CuriosityStream Inc. (CURI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en constante evolución de la transmisión digital, CuriosityStream Inc. (CURI) surge como un faro único de entretenimiento educativo, transformando cómo consumimos el conocimiento a través de los documentales. Al crear meticulosamente un modelo de negocio que une la curiosidad y la tecnología, esta plataforma innovadora ofrece a los espectadores un viaje inmersivo hacia la ciencia, la naturaleza y el descubrimiento humano, todo sin la interrupción de los anuncios. Desde asociaciones estratégicas con redes de medios globales hasta una sólida biblioteca de contenido que abarca diversos dominios educativos, CuriosityStream se ha posicionado como un servicio de transmisión pionero que va más allá del mero entretenimiento, ofreciendo enriquecimiento intelectual directamente a las mentes curiosas de todo el mundo.

CuriosityStream Inc. (CURI) - Modelo de negocio: asociaciones clave

Comunicaciones de descubrimiento

Asociación de distribución de contenido estratégico con 100% de propiedad de Discovery, Inc. hasta 2020. Ingresos de asociación reportados de $ 16.7 millones en 2019.

Documentales independientes y estudios de producción

Tipo de socio	Número de asociaciones	Volumen de contenido
Cineastas independientes	87	342 documentales únicos
Estudios de producción	23	156 producciones originales

Instituciones y museos educativos

• Institución Smithsonian
• Sociedad Nacional Geográfica
• Museo Americano de Historia Natural
• 12 asociaciones de investigación universitaria

Plataformas tecnológicas

Plataforma	Alcance de suscriptor	Año de asociación
Roku	61.3 millones de cuentas activas	2014
Amazon Prime	200 millones de suscriptores principales	2015
Apple TV	50 millones de dispositivos activos	2016

Redes de distribución de medios internacionales

Distribución activa en 16 países con 7 redes de medios internacionales principales.

Región	Socios de distribución	Penetración de suscriptores
Europa	4 redes	2.3 millones de suscriptores
Asia-Pacífico	2 redes	1.7 millones de suscriptores

CuriosityStream Inc. (CURI) - Modelo de negocio: actividades clave

Producir contenido documental y no ficción original

CuriosityStream produjo aproximadamente 500 títulos documentales originales a partir de 2023. El presupuesto de producción de contenido anual se estimó en $ 20 millones. El contenido abarca múltiples categorías que incluyen ciencia, tecnología, naturaleza e historia.

Categoría de contenido	Número de títulos	Costo de producción promedio
Documentales de ciencias	175	$ 75,000- $ 150,000 por título
Documentales de la naturaleza	125	$ 100,000- $ 250,000 por título
Documentales de historia	100	$ 50,000- $ 125,000 por título

Licencias y distribución de contenido

Los canales de distribución incluyen:

• Plataforma de transmisión directa
• Video de Amazon Prime
• Roku
• Redes de cable internacionales

Los ingresos por licencias en 2023 fueron de aproximadamente $ 12.5 millones, lo que representa el 22% de los ingresos totales de la compañía.

Gestión de la plataforma de transmisión digital

Métricas de plataforma a partir del cuarto trimestre 2023:

Métrico	Valor
Suscriptores totales	22 millones
Usuarios activos mensuales	15.3 millones
Tiempo de actividad de la plataforma	99.97%

Curación y programación de contenido

Tamaño del equipo de curación de contenido: 35 profesionales a tiempo completo. Promedio de 50 nuevos títulos agregados mensualmente.

Marketing digital y adquisición de suscriptores

Gasto de marketing en 2023: $ 8.2 millones. Canales de adquisición clave:

• Publicidad digital
• Campañas de redes sociales
• Asociaciones con instituciones educativas
• Programas de referencia

Costo de adquisición del cliente: $ 4.50 por suscriptor. Retención promedio de suscriptores: 14 meses.

CuriosityStream Inc. (CURI) - Modelo de negocio: recursos clave

Extensa biblioteca documental y de contenido educativo

A partir de 2024, CuriosityStream mantiene una biblioteca de contenido de aproximadamente 3.000 títulos documentales y educativos. Horas totales de contenido estimadas en 2.500 horas en múltiples categorías.

Categoría de contenido	Títulos totales	Horas totales
Ciencia	750	600
Historia	550	450
Naturaleza	450	350
Tecnología	350	250

Infraestructura de tecnología de transmisión digital

CuriosityStream opera en la infraestructura de transmisión basada en la nube con:

• Compatibilidad multiplataforma (Web, iOS, Android, TV inteligentes)
• Capacidades de transmisión 4K
• Red de entrega de contenido global
• Tecnología de transmisión de tasa de bits adaptativa

Producción de contenido y equipos creativos

Composición de la fuerza laboral a partir de 2024:

Categoría de equipo	Número de empleados
Productores de contenido	85
Directores creativos	22
Personal técnico	45

Derechos de propiedad intelectual

CuriosityStream tiene derechos para:

• Más de 3.000 documentales originales y con licencia
• Acuerdos de distribución exclusivos con 15 compañías de producción independientes
• Registros de marcas en 12 países

Reputación de marca en entretenimiento educativo

Métricas de marca clave:

• 2.5 millones de suscriptores activos
• Disponible en más de 175 países
• Calificación promedio del usuario: 4.3/5 en plataformas principales

CuriosityStream Inc. (CURI) - Modelo de negocio: propuestas de valor

Contenido documental educativo de alta calidad

A partir del cuarto trimestre de 2023, CuriosityStream ofrece más de 2,500 títulos documentales con contenido que abarca la ciencia, la tecnología, la historia y la naturaleza.

Categoría de contenido	Número de documentales
Ciencia	750
Tecnología	500
Historia	600
Naturaleza	450

Plataforma de transmisión especializada para la ciencia y el conocimiento

CuriosityStream reportó 23 millones de suscriptores en todo el mundo en 2023, con un enfoque en el contenido educativo.

Experiencia de aprendizaje sin publicidad

Precios de suscripción a partir de 2024:

• Plan mensual: $ 4.99
• Plan anual: $ 29.99
• Plan 4K Premium: $ 9.99 mensual

Diversa gama de programación educativa

Inversión de producción de contenido en 2023: $ 35 millones para series documentales originales.

Accesible en múltiples plataformas digitales

Plataforma	Disponibilidad
Web	Sí
IOS móvil	Sí
Android móvil	Sí
TV inteligente	Sí
Roku	Sí

CuriosityStream Inc. (CURI) - Modelo de negocio: relaciones con los clientes

Modelo de suscripción digital de autoservicio

A partir del cuarto trimestre de 2023, CuriosityStream ofrece tres niveles de suscripción primarios:

Nivel	Precio mensual	Precio anual
Estándar	$4.99	$39.99
HD	$9.99	$69.99
4K	$19.99	$99.99

Compromiso comunitario en línea

CuriosityStream mantiene la presencia activa de las redes sociales con:

• 387,000 seguidores de Twitter
• 218,000 seguidores de Facebook
• 95,000 seguidores de Instagram

Recomendaciones de contenido personalizadas

Utiliza el algoritmo de recomendación impulsado por la IA que analiza:

• Historia de visualización
• Preferencias de género
• Duración de reloj
• Calificaciones de contenido

Atención al cliente a través de canales digitales

Canal de soporte	Tiempo de respuesta promedio
Soporte por correo electrónico	24-48 horas
Chat en vivo	15-20 minutos
Centro de ayuda	Acceso 24/7

Actualizaciones de contenido regulares y nuevos lanzamientos de series

Estadísticas de actualización de contenido para 2023:

• Total de la nueva serie documental: 42
• Total de nuevos episodios documentales: 256
• Adición promedio de contenido mensual: 21 horas

CuriosityStream Inc. (CURI) - Modelo de negocio: canales

Suscripción directa del sitio web

CuriosityStream ofrece suscripciones directas del sitio web con la siguiente estructura de precios:

Tipo de suscripción	Precio mensual	Precio anual
Plan estándar	$4.99	$39.99
Plan 4K	$9.99	$69.99

Plataformas de aplicaciones móviles

CuriosityStream se distribuye a través de múltiples plataformas móviles:

• Apple App Store
• Google Play Store
• Disponible en dispositivos iOS y Android

Aplicaciones de TV inteligentes

La disponibilidad de la plataforma incluye:

• Roku
• Amazon Fire TV
• Apple TV
• Samsung Smart TVS
• TV Android

Servicios de transmisión de terceros

CuriosityStream se asocia con:

• Canales de video de Amazon Prime
• Canales de Apple TV
• TV de YouTube

Canales de comercialización de redes sociales

Plataforma	Seguidores/suscriptores
YouTube	1.2 millones de suscriptores
Facebook	350,000 seguidores
Instagram	180,000 seguidores
Gorjeo	120,000 seguidores

CuriosityStream Inc. (CURI) - Modelo de negocio: segmentos de clientes

Entusiastas de la ciencia y documental

Demográfico Profile:

Rango de edad	Porcentaje	Frecuencia de visualización
25-54 años	62%	4-6 horas semanales
55+ años	28%	3-5 horas semanales

Características clave:

• Profesionales altamente educados
• Ingresos anuales del hogar: $ 85,000+
• Predominantemente residentes urbanos y suburbanos

Alumnos de por vida

Composición de segmento:

Categoría	Porcentaje	Duración promedio de suscripción
Entusiastas del curso en línea	42%	18 meses
Alumnos autodirigidos	38%	12 meses

Instituciones educativas

Datos de suscriptores institucionales:

Tipo de institución	Número de suscriptores	Gasto anual
Universidades	1,247	$ 3.2 millones
Escuelas secundarias	523	$ 1.5 millones

Profesionales académicos

Métricas de segmento profesional:

• Suscriptores centrados en la investigación: 17%
• Suscripción académica promedio: $ 249/año
• Disciplinas primarias: campos STEM

Consumidores de contenido experto en tecnología

Patrones de consumo digital:

Uso de dispositivos	Porcentaje	Horas de transmisión mensuales promedio
Televisores inteligentes	46%	22 horas
Dispositivos móviles	38%	15 horas
Tabletas	16%	10 horas

CuriosityStream Inc. (CURI) - Modelo de negocio: Estructura de costos

Gastos de producción de contenido

Según el informe anual de CuriosityStream 2022, los gastos de producción de contenido fueron de $ 31.4 millones para el año fiscal.

Categoría de gastos	Monto ($)
Producción documental original	18.6 millones
Adquisición de contenido con licencia	12.8 millones

Mantenimiento de la infraestructura tecnológica

Los costos de tecnología e infraestructura para 2022 fueron de aproximadamente $ 7.2 millones.

• Gastos de alojamiento de nubes: $ 3.5 millones
• Desarrollo de software: $ 2.7 millones
• Infraestructura de soporte técnico: $ 1 millón

Costos de adquisición de marketing y suscriptores

Los gastos de marketing en 2022 totalizaron $ 22.1 millones.

Canal de marketing	Gasto ($)
Publicidad digital	12.6 millones
Marketing de asociación	5.3 millones
Promoción de contenido	4.2 millones

Tarifas de licencia y distribución

Los costos de licencia y distribución para 2022 fueron de $ 9.3 millones.

• Tasas de distribución de plataformas de terceros: $ 6.2 millones
• Pagos de licencias de contenido: $ 3.1 millones

Gastos generales operativos y salarios de los empleados

La sobrecarga operativa total para 2022 fue de $ 15.6 millones.

Categoría de gastos	Monto ($)
Salarios de los empleados	11.4 millones
Gastos administrativos	2.7 millones
Instalaciones de oficina	1.5 millones

CuriosityStream Inc. (CURI) - Modelo de negocios: flujos de ingresos

Suscripciones digitales mensuales y anuales

A partir del cuarto trimestre de 2023, CuriosityStream ofrece dos niveles de suscripción primarios:

Tipo de suscripción	Precio mensual	Precio anual
Nivel estándar	$4.99	$39.99
Nivel HD	$9.99	$69.99

Tarifas de licencias de contenido

En el año fiscal 2022, CuriosityStream informó $ 8.3 millones en ingresos por licencias de contenido.

Derechos de distribución internacional

Cubiertas de distribución internacional:

• América del norte
• Europa
• Regiones de Asia-Pacífico

Asociaciones institucionales educativas

Tipo de asociación	Contribución anual de ingresos
Instituciones K-12	$ 1.2 millones
Educación superior	$ 2.5 millones

Potencios de ingresos publicitarios

A partir de 2023, los ingresos publicitarios representan Aproximadamente el 3.5% de los ingresos totales de la compañía, totalizando aproximadamente $ 1.7 millones anuales.

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.