Fox Corporation (FOXA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des médias et du divertissement, Fox Corporation (FOXA) apparaît comme une puissance, naviguant stratégiquement sur le terrain complexe des nouvelles, des sports et du contenu numérique. Avec un modèle commercial robuste qui couvre la diffusion traditionnelle aux plateformes numériques de pointe, Fox s'est magistralement positionné pour capturer divers segments d'audience, des amateurs de sport aux consommateurs d'informations. En tirant parti des stratégies de contenu innovantes, des partenariats stratégiques et des canaux de distribution multiplateformes, la société continue de redéfinir la consommation de médias dans un écosystème numérique de plus en plus fragmenté.

Fox Corporation (FOXA) - Modèle commercial: partenariats clés

Major-studios de cinéma et de télévision pour la production de contenu

Fox Corporation maintient des partenariats de production de contenu stratégique avec les studios suivants:

Studio	Détails du partenariat	Volume de contenu annuel
Studios du 20e siècle	Filiale possédée	12-15 longs métrages par an
Divertissement de renard	Production interne	25-30 séries télévisées par an

Agences de publicité pour la génération de marketing et de revenus

Réseaux de partenariat publicitaire clés:

• Groupe omnicom
• WPP PLC
• Groupe publique

Agence	Revenus publicitaires annuels	Durée du contrat
Groupe omnicom	287 millions de dollars	Partenariat de 3 ans

Plateformes technologiques pour la distribution de streaming numérique

Partenariats de distribution numérique:

• Tubi (filiale possédé)
• TV YouTube
• Roku

Plate-forme	Utilisateurs actifs mensuels	Part des revenus
Tube	51 millions	60/40 Split

Ligues sportives et organisateurs d'événements

Partenariats de diffusion sportive:

• NFL
• MLB
• Nascar

Ligue	Valeur du contrat	Durée du contrat
NFL	2,4 milliards de dollars par an	5 ans

Réseaux de distribution des médias internationaux

Partenariats de distribution mondiaux:

• Réseau de ciel
• Inde star
• Canal + groupe

Réseau	Portée géographique	Revenus de distribution annuelle
Réseau de ciel	Royaume-Uni, Irlande, Allemagne	456 millions de dollars

Fox Corporation (FOXA) - Modèle d'entreprise: activités clés

Création de contenu de nouvelles et de divertissements

Fox Corporation produit environ 15 000 heures de contenu original par an sur ses réseaux. La société exploite Fox News, Fox Sports et Fox Entertainment, générant 12,8 milliards de dollars de revenus de production de contenu en 2023.

Catégorie de contenu	Heures annuelles produites	Revenus estimés
Programmation de nouvelles	5 200 heures	3,6 milliards de dollars
Contenu sportif	4 800 heures	5,2 milliards de dollars
Programmation de divertissement	5 000 heures	4 milliards de dollars

Acquisition de droits de diffusion sportive

Fox Corporation investit massivement dans les droits de radiodiffusion sportive, dépensant environ 2,7 milliards de dollars par an pour acquisition exclusive de contenu sportif.

• Droits de radiodiffusion de la NFL: 1,1 milliard de dollars par an
• Droits de diffusion MLB: 600 millions de dollars par an
• Droits de diffusion sportive des collèges: 450 millions de dollars par an
• Autres droits de diffusion sportive: 550 millions de dollars par an

Gestion de la plate-forme de streaming numérique

Fox Corporation gère Tubi, une plate-forme de streaming gratuite avec 64 millions d'utilisateurs actifs mensuels en 2023, générant 1,2 milliard de dollars de revenus publicitaires numériques.

Métriques de la plate-forme	2023 données
Utilisateurs actifs mensuels	64 millions
Revenus publicitaires numériques	1,2 milliard de dollars
Taille de la bibliothèque de contenu	Plus de 40 000 titres

Ventes publicitaires et marketing

Fox Corporation génère 8,3 milliards de dollars de revenus publicitaires sur ses plateformes télévisées et numériques en 2023.

• Publicité télévisée: 6,5 milliards de dollars
• Publicité numérique: 1,2 milliard de dollars
• Solutions de marketing intégrées: 600 millions de dollars

Production et programmation des médias

Fox Corporation produit du contenu dans plusieurs genres, avec un budget de production total de 3,5 milliards de dollars en 2023.

Catégorie de production	Allocation budgétaire
Programmation de nouvelles	1,2 milliard de dollars
Programmation sportive	1,5 milliard de dollars
Programmation de divertissement	800 millions de dollars

Fox Corporation (FOXA) - Modèle d'entreprise: Ressources clés

Infrastructure de production médiatique solide

Fox Corporation exploite 29 stations de télévision détenues et exploitées à travers les États-Unis à partir de 2023. Installations de production situées à Los Angeles, New York et Washington D.C.

Emplacement de production	Type d'installation	En pieds carrés
Los Angeles	Centre de production primaire	185 000 pieds carrés
New York	Centre de production de nouvelles	120 000 pieds carrés

Bibliothèque de contenu étendue

Fox Corporation possède environ 20 000 heures de contenu original sur les plateformes d'actualités, de sports et de divertissement.

Personnalités et journalistes des médias talentueux

• Environ 5 200 employés à temps plein
• Plus de 250 personnalités à l'antenne
• Salaire annuel médian pour les talents à l'antenne: 187 000 $

Badasting et technologie de streaming numérique

Fox Nation Streaming Plateforme avec 1,5 million d'abonnés au quatrième trimestre 2023.

Atout technologique	Spécification	Investissement
Infrastructure de streaming numérique	Plate-forme basée sur le cloud	78 millions de dollars
Équipement de diffusion	Capacités HD 4K	45 millions de dollars

Grande réputation de marque

Fox News Channel maintient la position du réseau de nouvelles par câbles avec 2,3 millions de téléspectateurs moyens aux heures de grande écoute en 2023.

• Valeur de la marque estimée à 4,2 milliards de dollars
• Reconnaissance du marché dans les secteurs de l'actualité et du divertissement

Fox Corporation (FOXA) - Modèle d'entreprise: propositions de valeur

Divertissement diversifié et programmation d'actualités

Fox Corporation génère des revenus grâce à plusieurs chaînes de divertissement:

Canal	Revenus annuels (2023)
Fox News	2,16 milliards de dollars
Sports de renard	1,74 milliard de dollars
Fox Broadcasting Company	1,28 milliard de dollars

Diffusion sportive en direct

Sports Broadcasting Metrics clés:

• Droits de diffusion de la NFL: 2,4 milliards de dollars par an
• Droits de diffusion MLB: 728 millions de dollars par an
• Droits de diffusion NASCAR: 820 millions de dollars par an

Contenu original de haute qualité

Investissements de production de contenu:

Catégorie de contenu	Investissement annuel
Série originale	475 millions de dollars
Programmation de nouvelles	612 millions de dollars
Documentaires sportifs	138 millions de dollars

Consommation de médias multiplateformes

Performance de la plate-forme numérique:

• Abonnés de Fox Nation: 1,5 million
• Revenus de streaming: 342 millions de dollars
• Revenus publicitaires numériques: 267 millions de dollars

Offres de nouvelles et de divertissement ciblées

Métriques de segmentation de l'audience:

Segment démographique	Audience moyenne
18-34 ans	1,2 million
35 à 54 ans	2,7 millions
Plus de 55 ans	3,5 millions

Fox Corporation (FOXA) - Modèle d'entreprise: relations clients

Recommandations de contenu personnalisés

Fox Corporation utilise une analyse avancée des données pour fournir des recommandations de contenu personnalisées sur ses plateformes. En 2024, la société traite quotidiennement environ 25 millions de points d'interaction utilisateur pour améliorer le ciblage du contenu.

Plate-forme	Recommandations personnalisées quotidiennes	Taux d'engagement des utilisateurs
Sports de renard	8,5 millions	42.3%
Fox News	7,2 millions	38.6%
Tube	9,3 millions	51.7%

Engagement des médias sociaux

Fox Corporation maintient des interactions robustes sur les réseaux sociaux sur plusieurs plateformes.

• Total des adeptes des médias sociaux: 78,4 millions
• Interactions quotidiennes quotidiennes sur les réseaux sociaux: 1,2 million
• Taux d'engagement des médias sociaux: 3,7%

Modèles d'abonnement direct

Fox Corporation propose plusieurs services basés sur l'abonnement avec des mesures utilisateur spécifiques.

Service	Abonnés	Taux d'abonnement mensuel
Nation du Fox	1,6 million	$5.99
Tube	51 millions	Gratuit avec des annonces

Services de support client

Fox Corporation fournit au support client multicanal des mesures de performances spécifiques.

• Temps de réponse moyen: 12 minutes
• Taux de satisfaction client: 88,5%
• Canaux d'assistance: téléphone, e-mail, chat en direct, médias sociaux

Expériences du spectateur interactif

Fox Corporation met en œuvre des technologies interactives pour améliorer l'engagement du spectateur.

Caractéristique interactive	Interactions quotidiennes des utilisateurs	Satisfaction de l'utilisateur
Sondage en direct	425,000	76.2%
Commentaire en temps réel	612,000	82.5%

Fox Corporation (FOXA) - Modèle d'entreprise: canaux

Réseaux de télévision par câble

Fox Corporation exploite plusieurs réseaux de télévision par câble avec la portée suivante:

Réseau	Téléspectateurs mensuels	Part de marché
Fox News Channel	2,3 millions de téléspectateurs aux heures de grande écoute	24,4% de part de marché du câble
FS1 (Fox Sports 1)	1,1 million de téléspectateurs moyens	12,7% de part de marché du réseau sportif

Plateformes numériques de Fox News

Métriques de performance de la plate-forme numérique:

• FoxNews.com Visiteurs uniques mensuels: 87,3 millions
• Revenus publicitaires numériques: 342 millions de dollars au quatrième trimestre 2023
• Téléchargements d'applications mobiles: 15,6 millions d'installations totales

Applications de streaming mobile

Application	Utilisateurs actifs	Heures de streaming
Fox Sports App	4,2 millions d'utilisateurs actifs mensuels	23,5 millions d'heures de streaming par trimestre
Nation du Fox	1,8 million d'abonnés	12,7 millions d'heures de streaming par trimestre

Sites Web en ligne

Métriques de performance du site Web en ligne:

• Total des propriétés numériques Monthly Reach: 124,6 millions d'utilisateurs
• Temps moyen passé par utilisateur: 18,3 minutes
• Revenus de monétisation du contenu numérique: 456 millions de dollars en 2023

Télévision de diffusion traditionnelle

Réseau	Téléspectateurs aux heures de grande écoute	Position sur le marché
Fox Broadcasting Company	5,6 millions de téléspectateurs moyens	4e réseau de diffusion classé

Fox Corporation (FOXA) - Modèle d'entreprise: segments de clientèle

Consommateurs de nouvelles

Fox News Channel atteint 2,3 millions de téléspectateurs aux heures de grande écoute au quatrième trimestre 2023. Public quotidien moyen de 1,4 million de téléspectateurs. Revenus annuels totaux de la programmation d'actualités: 1,87 milliard de dollars.

Démographique	Pourcentage d'audience	Tranche d'âge
Téléspectateurs conservateurs	68%	45 à 65 ans
Téléspectateurs masculins	62%	35-55 ans

Passionnés de sport

Fox Sports génère 3,2 milliards de dollars de revenus annuels. Les droits de diffusion de la NFL d'une valeur de 2,7 milliards de dollars par an.

• La couverture de diffusion de la NFL atteint 100 millions de téléspectateurs par an
• Droits de diffusion MLB: 1,5 milliard de dollars par contrat
• Assemblage du football universitaire: 45 millions de téléspectateurs uniques

Téléspectateurs de divertissement

Fox Entertainment génère 2,1 milliards de dollars de revenus annuels. La plate-forme de streaming atteint 12,5 millions d'abonnés.

Type de contenu	Téléspectateurs annuels	Revenu
Série animée	25 millions	450 millions de dollars
Drames scénarisés	18 millions	350 millions de dollars

Public plus jeune numérique axé sur le numérique

Les plateformes numériques attirent 22 millions d'utilisateurs mensuels. Âge moyen: 18 à 34 ans. Revenus publicitaires numériques: 780 millions de dollars.

• Engagement Tiktok: 5,6 millions d'adeptes
• Abonnés YouTube: 3,2 millions
• Followers Instagram: 4,1 millions

Public médiatique conservateur

Le segment des médias conservateurs génère 2,5 milliards de dollars de revenus annuels. Les nouvelles conservatrices en prime time montrent en moyenne 2,1 millions de téléspectateurs.

Montrer	Téléspectateurs moyens	Portée démographique
Tucker Carlson ce soir	3,2 millions	45 à 65 ans, conservateur
Hannity	2,9 millions	50-70 ans, conservateur

Fox Corporation (FOXA) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

Pour l'exercice 2023, Fox Corporation a déclaré des coûts de production de contenu de 4,2 milliards de dollars, avec une ventilation comme suit:

Type de contenu	Coût annuel
Programmation sportive	1,8 milliard de dollars
Contenu de nouvelles	650 millions de dollars
Programmation de divertissement	1,75 milliard de dollars

Coûts de talent et de personnel

Les dépenses de personnel de Fox Corporation en 2023 ont totalisé 2,6 milliards de dollars:

• Rémunération des cadres: 78,3 millions de dollars
• Salaires de talents à l'antenne: 425 millions de dollars
• Salaire du personnel de production: 650 millions de dollars
• Personnel administratif: 1,45 milliard de dollars

Maintenance des infrastructures technologiques

Les coûts de technologie et d'infrastructure pour 2023 étaient de 512 millions de dollars:

Catégorie d'infrastructure	Dépenses annuelles
Équipement de diffusion	213 millions de dollars
Maintenance de plate-forme numérique	179 millions de dollars
Infrastructure réseau	120 millions de dollars

Dépenses de marketing et de publicité

Les frais de marketing de Fox Corporation en 2023 ont atteint 580 millions de dollars:

• Marketing numérique: 215 millions de dollars
• Publicité traditionnelle: 265 millions de dollars
• Événements promotionnels: 100 millions de dollars

Acquisitions de droits de diffusion

Les frais de diffusion en droits pour 2023 étaient de 2,3 milliards de dollars:

Catégorie de droits de diffusion	Coût annuel
Droits de diffusion de la NFL	1,1 milliard de dollars
Droits de diffusion MLB	450 millions de dollars
Autres droits sportifs	750 millions de dollars

Fox Corporation (FOXA) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires

Pour l'exercice 2023, Fox Corporation a déclaré 3,89 milliards de dollars de revenus publicitaires.

Segment publicitaire	Revenus ($ m)
Publicité télévisée	2,450
Publicité numérique	1,440

Frais d'abonnement par câble

Le chiffre d'affaires du câble pour Fox Corporation en 2023 a totalisé 2,67 milliards de dollars.

• Frais mensuels moyens par abonné: 8,50 $
• Abonders du câble total: 12,4 millions

Abonnements en streaming numérique

Les revenus de streaming numérique ont atteint 1,23 milliard de dollars en 2023.

Plate-forme de streaming	Abonnés	Revenus ($ m)
Tube	51 millions d'utilisateurs actifs mensuels	780
Nation du Fox	1,5 million d'abonnés	450

Licence de contenu

Les licences de contenu ont généré 1,56 milliard de dollars de revenus pour l'exercice 2023.

• Licence de contenu international: 890 millions de dollars
• Licence de contenu domestique: 670 millions de dollars

Droits de diffusion sportive

Les revenus de diffusion sportive ont totalisé 4,2 milliards de dollars en 2023.

Droits de diffusion sportive	Valeur du contrat ($ b)
Droits de la NFL	2.1
Droits MLB	1.2
Droits du football universitaire	0.9

Fox Corporation (FOXA) - Canvas Business Model: Value Propositions

For Viewers: Irreplaceable, high-engagement live content (news and sports).

Fox Corporation delivers must-see live programming that captures massive audiences. The live sports portfolio, anchored by agreements with the NFL, MLB, and college football, drives significant engagement. For instance, Super Bowl LIX, aired on the network, generated over $800 million in gross advertising revenue and was the most-watched telecast in U.S. history. In news, FOX News Channel (FNC) reinforced its leadership, ranking as the most watched channel in all of television year-to-date in Q3 2025. FNC saw a 40% increase in total viewership in January 2025 year-over-year. During Q3 2025, FNC delivered 14 of the top 15 shows in cable news with total viewers.

The value proposition for viewers is also supported by local commitment:

• FOX Television Stations produce over 1,350 hours of local news programming each week.
• FOX Television Stations are the #1 local news source according to Comscore.

For Advertisers: Mass-reach audience for live events and targeted digital reach via Tubi.

Advertisers gain access to both massive linear reach and growing digital scale. Linear advertising revenue, which includes the Fox broadcast network and local stations, rose 6% to $1.07 billion in the first fiscal quarter of 2026. Cable network advertising, which includes FOX News Media, rose 7% to $345 million in the same quarter. The digital component, Tubi, provides targeted reach, with 67% of its viewers being cord cutters and cord nevers. Tubi's revenue rose 27% year-over-year in Q1 FY2026.

Here's a look at the scale for advertisers:

Metric	Value (As of Late 2025)	Source Context
Tubi Monthly Active Users	Exceeded 100 million	May 2025
Tubi Total TV Viewing Share	2.2% (All-time high)	May 2025
FOX News Cable Share (Times)	Over 70%	During the fiscal year
Total Advertising Revenue (FY 2024)	$5.4 billion	Fiscal year ending June 2024

For Cord-Cutters: Free, extensive library content via Tubi's AVOD model.

Tubi delivers a completely free, ad-supported streaming service (AVOD) that is gaining significant traction. The platform surpassed 1 billion hours of total viewing time in May 2025. Tubi achieved its first profitable quarter, with expected operating margins between 20 to 25% over the next few quarters. The content library is deep, offering nearly 300,000 movies and TV episodes, plus nearly 400 exclusive originals.

Tubi's growth metrics show its appeal:

• Viewing time grew 18% in Q1 FY2026 (calendar Q3 2025) year-over-year.
• Tubi reached $1 billion in revenue for the trailing 12 months (as of early May 2025).
• Over half of Tubi viewers are Gen Z or Millennials.

For Premium Cord-Nevers: Curated bundle of FOX brands via the new FOX One DTC service.

FOX One, the new direct-to-consumer (DTC) service, targets those outside the traditional pay-TV ecosystem by bundling premium content. The service launched on August 21, 2025, and had accumulated 1.1 million signups through September 30, 2025. The offering includes live access to the FOX Network, FOX News Channel, FOX Sports, FS1, FS2, and the Big 10 Network.

The pricing structure is designed to be competitive:

• Base monthly price is $19.99 per month.
• The annual plan is priced at $199.99.
• A bundle including FOX One and FOX Nation costs $24.99 per month.

For Affiliates: High-rated network programming that drives local ad sales.

Affiliates receive high-rated, proven network programming that supports their local advertising efforts. Affiliate Fee Revenues increased by 6% in Q1 FY2025. This growth was supported by a 10% increase in the Television segment's affiliate fees. The national programming, especially live sports and news, provides the necessary audience draw for local stations to monetize their airtime effectively.

Fox Corporation (FOXA) - Canvas Business Model: Customer Relationships

You're looking at how Fox Corporation manages its diverse audience and business partners as of late 2025. The relationships span from automated digital interactions to high-stakes, personal negotiations. It's a mix of scale and direct engagement.

Automated: Tubi's self-service, ad-supported streaming model

Tubi represents the fully automated, high-scale relationship with the consumer. This is a self-service model where the relationship is driven by content availability, user interface, and the ad load experience. The scale here is significant, making the relationship highly transactional and data-driven.

For fiscal year 2025, Tubi exceeded over 100 million monthly active users. The service generated over $1.1 billion in revenue during that same fiscal year. Furthermore, Tubi captured an all-time high of 2.2% share of total U.S. television viewers. The volume of upfront ad dollars committed to Tubi grew by 35% year-over-year during the 2025 upfront season. Honestly, the fact that Tubi became profitable in the quarter ending September 30, 2025, faster than anticipated, shows the efficiency of this automated customer relationship.

Key Automated Relationship Metrics for Tubi (FY 2025 Data):

Metric	Value
Monthly Active Users (MAU)	Over 100 million
Fiscal Year 2025 Revenue	Over $1.1 billion
U.S. TV Viewing Share	2.2% (All-time high)
Upfront Ad Dollar Growth (YoY)	35%

Dedicated: High-touch negotiations with MVPDs for carriage agreements

The relationship with Multi-Channel Video Programming Distributors (MVPDs)-your cable, satellite, and vMVPD partners-is definitely a dedicated, high-touch one. These are complex, long-term business-to-business relationships centered on securing distribution and setting affiliate fees.

The success in this area is reflected in the financial results. For the full fiscal year 2025, affiliate fee revenues increased by 5%. This growth was driven by a 7% increase at the Television segment and a 3% increase at the Cable Network Programming segment, largely due to higher average rates. The traditional cable bundle remains the favored distribution channel for Fox Corporation.

Key Affiliate Fee Drivers (FY 2025):

• Affiliate fee revenues: Up 5% overall.
• Television segment affiliate fee growth: 7%.
• Cable Network Programming segment fee growth: 3%.

Personal Assistance: Sales teams managing major national advertising accounts

This relationship involves direct engagement through sales teams, managing massive national advertising buys across linear and digital properties. It requires deep account management, especially around tentpole events.

The effectiveness of these sales teams was evident in the advertising revenue surge. Total advertising revenues for the full fiscal year 2025 increased by 26%. This was fueled by the Super Bowl LIX broadcast, political advertising, and stronger news pricing. The record political advertising revenue across all Fox platforms for the year was well over $400,000,000. For the third quarter of fiscal 2025, advertising revenues specifically increased by 65%, heavily impacted by the Super Bowl LIX broadcast.

Advertising Revenue Highlights (FY 2025):

• Total Advertising Revenue Growth (Annual): 26%.
• Q3 Fiscal 2025 Advertising Revenue Growth: 65%.
• Record Political Ad Revenue: Over $400,000,000.

Community: Local news and community engagement via owned-and-operated stations

The local stations maintain a crucial community relationship, which is the bedrock for local news ratings and political advertising revenue. This is about being the trusted, local information source.

Fox Television Stations produce over 1,350 hours of local news programming each week across the 18 markets they serve. The integrity of this reporting is what distinguishes them. The television segment saw its affiliate fee revenues grow by 4%, driven by higher average rates at these owned and operated stations.

Direct-to-Consumer: Subscription management for FOX Nation and FOX One

This segment involves managing two distinct direct-to-consumer relationships: the established subscription service, FOX Nation, and the newer, premium offering, FOX One.

For FOX Nation, the CEO indicated subscriber totals were between 2 million to 2.5 million as of March 2025. FOX One, which launched in May 2025, is priced at $19.99 a month. The strategy here is to engage viewers wherever suits them best, addressing the segment wanting a premium, targeted offering outside the traditional bundle.

Direct-to-Consumer Relationship Snapshot (as of late 2025):

Service	Relationship Type	Key Metric/Price
FOX Nation	Subscription (SVOD)	2 million to 2.5 million Subscribers (as of March 2025)
FOX One	Premium DTC Subscription	Priced at $19.99 per month

Finance: draft 13-week cash view by Friday.

Fox Corporation (FOXA) - Canvas Business Model: Channels

You're looking at how Fox Corporation gets its content-news, sports, and entertainment-out to the audience as of late 2025. It's a multi-pronged approach, balancing the legacy infrastructure with aggressive digital expansion. The traditional bundle is still key, but the growth story is clearly digital, so let's break down the delivery mechanisms.

Traditional Cable and Satellite TV (MVPDs) for linear distribution

The traditional Multichannel Video Programming Distributor (MVPD) bundle remains Fox Corporation's favored distribution channel, providing what management views as exceptional value to consumers. However, this channel is facing significant headwinds from cord-cutting. Industry-wide subscriber declines are expected to continue, which negatively affects affiliate fee and advertising revenues tied to audience size. In the first quarter of 2025 alone, cable TV networks lost an estimated 1,661,000 subscribers. Analysts projected that if the pace continued, cable TV networks could lose nearly 7 million subscribers by the end of 2025.

The financial results reflect this dynamic:

• Cable Network Programming segment affiliate fee revenues increased 3% for the full fiscal year 2025, driven by contractual price increases, partially offset by net subscriber declines.
• The Television segment affiliate fee revenues grew 7% for the full fiscal year 2025, driven by higher average rates at owned and operated stations and increases from third-party FOX affiliates.

Owned and Operated (O&O) FOX Television Stations for local broadcast

The local broadcast stations are a critical component, especially for news delivery. Fox Corporation's O&O stations produce over 1,350 hours of local news programming every week across the 18 markets they serve. This local presence is positioned as a differentiator against misinformation. According to Comscore data, the FOX Television Stations are the #1 local news source.

Digital Streaming Platforms: Tubi (AVOD) and FOX One (DTC subscription)

This is where Fox Corporation is placing significant investment for future growth. Tubi, the ad-supported video on demand (AVOD) service, has achieved massive scale. As of May 2025, Tubi surpassed 100 million monthly active users and streamed over 1 billion hours of content that month. Its reach in the broader TV landscape is notable, hitting an all-time high of 2.2% of total U.S. television viewing minutes in May 2025, according to Nielsen's The Gauge.

The content library on Tubi includes nearly 300,000 movies and TV episodes, plus 400 Tubi Originals. The audience skews young and cordless; over half of its viewers are Gen Z or Millennials, and 67% are cord cutters or cord nevers. More than 95% of viewing on Tubi is on-demand content.

The company is also launching its first significant direct-to-consumer (DTC) subscription offering, FOX One. This service is scheduled to launch on August 21, priced at US$19.99 per month or US$199.99 annually. FOX One is designed to encompass all of Fox Corporation's news, sports, and entertainment brands in a cordless ecosystem.

Virtual MVPDs (vMVPDs) like YouTube TV and Hulu + Live TV

While specific subscriber numbers for Fox Corporation's channels on individual vMVPDs aren't broken out, these platforms are implicitly included in the affiliate fee revenue stream from MVPDs. The overall industry trend of subscriber decline impacts these digital distributors as well. Fox Corporation's strategy is to maintain carriage agreements with these services, which are part of the overall distribution ecosystem that provides access to the largest audience possible.

Fox Sports and Fox News digital apps and websites

Digital platforms for news and sports are driving significant advertising revenue growth. FOX News Digital marked its best quarter in history in Q2 2025. For that quarter, FOX News Digital averaged 138 million monthly total digital multiplatform unique visitors. FOXBusiness.com specifically delivered 718 million multiplatform minutes and 22.2 million average multiplatform unique visitors in Q2 2025.

The strength of the linear news product directly translates to digital engagement. FOX News Channel remains the most watched channel in all of television, with audience shares at times reaching over 70% during fiscal 2025. FOX News Media reaches nearly 200 million people each month.

Here is a look at the key financial results that reflect the performance across these channel segments for the full fiscal year ending June 30, 2025:

Metric	Full Fiscal Year 2025 Amount	Year-over-Year Change
Total Company Revenue	$16.30 billion	17% increase
Total Advertising Revenue	Not Specified	26% increase
Television Segment Revenue	$9.33 billion	18% increase
Cable Network Programming Segment Revenue	$6.93 billion	16% increase
Total Company Affiliate Fee Revenue	Not Specified	5% increase

The advertising revenue surge of 26% for the full year was explicitly bolstered by Super Bowl LIX, higher political advertising, and continued digital growth led by the Tubi AVOD service. The Television segment, which includes the broadcast network and Tubi, saw its advertising revenue increase by 28% for the full year.

Fox Corporation (FOXA) - Canvas Business Model: Customer Segments

You're looking at the core groups Fox Corporation (FOXA) serves as of late 2025, based on their recent fiscal performance. This isn't about what they plan to do, but who is paying the bills right now.

Traditional Pay-TV Subscribers

This group pays the carriage fees that underpin the Cable Network Programming segment. While the bundle remains favored, there are clear subscriber pressures. For the full fiscal year 2025, affiliate fee revenues for the Cable Network Programming segment grew by 3%, a figure that was achieved despite net subscriber declines. Contractual price increases were necessary to offset these subscriber losses. The Television segment, which includes the broadcast network, saw a stronger 7% growth in its affiliate fee revenues for the full year 2025.

• Cable Network Programming Affiliate Fee Revenue Growth (FY 2025): 3%
• Television Segment Affiliate Fee Revenue Growth (FY 2025): 7%
• FOX Television Stations produce over 1,350 hours of local news programming weekly across 18 markets

National and Political Advertisers

Advertisers are clearly focused on live, high-impact events and news, which drove significant revenue increases. Total advertising revenues for the full fiscal year 2025 increased by 26% year-over-year. This surge was heavily influenced by the impact of Super Bowl LIX and higher political advertising revenues. For the fourth quarter of fiscal 2025, advertising revenues grew by 7%. FOX News Media reinforced its position, with audience shares at times reaching over 70% during the fiscal year.

Cord-Cutters/Cord-Nevers

This segment is primarily served by the free, ad-supported video-on-demand (AVOD) service, Tubi, and the newly launched direct-to-consumer (D2C) platform, FOX One. Tubi is a massive audience draw, reporting 100 million monthly active users. For the full fiscal year 2025, Tubi was expected to surpass $1 billion in revenue. In the third quarter of fiscal 2025 alone, Tubi generated $330 million in advertising revenue. FOX One, launched on August 21, 2025, targets this group with a price point of $19.99 per month.

• Tubi Monthly Active Users: 100 million
• Tubi Trailing 12-Month Revenue (FY 2025 estimate): $1 billion
• Tubi Q3 2025 Ad Revenue: $330 million
• FOX One Monthly Subscription Price: $19.99

Third-Party FOX Affiliates

These local broadcasters license network programming and contribute directly to the Television segment's affiliate fee revenue. The growth in fees from these third-party affiliates was a specific driver for the 7% increase in the Television segment's full-year 2025 affiliate fee revenue.

Retail Investors and Shareholders

This segment is focused on capital returns and financial health, which management addressed directly following the fiscal year 2025 results. The company announced a $5 billion increase to its share repurchase authorization. Furthermore, the Board authorized an increase in the semi-annual dividend to $0.28 per share. The full fiscal year 2025 saw total revenues of $16.30 billion, up 17% from the prior year.

Here is a quick look at the top-line financial performance that underpins these customer relationships for the full fiscal year 2025:

Financial Metric	Amount (FY 2025)	Change YoY
Total Revenues	$16.30 billion	17% increase
Advertising Revenues	Not explicitly stated, but growth was 26%	26% increase
Adjusted EBITDA	$3.62 billion	26% increase
Net Income Attributable to Stockholders	$2.26 billion	Increase from $1.50 billion

The Television segment reported full-year segment revenues of $9.33 billion for fiscal 2025.

Fox Corporation (FOXA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Fox Corporation's business as of late 2025. Honestly, for a media giant built on live content, the cost structure is dominated by what they pay for that content. It's a high fixed-cost model, especially when you factor in the big sports rights deals.

High fixed costs for sports programming rights amortization.

The biggest chunk of variable, yet recurring, expense is the amortization of sports programming rights. This is the cost of the rights spread out over the life of the contract. The broadcast of Super Bowl LIX in February 2025 was a major driver here. For the full fiscal year 2025, operating expenses increased by $936 million or 15%, largely due to higher sports programming rights amortization and production costs, including those NFL costs. You see the swing in the following quarter, Q1 Fiscal 2026, where operating expenses were up only 3% ($66 million) because those major sports costs were lower compared to the prior year period, which lacked the Super Bowl.

Significant content production and acquisition costs for news and entertainment.

Beyond sports, content acquisition for entertainment and news is substantial. In the third quarter of fiscal 2025, expense increases were driven by higher entertainment programming costs and digital content costs. For the full fiscal year 2025, operating expenses also reflected higher digital content costs and entertainment programming rights amortization.

The scale of these content-related operating expenses is best seen by looking at the total operating expense movement:

• Fiscal 2025 Operating Expenses increased 15% ($936 million) over Fiscal 2024.
• Q3 Fiscal 2025 Operating Expenses increased 3% ($66 million) over the prior year period.
• Q1 Fiscal 2026 Operating Expenses increased 3% ($66 million) over the corresponding period of fiscal 2025.

Retransmission and affiliate fee payments to third-party affiliates.

While Fox Corporation receives significant affiliate fee revenue-totaling $7.66 billion for fiscal 2025-this revenue stream is directly tied to the cost of maintaining and negotiating carriage agreements, which includes fees paid to third-party affiliates and retransmission consent fees paid to MVPDs (multichannel video programming distributors). The strength of their content, like the NFL, is what allows them to command higher rates, but the underlying cost of securing those distribution agreements is a key component of their operating cost base, even if the exact payment amount isn't itemized separately from other operating costs in the same way amortization is.

Technology and infrastructure costs for digital platforms (Tubi, FOX One).

The growth of Tubi, which generated over $1.1 billion in revenue in fiscal 2025, necessitates ongoing investment in technology and infrastructure. These costs are captured in the operating expenses, specifically noted as higher digital content costs. For instance, in Q3 Fiscal 2025, higher digital content and marketing costs contributed to the expense increase.

Here's a look at the financial scale around the key revenue drivers that necessitate these digital costs:

Metric (Fiscal Year Ended June 30, 2025)	Amount (USD)	Context
Total Company Revenues	$16.30 billion	Overall top-line performance.
Television Segment Revenues	$9.33 billion	Includes O&O stations and advertising/affiliate fees.
Cable Network Programming Segment Revenues	$6.93 billion	Includes Fox News Channel, FBN, FS1, FS2 carriage fees.
Tubi FY2025 Revenue	Over $1,100,000,000	Directly tied to digital content and infrastructure spend.

Selling, General, and Administrative (SG&A) expenses, including sales commissions.

SG&A covers the overhead of running the corporation, from executive salaries to marketing. For the three months ended September 30, 2025, SG&A expenses increased by $87 million or 17% compared to the corresponding period in the prior year. This recent jump was primarily attributed to costs related to the marketing launch of FOX One and generally higher employee costs.

For the full fiscal year 2025, SG&A expenses increased by $75 million or 8%, also driven by higher employee costs.

Finance: draft 13-week cash view by Friday.

Fox Corporation (FOXA) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Fox Corporation actually brings in its money for the fiscal year ending June 30, 2025. It's not just one stream; it's a few major rivers feeding the total. For FY2025, Fox Corporation posted total revenues of $16.30 billion, which was a 17% jump from the year before.

Here's the quick math on the main buckets:

Revenue Stream Component	FY2025 Full Year Amount	FY2025 Year-over-Year Growth
Total Affiliate Fee Revenue	$7.66 billion	5%
Total Advertising Revenue	$6.87 billion	26%
Total Other Revenues	$1.78 billion	47%

The structure of these streams shows where the focus is right now. Affiliate fees are the bedrock, but advertising is the engine showing the fastest growth.

Affiliate Fee Revenue

This is the money Fox Corporation gets from cable, satellite, and telco distributors (MVPDs) just for carrying the channels. For the full fiscal year 2025, this revenue totaled $7.66 billion, marking a 5% increase. This growth came from a 7% increase in the Television segment and a 3% increase in the Cable Network Programming segment.

Retransmission Consent Fees are a key part of this, representing the payments distributors make to carry the local broadcast signals. While the specific dollar amount for retransmission fees isn't broken out separately from the total affiliate fees, the overall segment growth reflects the success of those renewal negotiations. The company noted that all affiliate renewals impacting FY2025 were successfully completed.

Advertising Revenue

Advertising revenue saw a massive surge in FY2025, climbing 26% to reach $6.87 billion. This was fueled by several big events and platform strength:

• The impact of Super Bowl LIX.
• Higher political advertising revenues, with first-half FY2025 political revenue hitting a record of over $400 million.
• Stronger news pricing and ratings across the portfolio.

Digital Advertising: Revenue from Tubi's AVOD service, a key growth driver

The growth in advertising is heavily weighted toward digital. Tubi, Fox Corporation's ad-supported video-on-demand (AVOD) service, is explicitly called out as a primary driver. For the second quarter of FY2025 (ending December 31, 2024), Tubi's monthly active user base grew 30% to 45 million users. By the third quarter, Tubi's advertising dollar volume was up 35% year-over-year. This digital momentum helped the overall advertising revenue increase by 26% for the full year.

Other Revenues: Including sports sublicensing and content licensing

This category showed the highest growth rate, increasing 47% year-over-year to $1.78 billion in FY2025. The primary driver here was higher sports sublicensing revenues at the national sports networks. For the Cable Network Programming segment specifically, Other Revenues increased by $578 million, led by these sports sublicensing deals.

You should keep an eye on the Q3 FY2025 results, which showed Cable Advertising Revenue up 26% and Cable Other Revenue up 79%, showing the strength in that segment's ad and sublicensing mix.