CuriosityStream Inc. (CURI): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage en constante évolution du streaming numérique, CuriositStream Inc. (CURI) apparaît comme un phare unique de divertissement éducatif, transformant la façon dont nous consomment les connaissances à travers des documentaires. En créant méticuleusement un modèle commercial qui plie la curiosité et la technologie, cette plate-forme innovante offre aux téléspectateurs un voyage immersif dans la science, la nature et la découverte humaine - tout sans l'interruption des publicités. Des partenariats stratégiques avec les réseaux de médias mondiaux à une bibliothèque de contenu robuste qui couvre divers domaines éducatifs, CuriosityStream s'est positionné comme un service de streaming pionnier qui va au-delà du simple divertissement, offrant un enrichissement intellectuel directement à des esprits curieux dans le monde entier.

CuriositStream Inc. (CURI) - Modèle commercial: partenariats clés

Communications de découverte

Partenariat stratégique de distribution de contenu avec 100% de propriété par Discovery, Inc. jusqu'en 2020. Renus de partenariat a déclaré 16,7 millions de dollars en 2019.

Cinéastes documentaires indépendants et studios de production

Type de partenaire	Nombre de partenariats	Volume de contenu
Cinéastes indépendants	87	342 documentaires uniques
Studios de production	23	156 productions originales

Établissements d'enseignement et musées

• Smithsonian Institution
• Société nationale géographique
• Musée américain d'histoire naturelle
• 12 partenariats de recherche universitaire

Plates-formes technologiques

Plate-forme	Abonné à portée de main	Année de partenariat
Roku	61,3 millions de comptes actifs	2014
Amazon Prime	200 millions d'abonnés principaux	2015
Apple TV	50 millions d'appareils actifs	2016

Réseaux de distribution des médias internationaux

Distribution active dans 16 pays avec 7 principaux réseaux de médias internationaux.

Région	Partenaires de distribution	Pénétration des abonnés
Europe	4 réseaux	2,3 millions d'abonnés
Asie-Pacifique	2 réseaux	1,7 million d'abonnés

CuriositStream Inc. (CURI) - Modèle d'entreprise: Activités clés

Produire un documentaire original et un contenu sans fiction

CuriosityStream a produit environ 500 titres documentaires originaux à partir de 2023. Le budget annuel de production de contenu était estimé à 20 millions de dollars. Le contenu s'étend sur plusieurs catégories, notamment la science, la technologie, la nature et l'histoire.

Catégorie de contenu	Nombre de titres	Coût de production moyen
Documentaires scientifiques	175	75 000 $ - 150 000 $ par titre
Documentaires de la nature	125	100 000 $ - 250 000 $ par titre
Documentaires d'histoire	100	50 000 $ - 125 000 $ par titre

Licence et distribution de contenu

Les canaux de distribution comprennent:

• Plate-forme de streaming direct
• Vidéo Amazon Prime
• Roku
• Réseaux câblés internationaux

Les revenus de licence en 2023 étaient d'environ 12,5 millions de dollars, ce qui représente 22% du total des revenus de l'entreprise.

Gestion de la plate-forme de streaming numérique

Métriques de la plate-forme depuis le quatrième trimestre 2023:

Métrique	Valeur
Abonnés totaux	22 millions
Utilisateurs actifs mensuels	15,3 millions
Time de disponibilité de la plate-forme	99.97%

Curation et programmation du contenu

Taille de l'équipe de conservation du contenu: 35 professionnels à temps plein. Moyenne de 50 nouveaux titres ajoutés mensuellement.

Marketing numérique et acquisition des abonnés

Dépenses marketing en 2023: 8,2 millions de dollars. Canaux d'acquisition clés:

• Publicité numérique
• Campagnes de médias sociaux
• Partenariats avec les établissements d'enseignement
• Programmes de référence

Coût d'acquisition du client: 4,50 $ par abonné. Rétention moyenne des abonnés: 14 mois.

CuriositStream Inc. (CURI) - Modèle d'entreprise: Ressources clés

Documentaire étendu et bibliothèque de contenu éducatif

En 2024, CuriosityStream maintient une bibliothèque de contenu d'environ 3 000 titres documentaires et éducatifs. Les heures totales de contenu estimées à 2 500 heures dans plusieurs catégories.

Catégorie de contenu	Total titres	Total des heures
Science	750	600
Histoire	550	450
Nature	450	350
Technologie	350	250

Infrastructure de technologie de streaming numérique

CuriositStream fonctionne sur une infrastructure de streaming basée sur le cloud avec:

• Compatibilité multiplateforme (Web, iOS, Android, Smart TVS)
• Capacités de streaming 4K
• Réseau de livraison de contenu global
• Technologie de streaming de débit binaire adaptatif

Production de contenu et équipes créatives

Composition de la main-d'œuvre en 2024:

Catégorie d'équipe	Nombre d'employés
Producteurs de contenu	85
Réalisateurs créatifs	22
Personnel technique	45

Droits de propriété intellectuelle

CuriosityStream détient les droits de:

• 3 000+ documentaires originaux et sous licence
• Accords de distribution exclusifs avec 15 sociétés de production indépendantes
• Inscriptions des marques dans 12 pays

Réputation de la marque dans le divertissement éducatif

Métriques clés de la marque:

• 2,5 millions d'abonnés actifs
• Disponible dans plus de 175 pays
• Évaluation moyenne de l'utilisateur: 4.3 / 5 sur les principales plateformes

CuriositStream Inc. (CURI) - Modèle d'entreprise: propositions de valeur

Contenu documentaire éducatif de haute qualité

Depuis le quatrième trimestre 2023, CuriosityStream propose plus de 2 500 titres documentaires avec du contenu couvrant la science, la technologie, l'histoire et la nature.

Catégorie de contenu	Nombre de documentaires
Science	750
Technologie	500
Histoire	600
Nature	450

Plateforme de streaming spécialisée pour la science et les connaissances

CuriositStream a rapporté 23 millions d'abonnés dans le monde en 2023, en mettant l'accent sur le contenu éducatif.

Expérience d'apprentissage sans publicité

Prix ​​d'abonnement à partir de 2024:

• Plan mensuel: 4,99 $
• Plan annuel: 29,99 $
• Plan premium 4K: 9,99 $ par mois

Divers gamme de programmes éducatifs

Investissement de production de contenu en 2023: 35 millions de dollars pour les séries documentaires originales.

Accessible sur plusieurs plateformes numériques

Plate-forme	Disponibilité
Web	Oui
IOS mobile	Oui
Android mobile	Oui
Télévision intelligente	Oui
Roku	Oui

CuriositStream Inc. (CURI) - Modèle d'entreprise: relations avec les clients

Modèle d'abonnement numérique en libre-service

Depuis le quatrième trimestre 2023, CuriosityStream propose trois niveaux d'abonnement principaux:

Étage	Prix ​​mensuel	Prix ​​annuel
Standard	$4.99	$39.99
HD	$9.99	$69.99
4K	$19.99	$99.99

Engagement communautaire en ligne

CuriosityStream maintient une présence active sur les réseaux sociaux avec:

• 387 000 abonnés Twitter
• 218 000 abonnés Facebook
• 95 000 abonnés Instagram

Recommandations de contenu personnalisés

Utilise l'algorithme de recommandation basé sur l'IA qui analyse:

• Voir l'histoire
• Préférences de genre
• Durée
• Notes de contenu

Support client via les canaux numériques

Canal de support	Temps de réponse moyen
Assistance par e-mail	24-48 heures
Chat en direct	15-20 minutes
Centre d'aide	Accès 24/7

Mises à jour de contenu régulières et lancements de nouvelles séries

Statistiques de mise à jour du contenu pour 2023:

• Total de nouvelles séries documentaires: 42
• Total de nouveaux épisodes documentaires: 256
• Ajout de contenu mensuel moyen: 21 heures

CuriositStream Inc. (CURI) - Modèle commercial: canaux

Abonnement direct sur le site Web

CuriosityStream propose des abonnements directs sur le site Web avec la structure de tarification suivante:

Type d'abonnement	Prix ​​mensuel	Prix ​​annuel
Plan standard	$4.99	$39.99
Plan 4K	$9.99	$69.99

Plates-formes d'applications mobiles

CuriosityStream se distribue via plusieurs plates-formes mobiles:

• Apple App Store
• Google Play Store
• Disponible sur les appareils iOS et Android

Applications Smart TV

La disponibilité de la plate-forme comprend:

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

Services de streaming tiers

CuriosityStream s'associe à:

• Canaux vidéo Amazon Prime
• Chaînes de télévision Apple
• TV YouTube

Canaux de marketing des médias sociaux

Plate-forme	Adeptes / abonnés
Youtube	1,2 million d'abonnés
Facebook	350 000 abonnés
Instagram	180 000 abonnés
Gazouillement	120 000 abonnés

CuriositStream Inc. (CURI) - Modèle d'entreprise: segments de clientèle

Science et passionnés de documentaires

Démographique Profile:

Tranche d'âge	Pourcentage	Affichage de la fréquence
25-54 ans	62%	4-6 heures par semaine
Plus de 55 ans	28%	3-5 heures par semaine

Caractéristiques clés:

• Professionnels très instruits
• Revenu annuel des ménages: 85 000 $ +
• Résidents à prédominance urbaine et suburbaine

Apprenants à vie

Composition du segment:

Catégorie	Pourcentage	Durée de l'abonnement moyen
Antariens de cours en ligne	42%	18 mois
Apprenants autodirits	38%	12 mois

Établissements d'enseignement

Données sur les abonnés institutionnels:

Type d'institution	Nombre d'abonnés	Dépenses annuelles
Universités	1,247	3,2 millions de dollars
Lycées	523	1,5 million de dollars

Professionnels universitaires

Métriques du segment professionnel:

• Abonnés axés sur la recherche: 17%
• Abonnement académique moyen: 249 $ / an
• Disciplines primaires: champs STEM

Consommateurs de contenu averti de la technologie

Modèles de consommation numérique:

Utilisation de l'appareil	Pourcentage	Heures de streaming mensuelles moyennes
Téléviseurs intelligents	46%	22 heures
Appareils mobiles	38%	15 heures
Comprimés	16%	10 heures

CuriositStream Inc. (CURI) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

Selon le rapport annuel de CuriosityStream en 2022, les frais de production de contenu étaient de 31,4 millions de dollars pour l'exercice.

Catégorie de dépenses	Montant ($)
Production documentaire originale	18,6 millions
Acquisition de contenu agréé	12,8 millions

Maintenance des infrastructures technologiques

Les coûts de technologie et d'infrastructure pour 2022 étaient d'environ 7,2 millions de dollars.

• Dépenses d'hébergement cloud: 3,5 millions de dollars
• Développement de logiciels: 2,7 millions de dollars
• Infrastructure de soutien technique: 1 million de dollars

Coûts d'acquisition de marketing et d'abonnés

Les dépenses de marketing en 2022 ont totalisé 22,1 millions de dollars.

Canal de marketing	Dépenses ($)
Publicité numérique	12,6 millions
Marketing de partenariat	5,3 millions
Promotion de contenu	4,2 millions

Frais de licence et de distribution

Les frais de licence et de distribution pour 2022 étaient de 9,3 millions de dollars.

• Frais de distribution de plate-forme tiers: 6,2 millions de dollars
• Paiements de licence de contenu: 3,1 millions de dollars

Salaires des frais généraux et des employés opérationnels

Les frais généraux opérationnels totaux pour 2022 étaient de 15,6 millions de dollars.

Catégorie de dépenses	Montant ($)
Salaires des employés	11,4 millions
Frais administratifs	2,7 millions
Installations de bureau	1,5 million

CuriositStream Inc. (CURI) - Modèle d'entreprise: Strots de revenus

Abonnements numériques mensuels et annuels

Depuis le quatrième trimestre 2023, CuriosityStream propose deux niveaux d'abonnement primaires:

Type d'abonnement	Prix ​​mensuel	Prix ​​annuel
Niveau standard	$4.99	$39.99
Niveau HD	$9.99	$69.99

Frais de licence de contenu

Au cours de l'exercice 2022, CuriosityStream a rapporté 8,3 millions de dollars de revenus de licence de contenu.

Droits de distribution internationaux

Couvertures de distribution internationales:

• Amérique du Nord
• Europe
• Régions Asie-Pacifique

Partenariats institutionnels éducatifs

Type de partenariat	Contribution annuelle des revenus
Institutions K-12	1,2 million de dollars
Enseignement supérieur	2,5 millions de dollars

Revenus publicitaires potentiels

En 2023, les revenus publicitaires représentent Environ 3,5% du total des revenus de l'entreprise, totalisant environ 1,7 million de dollars par an.

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.