Fox Corporation (FOXA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da mídia e entretenimento, a Fox Corporation (FOXA) surge como uma potência, navegando estrategicamente no complexo terreno de notícias, esportes e conteúdo digital. Com um modelo de negócios robusto que abrange a transmissão tradicional para plataformas digitais de ponta, a Fox se posicionou magistralmente para capturar diversos segmentos de público, de entusiastas do esporte a consumidores de notícias. Ao alavancar estratégias inovadoras de conteúdo, parcerias estratégicas e canais de distribuição de várias plataformas, a empresa continua a redefinir o consumo de mídia em um ecossistema digital cada vez mais fragmentado.

Fox Corporation (FOXA) - Modelo de negócios: Parcerias -chave

Principais estúdios de cinema e televisão para produção de conteúdo

A Fox Corporation mantém parcerias estratégicas de produção de conteúdo com os seguintes estúdios:

Estúdio	Detalhes da parceria	Volume anual de conteúdo
Estúdios do século XX	Subsidiária de propriedade	12-15 filmes por ano
Fox Entertainment	Produção interna	25-30 séries de televisão anualmente

Agências de publicidade para geração de marketing e receita

Principais redes de parceria de publicidade:

• Omnicom Group
• WPP plc
• Publicis Groupe

Agência	Receita anual de publicidade	Duração do contrato
Omnicom Group	US $ 287 milhões	Parceria de 3 anos

Plataformas de tecnologia para distribuição de streaming digital

Parcerias de distribuição digital:

• Tubi (subsidiária de propriedade)
• TV do YouTube
• Roku

Plataforma	Usuários ativos mensais	Participação de receita
Tubi	51 milhões	60/40 dividido

Ligas esportivas e organizadores de eventos

Parcerias de transmissão esportiva:

• NFL
• Mlb
• NASCAR

Liga	Valor do contrato	Duração do contrato
NFL	US $ 2,4 bilhões anualmente	5 anos

Redes internacionais de distribuição de mídia

Parcerias de distribuição global:

• Sky Network
• Star Índia
• Canal+ Grupo

Rede	Alcance geográfico	Receita anual de distribuição
Sky Network	Reino Unido, Irlanda, Alemanha	US $ 456 milhões

Fox Corporation (FOXA) - Modelo de negócios: Atividades -chave

Criação de conteúdo de notícias e entretenimento

A Fox Corporation produz aproximadamente 15.000 horas de conteúdo original anualmente em suas redes. A empresa opera a Fox News, a Fox Sports e a Fox Entertainment, gerando US $ 12,8 bilhões em receita de produção de conteúdo em 2023.

Categoria de conteúdo	Horário anual produzido	Receita estimada
Programação de notícias	5.200 horas	US $ 3,6 bilhões
Conteúdo esportivo	4.800 horas	US $ 5,2 bilhões
Programação de entretenimento	5.000 horas	US $ 4 bilhões

Aquisição de direitos de transmissão esportiva

A Fox Corporation investe fortemente em direitos de transmissão esportiva, gastando aproximadamente US $ 2,7 bilhões anualmente em aquisição exclusiva de conteúdo esportivo.

• Direitos de transmissão da NFL: US $ 1,1 bilhão por ano
• Direitos de transmissão da MLB: US $ 600 milhões por ano
• Direitos de transmissão esportiva da faculdade: US $ 450 milhões por ano
• Outros direitos de transmissão esportiva: US $ 550 milhões por ano

Gerenciamento de plataforma de streaming digital

A Fox Corporation gerencia Tubi, uma plataforma de streaming gratuita apoiada por anúncios com 64 milhões de usuários ativos mensais a partir de 2023, gerando US $ 1,2 bilhão em receita de publicidade digital.

Métricas de plataforma	2023 dados
Usuários ativos mensais	64 milhões
Receita de publicidade digital	US $ 1,2 bilhão
Tamanho da biblioteca de conteúdo	Mais de 40.000 títulos

Vendas de publicidade e marketing

A Fox Corporation gera US $ 8,3 bilhões em receita de publicidade em suas plataformas de televisão e digital em 2023.

• Publicidade na televisão: US $ 6,5 bilhões
• Publicidade digital: US $ 1,2 bilhão
• Soluções de marketing integradas: US $ 600 milhões

Produção de mídia e programação

A Fox Corporation produz conteúdo em vários gêneros, com um orçamento total de produção de US $ 3,5 bilhões em 2023.

Categoria de produção	Alocação de orçamento
Programação de notícias	US $ 1,2 bilhão
Programação esportiva	US $ 1,5 bilhão
Programação de entretenimento	US $ 800 milhões

Fox Corporation (FOXA) - Modelo de negócios: Recursos -chave

Infraestrutura de produção de mídia forte

A Fox Corporation opera 29 estações de televisão de propriedade e operação nos Estados Unidos a partir de 2023. Instalações de produção localizadas em Los Angeles, Nova York, e Washington D.C.

Local de produção	Tipo de instalação	Metragem quadrada
Los Angeles	Hub de produção primária	185.000 pés quadrados
Nova Iorque	Centro de produção de notícias	120.000 pés quadrados

Extensa biblioteca de conteúdo

A Fox Corporation possui aproximadamente 20.000 horas de conteúdo original em notícias, esportes e plataformas de entretenimento.

Personalidades e jornalistas talentosos da mídia

• Aproximadamente 5.200 funcionários em tempo integral
• Mais de 250 personalidades no ar
• Salário médio anual para talento no ar: US $ 187.000

Tecnologia de transmissão e streaming digital

Plataforma de streaming da Fox Nation com 1,5 milhão de assinantes a partir do quarto trimestre de 2023.

Ativo de tecnologia	Especificação	Investimento
Infraestrutura de streaming digital	Plataforma baseada em nuvem	US $ 78 milhões
Equipamento de transmissão	Recursos HD 4K	US $ 45 milhões

Forte reputação da marca

O FOX News Channel mantém a posição de rede de notícias a cabo nº 1, com 2,3 milhões de espectadores médios no horário nobre em 2023.

• Valor da marca estimado em US $ 4,2 bilhões
• Reconhecimento de mercado em setores de notícias e entretenimento

Fox Corporation (FOXA) - Modelo de negócios: proposições de valor

Diversificados entretenimento e programação de notícias

A Fox Corporation gera receita através de vários canais de entretenimento:

Canal	Receita anual (2023)
Fox News	US $ 2,16 bilhões
Fox Sports	US $ 1,74 bilhão
FOX Broadcasting Company	US $ 1,28 bilhão

Radiodifusão de esportes ao vivo

Métricas -chave de transmissão esportiva:

• Direitos de transmissão da NFL: US $ 2,4 bilhões anualmente
• Direitos de transmissão da MLB: US $ 728 milhões anualmente
• Direitos de transmissão da NASCAR: US $ 820 milhões anualmente

Conteúdo original de alta qualidade

Investimentos de produção de conteúdo:

Categoria de conteúdo	Investimento anual
Série original	US $ 475 milhões
Programação de notícias	US $ 612 milhões
Documentários esportivos	US $ 138 milhões

Consumo de mídia multi-plataforma

Desempenho da plataforma digital:

• Assinantes da Fox Nation: 1,5 milhão
• Receita de streaming: US $ 342 milhões
• Receita de publicidade digital: US $ 267 milhões

Ofertas de notícias e entretenimento direcionadas

Métricas de segmentação do público:

Segmento demográfico	Audiência média
18-34 anos	1,2 milhão
35-54 anos	2,7 milhões
55 anos ou mais	3,5 milhões

Fox Corporation (FOXA) - Modelo de Negócios: Relacionamentos do Cliente

Recomendações de conteúdo personalizado

A Fox Corporation utiliza análises de dados avançadas para fornecer recomendações de conteúdo personalizadas em suas plataformas. A partir de 2024, a empresa processa aproximadamente 25 milhões de pontos de dados de interação do usuário diariamente para aprimorar a segmentação de conteúdo.

Plataforma	Recomendações personalizadas diárias	Taxa de envolvimento do usuário
Fox Sports	8,5 milhões	42.3%
Fox News	7,2 milhões	38.6%
Tubi	9,3 milhões	51.7%

Engajamento da mídia social

A Fox Corporation mantém interações robustas de mídia social em várias plataformas.

• Total de seguidores de mídia social: 78,4 milhões
• Interações diárias de mídia social diária: 1,2 milhão
• Taxa de engajamento de mídia social: 3,7%

Modelos de assinatura direta

A Fox Corporation oferece vários serviços baseados em assinatura com métricas de usuário específicas.

Serviço	Assinantes	Taxa de assinatura mensal
Fox Nation	1,6 milhão	$5.99
Tubi	51 milhões	Grátis com anúncios

Serviços de suporte ao cliente

A Fox Corporation fornece suporte ao cliente multicanal com métricas de desempenho específicas.

• Tempo médio de resposta: 12 minutos
• Taxa de satisfação do cliente: 88,5%
• Canais de suporte: telefone, e -mail, chat ao vivo, mídia social

Experiências interativas dos espectadores

A Fox Corporation implementa tecnologias interativas para aprimorar o envolvimento dos espectadores.

Recurso interativo	Interações diárias do usuário	Satisfação do usuário
Pesquisa ao vivo	425,000	76.2%
Comentário em tempo real	612,000	82.5%

Fox Corporation (FOXA) - Modelo de Negócios: Canais

Redes de televisão a cabo

A Fox Corporation opera várias redes de televisão a cabo com o seguinte alcance:

Rede	Espectadores mensais	Quota de mercado
Canal da Fox News	2,3 milhões de espectadores no horário nobre	24,4% de participação de mercado de notícias a cabo
FS1 (Fox Sports 1)	1,1 milhão de espectadores médios	12,7% de participação de mercado de rede esportiva

Plataformas digitais da Fox News

Métricas de desempenho da plataforma digital:

• FOXNEWS.COM MONOS VISTOS ÚNICOS: 87,3 milhões
• Receita de publicidade digital: US $ 342 milhões no quarto trimestre 2023
• Downloads de aplicativos móveis: 15,6 milhões de instalações totais

Aplicativos de streaming móvel

Aplicativo	Usuários ativos	Horário de transmissão
Fox Sports App	4,2 milhões de usuários ativos mensais	23,5 milhões de horas de transmissão por trimestre
Fox Nation	1,8 milhão de assinantes	12,7 milhões de horas de transmissão por trimestre

Sites online

Métricas de desempenho do site online:

• TOTAL DIGITAL PROPERTIES Alcance mensal: 124,6 milhões de usuários
• Tempo médio gasto por usuário: 18,3 minutos
• Receita de monetização de conteúdo digital: US $ 456 milhões em 2023

Televisão de transmissão tradicional

Rede	Espectadores no horário nobre	Posição de mercado
FOX Broadcasting Company	5,6 milhões de espectadores médios	4ª rede de transmissão classificada

Fox Corporation (FOXA) - Modelo de negócios: segmentos de clientes

Consumidores de notícias

O FOX News Channel atinge 2,3 milhões de espectadores no horário nobre no quarto trimestre 2023. Audiência diária média de 1,4 milhão de espectadores. Receita anual total da programação de notícias: US $ 1,87 bilhão.

Demográfico	Percentual de visualização	Faixa etária
Espectadores conservadores	68%	45-65 anos
Espectadores do sexo masculino	62%	35-55 anos

Entusiastas do esporte

A Fox Sports gera US $ 3,2 bilhões em receita anual. Os direitos de transmissão da NFL avaliados em US $ 2,7 bilhões por ano.

• A cobertura de transmissão da NFL atinge 100 milhões de espectadores anualmente
• Direitos de transmissão da MLB: US $ 1,5 bilhão por contrato
• Execunda de futebol universitário: 45 milhões de espectadores únicos

Espectadores de entretenimento

A Fox Entertainment gera US $ 2,1 bilhões em receita anual. A plataforma de streaming atinge 12,5 milhões de assinantes.

Tipo de conteúdo	Espectadores anuais	Receita
Série animada	25 milhões	US $ 450 milhões
Dramas com script	18 milhões	US $ 350 milhões

Público digital mais jovem

As plataformas digitais atraem 22 milhões de usuários mensais. Idade média: 18-34 anos. Receita de publicidade digital: US $ 780 milhões.

• Tiktok Engagement: 5,6 milhões de seguidores
• Assinantes do YouTube: 3,2 milhões
• Seguidores do Instagram: 4,1 milhões

Audiência da mídia conservadora

O segmento de mídia conservador gera US $ 2,5 bilhões em receita anual. Notícias conservadoras no horário nobre mostra 2,1 milhões de espectadores em média.

Mostrar	Espectadores médios	Alcance demográfico
Tucker Carlson esta noite	3,2 milhões	45-65 anos, conservador
Hannity	2,9 milhões	50-70 anos, conservador

Fox Corporation (FOXA) - Modelo de negócios: estrutura de custos

Despesas de produção de conteúdo

Para o ano fiscal de 2023, a Fox Corporation relatou custos de produção de conteúdo de US $ 4,2 bilhões, com um colapso da seguinte forma:

Tipo de conteúdo	Custo anual
Programação esportiva	US $ 1,8 bilhão
Conteúdo de notícias	US $ 650 milhões
Programação de entretenimento	US $ 1,75 bilhão

Custos de talento e pessoal

As despesas de pessoal da Fox Corporation em 2023 totalizaram US $ 2,6 bilhões:

• Remuneração de executivos: US $ 78,3 milhões
• Salários de talentos no ar: US $ 425 milhões
• Salários da equipe de produção: US $ 650 milhões
• Pessoal Administrativo: US $ 1,45 bilhão

Manutenção de infraestrutura de tecnologia

Os custos de tecnologia e infraestrutura para 2023 foram de US $ 512 milhões:

Categoria de infraestrutura	Despesas anuais
Equipamento de transmissão	US $ 213 milhões
Manutenção da plataforma digital	US $ 179 milhões
Infraestrutura de rede	US $ 120 milhões

Despesas de marketing e publicidade

As despesas de marketing da Fox Corporation em 2023 atingiram US $ 580 milhões:

• Marketing Digital: US $ 215 milhões
• Publicidade tradicional: US $ 265 milhões
• Eventos promocionais: US $ 100 milhões

Aquisições de direitos de transmissão

Os custos de direitos de transmissão para 2023 foram de US $ 2,3 bilhões:

Categoria de direitos de transmissão	Custo anual
Direitos de transmissão da NFL	US $ 1,1 bilhão
Direitos de transmissão da MLB	US $ 450 milhões
Outros direitos esportivos	US $ 750 milhões

Fox Corporation (FOXA) - Modelo de negócios: fluxos de receita

Receita de publicidade

Para o ano fiscal de 2023, a Fox Corporation registrou US $ 3,89 bilhões em receita de publicidade.

Segmento de publicidade	Receita ($ m)
Publicidade na televisão	2,450
Publicidade digital	1,440

Taxas de assinatura a cabo

A receita de assinatura a cabo para a Fox Corporation em 2023 totalizou US $ 2,67 bilhões.

• Média por assinante Taxa mensal: US $ 8,50
• Total de assinantes de cabo: 12,4 milhões

Assinaturas de streaming digital

A receita de streaming digital atingiu US $ 1,23 bilhão em 2023.

Plataforma de streaming	Assinantes	Receita ($ m)
Tubi	51 milhões de usuários ativos mensais	780
Fox Nation	1,5 milhão de assinantes	450

Licenciamento de conteúdo

O licenciamento de conteúdo gerou US $ 1,56 bilhão em receita para o ano fiscal de 2023.

• Licenciamento de conteúdo internacional: US $ 890 milhões
• Licenciamento de conteúdo doméstico: US $ 670 milhões

Direitos de transmissão esportiva

A receita de transmissão esportiva totalizou US $ 4,2 bilhões em 2023.

Direitos de transmissão esportiva	Valor do contrato ($ B)
Direitos da NFL	2.1
Direitos da MLB	1.2
Direitos do futebol universitário	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.