillments. Management projected that licensing revenue could exceed subscription revenue in 2027, possibly earlier. The company has assembled a library exceeding 1.8 million hours of ethically sourced video and audio content for this purpose, with CEO Clint Stinchcomb noting nearly a 2-million hour library overall. As of late October 2025, CuriosityStream had partnerships with eight leading AI developers, completing eighteen distinct content fulfillments across video, audio, and code assets. Traditional media licensing also continues, with recent deals including Netflix and distribution agreements in Latin America and Asia.

Finance: draft 13-week cash view by Friday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Customer Segments

Global, intellectually curious consumers seeking factual SVOD content are served by the flagship Curiosity Stream SVOD service, available in more than 175 countries worldwide.

Hyperscalers and frontier AI developers needing video training data utilize the nearly 2-million hour library of video and audio content across multiple genres. Licensing revenue, which reflects demand from this segment and traditional media, increased over 40% year-over-year in Q3 2025.

Traditional media companies and broadcasters requiring licensed content engage with CuriosityStream Inc. (CURI) as part of its growth engine. The company engages with nine key partners across video, audio, script, and code for licensing fulfillment.

Educational institutions and lifelong learners are targeted through offerings like Curiosity University, which saw a service launch on Prime Video in the UK, the Netherlands, Finland, and Sweden during Q2 2025.

Wholesale partners, including telcos and cable providers, bundle the service as part of the subscription business pillar. Subscription revenue, which includes both retail and wholesale, was $9.3 million in the third quarter of 2025.

Here's the quick math on the revenue streams supporting these segments for the third quarter of 2025:

Revenue Component	Q3 2025 Amount	Year-over-Year Change
Total Revenue	$18.4 million	46% increase
Subscription Business (Retail & Wholesale)	$9.3 million	Sequential growth reported
Content Licensing (AI & Traditional)	$8.7 million	425% increase (based on one reported figure)

The AI licensing segment gross margins are reported in the range of 40-50%. The company projected full year 2025 revenue between $70 million to $72 million.

You can see the distribution of the core revenue drivers:

• Global, intellectually curious consumers: SVOD service in over 175 countries.
• Hyperscalers and frontier AI developers: Library size of nearly 2-million hours of content.
• Traditional media companies and broadcasters: Licensing revenue was $8.7 million in Q3 2025.
• Educational institutions and lifelong learners: Curiosity University launched on Prime Video in 4 European countries in Q2 2025.
• Wholesale partners: Subscription revenue was $9.3 million in Q3 2025.

CuriosityStream Inc. (CURI) - Canvas Business Model: Cost Structure

When you look at the cost side of CuriosityStream Inc.'s (CURI) business, you see a clear tension between managing a large, valuable content asset and scaling revenue through new channels like AI licensing. Honestly, the structure reflects a company actively trying to drive down legacy costs while investing in growth.

Content amortization and production costs (Curiosity Studios)

The non-cash content amortization expense is a key area where you see cost discipline working. Management noted continued reductions in non-cash content amortization through Q3 2025. This efficiency directly helped boost the gross margin, which hit a record of 58.7% in the third quarter of 2025, up from 53.7% in Q3 2024. This suggests that the cost of acquiring and holding content, relative to revenue, is becoming more favorable. Curiosity Studios' production output is now being leveraged heavily through licensing deals, which helps offset the initial investment.

Storage and delivery expenses for the large content library

Even with content amortization falling, other content-related costs are ticking up. You should note that distribution and storage costs have increased slightly. This rise is tied to the growth in licensing content acquired through revenue share arrangements, plus the general need to maintain and deliver the nearly 2 million hours of content library assets to partners. It's a necessary cost to support the high-growth AI licensing pillar.

Advertising, marketing, and G&A expenses (SG&A)

The combined costs for advertising and marketing plus general and administrative (G&A) expenses in Q3 2025 were reported at $15.3 million. This figure was higher by 52% compared to the prior year. To be fair, this increase is largely explained by two specific items that aren't part of the core, recurring operating expense base. If you strip out the non-cash stock-based compensation and one-time offering costs, G&A would have actually declined for the quarter. Here's a quick look at the major components driving that Q3 2025 expense line:

• Content amortization reduction is a key efficiency driver.
• Distribution and storage costs are slightly up due to revenue share content.
• Advertising and marketing are tied to subscriber acquisition efforts.
• G&A includes one-time expenses from the August secondary stock offering.

Non-cash stock-based compensation

A significant component inflating the reported G&A was the non-cash charge for stock-based compensation (SBC), which totaled $7.0 million in Q3 2025. This amount translated to about 12 cents per share on an earnings-per-share basis. This is a non-cash item, meaning it doesn't impact immediate cash flow, but it does affect reported GAAP net loss, which was $3.7 million for the quarter.

Dividend payments

CuriosityStream Inc. continues its shareholder return policy. The Board declared a fourth-quarter cash dividend of $0.08 per share, payable on December 19, 2025. This commitment is supported by the company's cash generation; they paid an ordinary dividend of $4.6 million in September, and management intends to fully cover the 2026 dividends from operating cash flow, just as they did in 2024.

You can see the key Q3 2025 cost and expense metrics laid out here. Remember, the GAAP net loss is heavily influenced by the non-cash SBC.

Cost/Expense Category	Q3 2025 Amount	Context/Driver
Advertising, Marketing, and G&A (Total)	$15.3 million	52% increase year-over-year, driven by SBC and offering costs.
Non-Cash Stock-Based Compensation (SBC)	$7.0 million	Major driver of the increase in reported G&A expense.
Ordinary Dividend Paid (Q3)	$4.6 million	Represents the cash outlay for the regular dividend in the third quarter.
Gross Margin	58.7%	Improved from 53.7% in Q3 2024, aided by lower content amortization.
Q4 2025 Dividend Declaration	$0.08 per share	The declared quarterly rate for the final quarter of 2025.

Finance: draft 13-week cash view by Friday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Revenue Streams

You're looking at how CuriosityStream Inc. actually brings in the money, which is key for any financial model you're building. The business model relies on three distinct, complementary pillars: subscriptions, licensing, and advertising.

The most dynamic part of the revenue mix right now is the Content Licensing Revenue, largely driven by data training deals. For the third quarter of 2025, this stream hit $8.7 million. That is a massive jump, representing a 425% year-over-year increase, which management attributes to the volume of AI training fulfillments. To put that growth in perspective, for the first nine months of 2025, licensing generated $23.4 million, already more than half of what the entire subscription business brought in for all of 2024.

Subscription Revenue, covering both retail and wholesale channels, remains a foundational element. In Q3 2025, this segment contributed $9.3 million. While this was sequentially higher than prior quarters in 2025, it was down year-over-year. Management has signaled confidence that overall subscription revenue, retail and wholesale combined, will grow faster in 2026 than it did in 2025.

The third pillar is Advertising Revenue, which comes from CuriosityStream Inc.'s presence on FAST (Free Ad-supported Streaming Television) and linear channels. The company has been actively expanding this footprint, with recent launches on platforms like Amazon, Roku, and LG, plus a branded block on Australia TV's free-to-air broadcast channel. They plan to install a proven leader to run this business in early 2026.

Here is a snapshot of the key Q3 2025 revenue components:

Revenue Stream	Q3 2025 Amount	Year-over-Year Change
Subscription Revenue (Retail and Wholesale)	$9.3 million	Not specified for YoY comparison
Content Licensing Revenue	$8.7 million	425% increase
Total Q3 2025 Revenue	$18.4 million	46% increase

Looking at the full-year outlook, the company has raised its expectations based on the strong Q3 performance. The guidance for the full year 2025 revenue is set between $70 million to $72 million. This implies a revenue increase of 38% to 42% over the 2024 fiscal year.

The focus on cost discipline is clearly translating into better cash generation, which supports the dividend policy. The guidance for the full year 2025 Adjusted Free Cash Flow is set at $12 million to $13 million. For context, the Q3 2025 Adjusted Free Cash Flow was $4.8 million, marking the seventh consecutive quarter of positive adjusted free cash flow.

You should track the following forward-looking financial targets:

• Full Year 2025 Revenue Guidance: $70 million to $72 million.
• Full Year 2025 Adjusted Free Cash Flow Guidance: $12 million to $13 million.
• Anticipated Q4 2025 Revenue: $18 million to $20 million.
• Anticipated Q4 2025 Adjusted Free Cash Flow: $2.5 million to $3.5 million.

The company's overall revenue generation strategy is clearly shifting, with licensing expected to potentially exceed subscription revenue in 2027, or possibly sooner. Finance: draft 13-week cash view by Friday.