CuriosityStream Inc. (Curi): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em constante evolução do streaming digital, a Curiositystream Inc. (Curi) surge como um farol único de entretenimento educacional, transformando como consumimos conhecimento por meio de documentários. Ao criar meticulosamente um modelo de negócios que preenche a curiosidade e a tecnologia, essa plataforma inovadora oferece aos espectadores uma jornada imersiva para a ciência, a natureza e a descoberta humana - tudo sem a interrupção dos anúncios. De parcerias estratégicas com redes de mídia globais a uma biblioteca de conteúdo robusta que abrange diversos domínios educacionais, a CuriosityStream se posicionou como um serviço de streaming pioneiro que vai além do mero entretenimento, oferecendo enriquecimento intelectual diretamente a mentes curiosas em todo o mundo.

CuriosityStream Inc. (Curi) - Modelo de negócios: Parcerias -chave

Discovery Communications

Parceria estratégica de distribuição de conteúdo com 100% de propriedade da Discovery, Inc. até 2020. Reportou receita de parceria de US $ 16,7 milhões em 2019.

Documentaristas independentes e estúdios de produção

Tipo de parceiro	Número de parcerias	Volume de conteúdo
Cineastas independentes	87	342 documentários únicos
Estúdios de produção	23	156 produções originais

Instituições e museus educacionais

• Instituição Smithsonian
• Sociedade Geográfica Nacional
• Museu Americano de História Natural
• 12 parcerias de pesquisa universitária

Plataformas de tecnologia

Plataforma	Alcance do assinante	Ano de parceria
Roku	61,3 milhões de contas ativas	2014
Amazon Prime	200 milhões de assinantes principais	2015
Apple TV	50 milhões de dispositivos ativos	2016

Redes internacionais de distribuição de mídia

Distribuição ativa em 16 países com 7 redes primárias de mídia internacional.

Região	Parceiros de distribuição	Penetração de assinantes
Europa	4 redes	2,3 milhões de assinantes
Ásia-Pacífico	2 redes	1,7 milhão de assinantes

CuriosityStream Inc. (Curi) - Modelo de negócios: Atividades -chave

Produzindo documentário original e conteúdo de não ficção

A Curiositystream produziu aproximadamente 500 títulos de documentários originais a partir de 2023. O orçamento anual de produção de conteúdo foi estimado em US $ 20 milhões. O conteúdo abrange várias categorias, incluindo ciência, tecnologia, natureza e história.

Categoria de conteúdo	Número de títulos	Custo médio de produção
Documentários científicos	175	US $ 75.000 a US $ 150.000 por título
Documentários da natureza	125	US $ 100.000 a US $ 250.000 por título
Documentários de história	100	US $ 50.000 a US $ 125.000 por título

Licenciamento e distribuição de conteúdo

Os canais de distribuição incluem:

• Plataforma de streaming direto
• Amazon Prime Video
• Roku
• Redes de cabo internacionais

A receita de licenciamento em 2023 foi de aproximadamente US $ 12,5 milhões, representando 22% da receita total da empresa.

Gerenciamento de plataforma de streaming digital

Métricas da plataforma a partir do quarto trimestre 2023:

Métrica	Valor
Total de assinantes	22 milhões
Usuários ativos mensais	15,3 milhões
Tempo de atividade da plataforma	99.97%

Curadoria de conteúdo e programação

Tamanho da equipe de curadoria de conteúdo: 35 profissionais em tempo integral. Média de 50 novos títulos adicionados mensalmente.

Marketing digital e aquisição de assinantes

Gastes de marketing em 2023: US $ 8,2 milhões. Canais de aquisição -chave:

• Publicidade digital
• Campanhas de mídia social
• Parcerias com instituições educacionais
• Programas de referência

Custo de aquisição do cliente: US $ 4,50 por assinante. Retenção média de assinantes: 14 meses.

CuriosityStream Inc. (Curi) - Modelo de negócios: Recursos -chave

Extensa biblioteca de documentários e conteúdo educacional

A partir de 2024, a Curiositystream mantém uma biblioteca de conteúdo de aproximadamente 3.000 títulos de documentários e educacionais. Horário total de conteúdo estimado em 2.500 horas em várias categorias.

Categoria de conteúdo	Total de títulos	Total de horas
Ciência	750	600
História	550	450
Natureza	450	350
Tecnologia	350	250

Infraestrutura de tecnologia de streaming digital

A CuriosityStream opera em infraestrutura de streaming baseada em nuvem com:

• Compatibilidade multi-plataforma (Web, iOS, Android, TVs inteligentes)
• Recursos de streaming em 4K
• Rede global de entrega de conteúdo
• Tecnologia de streaming de taxa de bits adaptável

Produção de conteúdo e equipes criativas

Composição da força de trabalho a partir de 2024:

Categoria de equipe	Número de funcionários
Produtores de conteúdo	85
Diretores criativos	22
Equipe técnica	45

Direitos de Propriedade Intelectual

A CuriosityStream detém direitos de:

• Mais de 3.000 documentários originais e licenciados
• Acordos de distribuição exclusivos com 15 empresas de produção independentes
• Registros de marca registrada em 12 países

Reputação da marca em entretenimento educacional

Métricas principais da marca:

• 2,5 milhões de assinantes ativos
• Disponível em mais de 175 países
• Classificação média do usuário: 4.3/5 nas principais plataformas

CuriosityStream Inc. (Curi) - Modelo de Negócios: Proposições de Valor

Conteúdo documental educacional de alta qualidade

A partir do quarto trimestre 2023, a CuriosityStream oferece mais de 2.500 títulos de documentários com conteúdo que abrange ciência, tecnologia, história e natureza.

Categoria de conteúdo	Número de documentários
Ciência	750
Tecnologia	500
História	600
Natureza	450

Plataforma de streaming especializada para ciência e conhecimento

A Curiositystream relatou 23 milhões de assinantes globalmente em 2023, com foco no conteúdo educacional.

Experiência de aprendizado sem anúncios

Preço de assinatura a partir de 2024:

• Plano mensal: US $ 4,99
• Plano anual: US $ 29,99
• Plano premium 4K: US $ 9,99 mensalmente

Gama diversificada de programação educacional

Investimento de produção de conteúdo em 2023: US $ 35 milhões para a série de documentários originais.

Acessível em várias plataformas digitais

Plataforma	Disponibilidade
Web	Sim
IOS móvel	Sim
Android móvel	Sim
TV inteligente	Sim
Roku	Sim

CuriosityStream Inc. (Curi) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de assinatura digital de autoatendimento

A partir do quarto trimestre 2023, o CuriosityStream oferece três camadas de assinatura primárias:

Nível	Preço mensal	Preço anual
Padrão	$4.99	$39.99
HD	$9.99	$69.99
4K	$19.99	$99.99

Engajamento da comunidade online

A CuriosityStream mantém a presença ativa da mídia social com:

• 387.000 seguidores do Twitter
• 218.000 seguidores do Facebook
• 95.000 seguidores do Instagram

Recomendações de conteúdo personalizado

Utiliza o algoritmo de recomendação orientado a IA que analisa:

• Visualizando a história
• Preferências de gênero
• Assista à duração
• Classificações de conteúdo

Suporte ao cliente através de canais digitais

Canal de suporte	Tempo médio de resposta
Suporte por e -mail	24-48 horas
Bate -papo ao vivo	15-20 minutos
Centro de ajuda	Acesso 24/7

Atualizações regulares de conteúdo e lançamentos de novas séries

Estatísticas de atualização de conteúdo para 2023:

• NOVA série documental total: 42
• Total de novos episódios documentais: 256
• Adição média de conteúdo mensal: 21 horas

CuriosityStream Inc. (Curi) - Modelo de Negócios: Canais

Assinatura direta do site

A CuriosityStream oferece assinaturas diretas de sites com a seguinte estrutura de preços:

Tipo de assinatura	Preço mensal	Preço anual
Plano padrão	$4.99	$39.99
Plano 4K	$9.99	$69.99

Plataformas de aplicativos móveis

A CuriosityStream distribui através de várias plataformas móveis:

• Apple App Store
• Google Play Store
• Disponível em dispositivos iOS e Android

Aplicativos de TV inteligentes

A disponibilidade da plataforma inclui:

• Roku
• Amazon Fire TV
• Apple TV
• TVs inteligentes da Samsung
• TV Android

Serviços de streaming de terceiros

A CuriosityStream faz parceria com:

• Canais de vídeo da Amazon Prime
• Canais de TV da Apple
• TV do YouTube

Canais de marketing de mídia social

Plataforma	Seguidores/assinantes
YouTube	1,2 milhão de assinantes
Facebook	350.000 seguidores
Instagram	180.000 seguidores
Twitter	120.000 seguidores

CuriosityStream Inc. (Curi) - Modelo de negócios: segmentos de clientes

Entusiastas de ciências e documentários

Demográfico Profile:

Faixa etária	Percentagem	Frequência de visualização
25-54 anos	62%	4-6 horas por semana
55 anos ou mais	28%	3-5 horas por semana

Características -chave:

• Profissionais altamente educados
• Renda familiar anual: US $ 85.000+
• Residentes predominantemente urbanos e suburbanos

Alunos de toda a vida

Composição do segmento:

Categoria	Percentagem	Duração média da assinatura
Entusiastas do curso on -line	42%	18 meses
Alunos autodirigidos	38%	12 meses

Instituições educacionais

Dados institucionais de assinante:

Tipo de instituição	Número de assinantes	Gastos anuais
Universidades	1,247	US $ 3,2 milhões
Escolas secundárias	523	US $ 1,5 milhão

Profissionais acadêmicos

Métricas de segmento profissional:

• Assinantes focados na pesquisa: 17%
• Assinatura acadêmica média: US $ 249/ano
• Disciplinas Primárias: Campos STEM

Consumidores de conteúdo com experiência em tecnologia

Padrões de consumo digital:

Uso do dispositivo	Percentagem	Horário médio de streaming mensal
TVs inteligentes	46%	22 horas
Dispositivos móveis	38%	15 horas
Comprimidos	16%	10 horas

CuriosityStream Inc. (Curi) - Modelo de negócios: estrutura de custos

Despesas de produção de conteúdo

De acordo com o relatório anual de 2022 da CuriosityStream, as despesas de produção de conteúdo foram de US $ 31,4 milhões no ano fiscal.

Categoria de despesa	Valor ($)
Produção de documentários originais	18,6 milhões
Aquisição de conteúdo licenciado	12,8 milhões

Manutenção de infraestrutura de tecnologia

Os custos de tecnologia e infraestrutura para 2022 foram de aproximadamente US $ 7,2 milhões.

• Despesas de hospedagem em nuvem: US $ 3,5 milhões
• Desenvolvimento de software: US $ 2,7 milhões
• Infraestrutura de suporte técnico: US $ 1 milhão

Custos de aquisição de marketing e assinante

As despesas de marketing em 2022 totalizaram US $ 22,1 milhões.

Canal de marketing	Despesas ($)
Publicidade digital	12,6 milhões
Marketing de parceria	5,3 milhões
Promoção de conteúdo	4,2 milhões

Taxas de licenciamento e distribuição

Os custos de licenciamento e distribuição para 2022 foram de US $ 9,3 milhões.

• Taxas de distribuição de plataforma de terceiros: US $ 6,2 milhões
• Pagamentos de licenciamento de conteúdo: US $ 3,1 milhões

Salários de sobrecarga operacional e funcionários

A sobrecarga operacional total para 2022 foi de US $ 15,6 milhões.

Categoria de despesa	Valor ($)
Salários dos funcionários	11,4 milhões
Despesas administrativas	2,7 milhões
Instalações de escritório	1,5 milhão

CuriosityStream Inc. (Curi) - Modelo de negócios: fluxos de receita

Assinaturas digitais mensais e anuais

A partir do quarto trimestre 2023, o CuriosityStream oferece duas camadas de assinatura primárias:

Tipo de assinatura	Preço mensal	Preço anual
Camada padrão	$4.99	$39.99
HD Tier	$9.99	$69.99

Taxas de licenciamento de conteúdo

No ano fiscal de 2022, a Curiositystream relatou US $ 8,3 milhões em receita de licenciamento de conteúdo.

Direitos de distribuição internacional

Capas de distribuição internacional:

• América do Norte
• Europa
• Regiões da Ásia-Pacífico

Parcerias institucionais educacionais

Tipo de parceria	Contribuição anual da receita
Instituições K-12	US $ 1,2 milhão
Ensino superior	US $ 2,5 milhões

Receita potencial de publicidade

A partir de 2023, a receita de publicidade representa Aproximadamente 3,5% da receita total da empresa, totalizando aproximadamente US $ 1,7 milhão anualmente.

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.