Roku, Inc. (Roku): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em constante evolução do streaming digital, a Roku, Inc. emergiu como uma força transformadora, revolucionando a maneira como os consumidores acessam e interagem com o conteúdo do entretenimento. Ao misturar engenhosamente inovação de hardware, agregação de conteúdo e uma sofisticada plataforma de publicidade, a Roku criou um nicho único no ecossistema competitivo de streaming. Seu modelo de negócios representa uma abordagem estratégica que vai além do consumo tradicional de mídia, oferecendo aos usuários uma experiência de streaming intuitiva, versátil e econômica que cativou milhões de famílias em todo o mundo.

Roku, Inc. (Roku) - Modelo de Negócios: Parcerias -Chaves

Provedores de conteúdo

A Roku faz parceria com as principais plataformas de streaming:

Provedor de conteúdo	Contagem de assinantes (2023)	Contrato de participação em receita
Netflix	260,8 milhões de assinantes globais	Estimação de 30% de participação na receita de publicidade
Disney+	157,8 milhões de assinantes	Estimação de 25% de participação na receita de publicidade
Hulu	48,2 milhões de assinantes	Estimação de 35% de participação na receita de publicidade

Fabricantes de TV

As parcerias estratégicas de hardware incluem:

• TCL: 15,2 milhões de TVs inteligentes habilitadas para Roku vendidas em 2023
• Sharp: 4,7 milhões de unidades de televisão integrada a Roku
• Insignia: 3,6 milhões de modelos de televisão movidos a Roku

Redes de publicidade

Parceiro de publicidade	2023 Receita de anúncios	Alcance da plataforma
A mesa de comércio	Receita total da plataforma total de US $ 1,2 bilhão	65 milhões de contas ativas
Google Ad Manager	Publicidade programática de US $ 892 milhões	52 milhões de usuários ativos mensais

Fabricantes de chips semicondutores

• Broadcom: fornecedor de chip primário para dispositivos de streaming roku
• MEDIATEK: fornece soluções de sistema no chip para a TV Roku
• Realtek: fornecem chips de processamento de áudio/vídeo

Desenvolvedores de serviço de streaming

Desenvolvedor	Canais ativos	Suporte de desenvolvimento
HBO Max	76,8 milhões de assinantes globais	Integração completa da plataforma
Amazon Prime Video	200 milhões de assinantes globais	Suporte abrangente do SDK

Roku, Inc. (Roku) - Modelo de negócios: Atividades -chave

Desenvolvimento de software da plataforma

A Roku investiu US $ 496,9 milhões em pesquisa e desenvolvimento em 2022. A empresa mantém uma equipe dedicada de engenharia de software de aproximadamente 1.200 profissionais focados no desenvolvimento e melhoria do sistema operacional Roku e da plataforma de streaming.

Métricas de desenvolvimento de software	2022 dados
Despesas de P&D	US $ 496,9 milhões
Tamanho da equipe de engenharia de software	1.200 profissionais
Usuários ativos do Roku OS	65,4 milhões

Fabricação de dispositivos de streaming

A Roku produziu aproximadamente 51,2 milhões de dispositivos de streaming a partir de 2022, com uma participação de mercado global de 30% na categoria de dispositivo de streaming.

• Volume de produção de dispositivos: 51,2 milhões de unidades
• Participação de mercado global: 30%
• Custo médio de fabricação por dispositivo: US $ 35- $ 45

Agregação e curadoria de conteúdo

A plataforma de Roku hospeda mais de 300.000 filmes e episódios de TV em mais de 20.000 canais. A empresa gera receita de licenciamento de conteúdo de aproximadamente US $ 247,5 milhões anualmente.

Métricas de conteúdo	2022 Estatísticas
Total de canais	20,000+
Filmes/episódios de TV disponíveis	300,000+
Receita de licenciamento de conteúdo	US $ 247,5 milhões

Gerenciamento de plataforma de publicidade

A plataforma de publicidade da Roku gerou US $ 1,96 bilhão em receita de publicidade em 2022, com 74% de crescimento ano a ano em publicidade digital.

• Receita total de publicidade: US $ 1,96 bilhão
• Crescimento da publicidade digital: 74%
• Parcerias de publicidade ativa: 3.500+

Projeto de experiência do usuário e melhoria

A Roku aloca aproximadamente 22% do seu orçamento de P&D para design de experiência do usuário, com foco nos algoritmos de otimização e personalização da interface.

Métricas de design de UX	2022 dados
Alocação de orçamento de design de UX	22% de P&D
Usuários ativos mensais	65,4 milhões
Duração média da sessão do usuário	3,7 horas

Roku, Inc. (Roku) - Modelo de Negócios: Recursos Principais

Sistema operacional de streaming proprietário

O Roku OS alimenta mais de 61,3 milhões de contas ativas a partir do terceiro trimestre de 2023. O sistema operacional suporta mais de 25.000 canais e aplicativos de streaming.

Métrica do sistema operacional	Dados quantitativos
Contas ativas totais	61,3 milhões
Canais de streaming suportados	25,000+

Recursos de engenharia de hardware

A Roku fabrica vários modelos de dispositivos de streaming com penetração no mercado em diferentes preços.

• Roku Express: dispositivo de streaming de nível básico
• Roku streaming stick 4k
• Roku Ultra
• Roku Streambar

Grande base de usuários e análise de dados

A plataforma da Roku gera US $ 1,9 bilhão em receita para 2022, com métricas significativas de envolvimento do usuário.

Métrica de engajamento do usuário	Dados quantitativos
Receita total da plataforma	US $ 1,9 bilhão
Horário médio de streaming por usuário	80,3 horas mensais

Reconhecimento da marca na tecnologia de streaming

Roku segura 52% de participação de mercado nas vendas de dispositivos de streaming nos Estados Unidos a partir de 2023.

Propriedade intelectual e patentes

A Roku possui aproximadamente 350 patentes ativas relacionadas à tecnologia de streaming e design da interface do usuário.

Métrica de propriedade intelectual	Dados quantitativos
Total de patentes ativas	350
Categorias de patentes	Tecnologia de streaming, interface do usuário

Roku, Inc. (Roku) - Modelo de Negócios: Proposições de Valor

Interface de streaming simples e fácil de usar

Roku oferece a interface simplificada com 79,9 milhões de contas ativas a partir do terceiro trimestre de 2023. A plataforma suporta mais de 27.000 canais e aplicativos, fornecendo fácil navegação através do conteúdo de streaming.

Interface Métrica	Valor
Contas de usuário ativas	79,9 milhões
Total de canais suportados	27,000+
Tempo médio de streaming do usuário	4,6 horas/dia

Hardware de streaming acessível

Os dispositivos Roku variam de US $ 29,99 a US $ 199,99, com um preço médio de US $ 49,99 para o streaming de jogadores.

• Roku Express: US $ 29,99
• Roku Streaming Stick 4K: $ 49,99
• Roku Ultra: US $ 99,99

Acesso a uma ampla gama de canais de conteúdo

A plataforma Roku oferece conteúdo de 217 países e territórios, com mais de 50.000 filmes e programas de TV gratuitos.

Disponibilidade de conteúdo	Métrica
Países cobertos	217
Títulos de conteúdo gratuitos	50,000+

Recomendações de conteúdo personalizado

Os processos de mecanismo de recomendação da Roku 57,9 bilhões de horas de streaming anualmente para fornecer sugestões de conteúdo personalizado.

Opções de streaming grátis e pago

Roku gera receita através de vários modelos de streaming:

• TV de streaming gratuito suportado por anúncios (rápido)
• Canais baseados em assinatura
• Conteúdo de pay-per-view
• Receita de publicidade

Fluxo de receita	2023 Valor estimado
Receita da plataforma	US $ 2,7 bilhões
Receita do jogador	US $ 453,6 milhões

Roku, Inc. (Roku) - Modelo de Negócios: Relacionamentos do Cliente

Suporte digital de autoatendimento

A Roku fornece suporte on -line abrangente por meio de seu centro de ajuda digital, que recebe aproximadamente 12 milhões de interações mensais do usuário a partir do quarto trimestre 2023.

Canal de suporte	Interações mensais do usuário
Centro de ajuda online	12,000,000
Base de conhecimento de autoatendimento	8,500,000

Fóruns da comunidade e grupos de usuários

Roku mantém fóruns comunitários on -line ativos com Mais de 250.000 membros da comunidade registrados que se envolvem em discussões e solução de problemas.

• Taxa de resposta do fórum da comunidade: 92%
• Tempo médio de resposta: 4,2 horas
• Total de tópicos comunitários: 175.000

Aplicativo móvel e gerenciamento de contas online

O aplicativo móvel da Roku foi baixado 72,5 milhões de vezes em dezembro de 2023, com 51,2 milhões de usuários mensais ativos gerenciando suas contas.

Métrica de aplicativo móvel	2023 dados
Downloads totais	72,500,000
Usuários ativos mensais	51,200,000

Atendimento ao cliente automatizado

A Roku utiliza chatbots de IA que lidam com aproximadamente 65% das consultas iniciais do cliente, reduzindo o tempo médio de resolução para 12 minutos.

• Taxa de resolução do chatbot: 65%
• Tempo médio de interação do atendimento ao cliente: 12 minutos
• Taxa de satisfação de suporte automatizado: 87%

Atualizações regulares de software

A Roku lança atualizações de software para seus dispositivos e plataforma aproximadamente 8-10 vezes por ano, com uma implantação média de atualização atingindo 85% dos dispositivos ativos em 30 dias.

Métrica de atualização de software	2023-2024 dados
Frequência anual de atualização	8-10
Atualização do dispositivo Penetração	85%
Tempo médio de implantação de atualização	30 dias

Roku, Inc. (Roku) - Modelo de Negócios: Canais

Vendas diretas on -line (Roku.com)

No quarto trimestre 2023, o Roku.com gerou US $ 2,06 bilhões em receita direta da plataforma. O site oferece:

• Vendas de dispositivos de streaming direto
• Roku Streaming Player Compras
• Modelos de TV Roku

Tipo de canal	Receita anual (2023)	Porcentagem da receita total
Vendas on -line diretas	US $ 2,06 bilhões	37.8%

Lojas eletrônicas de varejo

Os dispositivos Roku foram vendidos através das principais parcerias de varejo:

• Walmart: 25% das vendas de dispositivos físicos
• Best Buy: 18% das vendas de dispositivos físicos
• Alvo: 12% das vendas de dispositivos físicos

Varejista	Participação de vendas de dispositivos
Walmart	25%
Best Buy	18%
Alvo	12%

Plataformas de comércio eletrônico

Online Marketplace Disposition Sales Breakdown:

• Amazon: 22% do total de vendas de dispositivos
• Best Buy Online: 15% do total de vendas de dispositivos

Plataforma de comércio eletrônico	Porcentagem de vendas
Amazon	22%
Best Buy Online	15%

Lojas de aplicativos móveis

Canais de distribuição de aplicativos Roku:

• Apple App Store: 65% dos downloads de aplicativos
• Google Play Store: 35% dos downloads de aplicativos

Plataforma móvel	Download de aplicativos compartilhe
Apple App Store	65%
Google Play Store	35%

Sites de fabricantes de parceiros

Vendas de dispositivos integrados por meio de parcerias do fabricante:

• TCL: 40% das vendas de TV Roku
• Sharp: 25% das vendas de TV Roku
• Hisense: 20% das vendas de TV Roku

Fabricante	Porcentagem de vendas de TV Roku
Tcl	40%
Afiado	25%
Hisense	20%

Roku, Inc. (Roku) - Modelo de negócios: segmentos de clientes

Consumidores de corte de cordões

A partir do quarto trimestre de 2023, a Roku registrou 70,4 milhões de contas ativas nos Estados Unidos. A demografia de corte de cordão representa 44,3% da base de usuários de Roku.

Característica do segmento	Percentagem
Renda familiar média	$75,000 - $95,000
Faixa etária	25-54 anos
Horas de transmissão por mês	138 horas

Usuários de streaming consciente do orçamento

A plataforma da Roku gera receita média de US $ 2,78 por usuário (ARPU) trimestralmente.

• TV de streaming de anúncios gratuitos (rápido) canais: mais de 280 canais
• Gasto mediano de streaming mensal: US $ 37,50
• Usuários preferindo conteúdo gratuito: 62%

Famílias que conhecem a tecnologia

A penetração do mercado de dispositivos Roku atingiu 51,2% entre os proprietários de TV inteligentes em 2023.

Tipo de dispositivo	Quota de mercado
Roku Smart TVs	38%
Roku Streaming Sticks	27%
Caixas de configuração do Roku	35%

Millennials e Gen Z

Os usuários de 18 a 40 anos constituem 49,6% da base total de usuários da Roku.

• Tempo médio de streaming por dia: 3,2 horas
• Gêneros de conteúdo preferidos:
  • Filmes de streaming: 42%
  • Série original: 38%
  • Esportes ao vivo: 20%

Metas de expansão do mercado internacional

A base internacional de usuários da Roku cresceu para 10,5 milhões de contas ativas em 2023.

País/região	Usuários ativos
Canadá	5,2 milhões
Reino Unido	3,7 milhões
México	1,6 milhão

Roku, Inc. (Roku) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, as despesas de pesquisa e desenvolvimento da Roku foram de US $ 695,9 milhões, representando 36,4% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 695,9 milhões	36.4%
2022	US $ 699,1 milhões	33.7%

Custos de fabricação de hardware

Os custos de fabricação de hardware da Roku para dispositivos de streaming e TVs inteligentes em 2023 foram de aproximadamente US $ 237,4 milhões.

• Custo médio por dispositivo de streaming: US $ 25- $ 35
• Locais de fabricação: China e Vietnã
• Volume anual de produção de hardware: 51,3 milhões de unidades

Marketing e publicidade

As despesas de marketing e publicidade da ROKU em 2023 totalizaram US $ 516,3 milhões, representando 27% da receita total.

Canal de marketing	Gastos	Porcentagem de orçamento de marketing
Publicidade digital	US $ 258,2 milhões	50%
Mídia tradicional	US $ 154,9 milhões	30%
Marketing de parceiros	US $ 103,2 milhões	20%

Taxas de licenciamento de conteúdo

As taxas de licenciamento de conteúdo para Roku em 2023 foram de US $ 412,6 milhões.

• Canais de streaming licenciados: 275+
• Custo médio de licenciamento por canal: US $ 1,5 milhão anualmente
• Porcentagem de conteúdo de fornecedores de terceiros: 92%

Manutenção da plataforma de software

Os custos de manutenção da plataforma de software para Roku em 2023 foram de US $ 189,7 milhões.

Categoria de manutenção	Despesas	Porcentagem de custos de plataforma
Infraestrutura	US $ 89,3 milhões	47%
Segurança	US $ 45,2 milhões	24%
Atualizações e melhorias	US $ 55,2 milhões	29%

Roku, Inc. (Roku) - Modelo de negócios: fluxos de receita

Vendas de dispositivos de hardware

A Roku gerou US $ 251,7 milhões em receita de hardware no quarto trimestre de 2023, representando um aumento de 3% em relação ao ano anterior.

Tipo de dispositivo	Preço médio de venda	Volume anual de vendas
Roku Express	$29.99	5,2 milhões de unidades
Roku Streaming Stick	$49.99	3,8 milhões de unidades
Roku Ultra	$79.99	1,5 milhão de unidades

Receita da plataforma de publicidade

A receita da plataforma da Roku atingiu US $ 943,7 milhões no quarto trimestre de 2023, com a publicidade contribuindo significativamente.

• Gastes de publicidade em vídeo digital total: US $ 1,2 bilhão em 2023
• CPM média (custo por mil impressões): US $ 25,50
• Receita de publicidade programática: US $ 412 milhões em 2023

Comissões de canal de conteúdo

Roku ganha comissões de vários canais e serviços de streaming.

Canal	Porcentagem de comissão	Receita anual estimada
Netflix	10%	US $ 45,6 milhões
Hulu	15%	US $ 38,2 milhões
Disney+	12%	US $ 32,7 milhões

Taxas de referência de assinatura

Roku gera receita por meio de programas de referência de assinatura.

• Taxas totais de referência em 2023: US $ 87,3 milhões
• Taxa de referência média por assinatura: US $ 5,40
• Número de assinaturas referidas: 16,2 milhões

Monetização de conteúdo do canal roku

O canal Roku gera receita direta através da monetização do conteúdo.

Fonte de receita	Receita anual	Taxa de crescimento
Avod (vídeo suportado por anúncios sob demanda)	US $ 278,6 milhões	22%
SVOD (Vídeo de assinatura sob demanda)	US $ 142,3 milhões	15%
Conteúdo transacional	US $ 56,7 milhões	8%

Roku, Inc. (ROKU) - Canvas Business Model: Value Propositions

For viewers, Roku, Inc. offers a unified, simple access point to the fragmented streaming universe.

• Streaming Hours totaled 36.5 billion in the third quarter of 2025, representing an increase of 4.5 billion hours year-over-year.
• Streaming on Roku-powered devices accounted for 21.4% of all TV viewing time in the U.S. in July 2025, surpassing broadcast TV's 18.4% share.
• The platform helps reduce active cancellation rates by displaying where a show or movie is available based on a user's active subscriptions.
• Roku, Inc. launched Howdy, an owned-and-operated SVOD service, for $2.99 per month, always ad free.

For advertisers, the value proposition centers on performance and measurement within the Connected TV (CTV) environment.

• Platform revenue, which includes advertising activities, reached $1.065 billion in the third quarter of 2025, growing 17% year-over-year.
• Video advertising on the Roku platform grew faster year-over-year than the U.S. OTT and digital ad markets in Q3 2025.
• The share of Roku video impressions executed programmatically continues to rise due to expanded integrations with third-party demand-side platforms (DSPs).
• In Q3 2025, approximately 90% of advertisers using Roku Ads Manager, the self-serve platform, were new to Roku.

Metric	Value (Late 2025 Data)	Context
Platform Revenue (Q3 2025)	$1.065 billion	Up 17% YoY.
Platform Gross Margin (Q3 2025)	51.5%	50 basis points above outlook.
Total Streaming Hours (Q3 2025)	36.5 billion	Up 4.5 billion hours YoY.
Full Year Platform Revenue Guidance	$4.11 billion	Raised outlook for fiscal year 2025.

Content partners benefit from a vast distribution channel that reaches a significant portion of U.S. streaming households.

• Roku, Inc. crossed 90 million streaming households in early January 2025, with roughly 90 million households served as of Q3 2025.
• An estimate suggests the account tally could reach 95 million in the report covering Q4 2025.
• Roku, Inc. remains the leading destination for streaming overall, by usage and TV unit sales.

The Free Ad-Supported Streaming TV (FAST) offering via The Roku Channel provides a high-reach, no-cost entertainment option.

• The Roku Channel remained the #2 app on the Roku platform by engagement in the U.S. in Q3 2025.
• It was the #1 FAST service in the U.S., capturing 6.2% of all TV streaming time in September 2025.
• In August 2025, The Roku Channel captured a robust 2.8% of all TV viewing time, ranking in the top 5 most-watched apps overall according to Nielsen.

For TV manufacturers, Roku, Inc. provides a leading smart TV operating system that drives consumer preference.

• Roku OS is cited as the #1 smart TV OS sold in the U.S. (based on Q3 2022 data, with continued leadership noted in 2025).
• As of early 2023, Roku was engaged with 15 OEM partners, including TCL, Hisense, and Philips, who build sets based on Roku reference designs.
• Roku, Inc. introduced its own line of Roku-branded TVs in 2025, complementing its partner-branded models.
• The platform strategy allows partners to focus on hardware while Roku manages the OS, which helps decrease manufacturing overhead.

Roku, Inc. (ROKU) - Canvas Business Model: Customer Relationships

You're looking at how Roku, Inc. (ROKU) manages its relationships across its massive user base and its growing advertiser ecosystem as of late 2025. It's a dual focus: keeping viewers happy with the platform experience while providing scalable and dedicated support for partners spending money on ads.

Automated Self-Service Platform (Roku Ads Manager) for SMB Advertisers

For small and medium-sized businesses (SMBs), the relationship is heavily automated through the Roku Ads Manager. This self-serve platform lowers the barrier to entry for TV advertising, which historically required large budgets. Roku predicted that this accessibility would bring an estimated 20,000 new marketers to streaming TV campaigns in 2025. To further reduce friction for these performance-minded brands, Roku offered the free use of Spaceback, a creative tool that repurposes social content into CTV ads, for campaigns running through Roku Ads Manager through Q1 2025. The platform's scale is significant; Roku boasts over 90 million streaming households. This self-service approach is clearly driving results, as one direct-to-consumer brand, fatty15, achieved a conversion rate from cart adds of more than 30% using Roku Ads Manager with its Shopify integration.

Here's a quick look at how Roku segments its advertiser relationships:

Advertiser Segment	Relationship Type Focus	Key Metric/Data Point
SMBs/Digital-First Brands	Automated Self-Service (Roku Ads Manager)	Expected 20,000 new marketers in 2025
Enterprise/Large Brands	Managed Services/Dedicated Support	Platform Revenue guidance for full year 2025 raised to $4.075 billion

Dedicated Sales and Support Teams for Enterprise Advertisers

When you move to large-scale campaigns or need custom ad solutions, the relationship shifts from self-service to managed services. Roku provides these dedicated teams to help optimize ad spend and secure premium placements, which is crucial in a competitive environment. The platform business, which houses advertising revenue, is showing strong financial momentum. Roku reported platform revenues of $881 million in Q1 2025, a 17% year-over-year increase. The full-year outlook for Platform revenue was raised to $4.075 billion for 2025. This suggests that enterprise relationships are a core driver of the platform's financial health.

Personalized Content Discovery and AI-Driven Recommendations

For the end-user, the relationship is built on making content discovery faster and more relevant, which in turn drives more ad inventory exposure. Roku rolled out a major software update in Fall 2025 that upgraded Roku Voice to use AI for conversational responses. This technology helps users find content "faster and smarter". The impact of personalization is measurable: in Q1 2025, more than a third of U.S. streaming households engaged with the AI-driven personalized content row monthly. The platform is also enhancing specific discovery areas:

• Enhanced search integration arriving in the Live TV Zone and soon the full Live TV Channel Guide.
• Titles now display up to two streaming services based on active subscriptions, reducing clicks to watch.
• Roku Sports features live scores that update in place for fans.
• Users can rate titles with Like, Dislike, or Watched to improve recommendations.

Direct-to-Consumer Support for Device and Platform Issues

Direct support focuses on the hardware and core platform functionality. You see this in the mobile app experience, which is gaining quick-access shortcuts for essential functions like Closed Captions, Sleep Timer, and Find My Remote. Furthermore, Roku is improving the viewing experience with features like the global rollout of Bluetooth Headphone Mode for Roku Streaming Stick and Streaming Stick Plus devices, allowing for private listening. The scale of the user base being supported is immense; Roku had 89.8 million active households by Q4 2024, with projections pointing toward 95 million accounts by the Q4 2025 report. To put that reach in perspective, Roku's streaming devices now reach more U.S. households than the top 10 MVPDs and vMVPDs combined. Finance: review Q4 2025 active account projection against Q3 2025 platform revenue run rate by next Tuesday.

Roku, Inc. (ROKU) - Canvas Business Model: Channels

The Channels segment of Roku, Inc. (ROKU) business model centers on distributing its operating system and monetizing the resulting user engagement across its platform.

Roku TV OS pre-installed on licensed smart TVs

Roku, Inc. maintains its position as the top-selling TV operating system in the United States, Canada, and Mexico. This distribution channel relies on licensing the Roku OS and reference designs to television manufacturers. While the Devices segment revenue, which includes the sale of Roku streaming players and the hardware component of Roku TV sales, saw a decline, the platform's reach continues to be a primary asset for monetization.

Here is a look at the financial performance for the third quarter of fiscal year 2025:

Metric	Amount (Q3 2025)	Year-over-Year Change
Total Net Revenue	$1.211 billion	Up 14%
Platform Revenue	$1.065 billion	Up 17%
Device Revenue	$146 million	Down 5%
Platform Gross Margin	51.5%	N/A

The Devices revenue decline to $146 million in Q3 2025 highlights the strategic shift toward the higher-margin platform business.

Physical retail and e-commerce for Roku streaming players

Roku streaming players are distributed through physical retail channels and e-commerce platforms, serving as a direct entry point to the Roku OS ecosystem for consumers not purchasing a new Roku TV. The Q3 2025 Devices revenue was $146 million, reflecting a 5% decrease year-over-year, which management noted was expected as the company prioritizes platform monetization.

The Roku Channel (direct content delivery and monetization)

The Roku Channel is a key owned-and-operated channel for direct content delivery, operating as a free, ad-supported streaming television (FAST) platform. In September 2025, The Roku Channel accounted for 6.2% of all U.S. TV streaming time, according to Nielsen's The GaugeTM report. It remained the number two app by engagement on the Roku platform in the U.S.

Engagement metrics related to the platform and The Roku Channel:

• Total Streaming Hours (Q3 2025): 36.5 billion, an increase of 4.5 billion hours year-over-year.
• The Roku Channel was voted "Best Free Streaming Service" in a recent Cord Cutters News survey.
• Nearly 90% of The Roku Channel's engagement originated from Roku Experience entry points in Q3 2025.

Roku Ads Manager self-serve advertising portal

Roku Ads Manager is the self-serve platform used to service small and mid-sized advertisers, contributing to the platform revenue growth of 17% year-over-year in Q3 2025. Video advertising on the platform grew faster year-over-year than the U.S. OTT and digital ad markets.

Data points related to advertising and reach:

• Roku dominated 38% of the open programmatic CTV device market in the U.S. in Q1 2025.
• A partnership announced in June 2025 with Amazon Ads created a CTV footprint covering over 80% of U.S. connected TV households.
• In Q2 2025, early conversion rates for performance advertisers using Roku Ads Manager were reported above 30%.

Roku, Inc. (ROKU) - Canvas Business Model: Customer Segments

You're looking at the core groups Roku, Inc. serves as of late 2025. It's a platform play, so the segments are interconnected, but we need to break down who pays the bills and who uses the service.

Streaming Viewers

This is the foundation. Without viewers, the ad dollars and content provider fees don't materialize. Roku, Inc. has achieved significant scale here, making it a major destination for streaming in the U.S.

• Streaming households crossed 90 million in early January 2025.
• The company projected reaching 95 million active accounts by the Q4 2025 report.
• Among U.S. households that stream monthly, 59% report using Roku, the highest of any streaming OS in a 2025 national survey.
• Viewers spent as much as 20 minutes on average to find their next watch in 2025.

Video Advertisers

These are the folks funding the platform side of the business. Roku, Inc. is focused on making its ad inventory highly desirable through data integration and reach. Platform revenue, which is largely advertising and distribution fees, hit $1.065 billion in Q3 2025, a 17% year-over-year increase.

The advertising segment is attracting both large players and smaller entities. For instance, one 2025 prediction suggested that an estimated 20,000 new marketers would launch their first streaming TV campaigns. Roku reported that video advertising on its platform grew faster year-over-year than the U.S. OTT and digital ad markets in Q3 2025.

Advertiser Type/Metric	Data Point (Late 2025 Context)
Q3 2025 Platform Revenue	$1.065 billion
Platform Revenue YoY Growth (Q3 2025)	17%
Predicted New Streaming TV Advertisers (2025)	Estimated 20,000
Global CTV Ad Delivery Share (Q2 2025)	37-38%

Content Providers (SVOD, AVOD, and FAST services)

These are the channels and services that need distribution to reach the massive audience base. Roku, Inc. acts as the central hub, taking a cut from subscriptions and hosting ad-supported content. The Roku Channel, their owned-and-operated AVOD/FAST service, is a key asset here, ranking as the #2 app by engagement in the U.S. in Q3 2025.

The content ecosystem is diverse, supporting everything from premium subscription video on demand (SVOD) to free ad-supported streaming television (FAST). Roku, Inc. itself entered the SVOD space with its own service.

• Roku, Inc.'s owned SVOD service, Howdy, launched for $2.99 per month, ad-free.
• The Roku Channel offers over 500+ live channels and 80,000+ free movies and shows.
• The company repurchased $50 million of its common stock in Q3 2025 under its repurchase program.

Smart TV Original Equipment Manufacturers (OEMs)

These partners build the operating system right into the television set, which is a critical, lower-margin hardware component that drives platform adoption. Roku, Inc.'s OS is a leader in the U.S. TV OS market.

In Q1 2025, Roku's operating system held about 34% of the U.S. TV OS shipment share. This compares to Samsung Tizen at 22% in the same period. Devices revenue, which includes sales to these OEMs, was $146 million in Q3 2025, representing a 5% year-over-year decline, underscoring the strategic shift toward the higher-margin Platform segment.

Finance: draft 13-week cash view by Friday.

Roku, Inc. (ROKU) - Canvas Business Model: Cost Structure

You're looking at the expenses Roku, Inc. incurs to keep the platform running and the devices shipping as of late 2025. It's a mix of high-margin platform costs and lower-margin hardware costs, which you'll see reflected in the numbers.

Cost of Platform Revenue covers the direct costs associated with delivering content and running the platform. This includes content delivery network fees, cloud infrastructure expenses, and costs related to streaming services distribution. For the first quarter of 2025, this cost was reported at $416,506 thousand.

Cost of Devices Revenue is what it costs Roku, Inc. to get hardware into your hands. This is primarily hardware manufacturing and the logistics to get those players and TVs into retail channels. In Q1 2025, this figure stood at $159,121 thousand, which resulted in a negative gross margin for the segment due to promotional activity.

Research and Development expenses are crucial for maintaining the OS and advancing ad-tech innovation. For the three months ended March 31, 2025, this spend totaled $184,579 thousand, aligning with the stated benchmark of $184.5 million for Q1 2025.

The operating expenses break down the costs of running the business outside of direct revenue generation. Sales and Marketing expenses are what Roku, Inc. spends to acquire users and drive ad demand. General and Administrative overhead covers the corporate functions that support the entire operation.

Here's a look at the key cost components from the first quarter of 2025, along with the trailing twelve months (TTM) Sales and Marketing figure as of September 30, 2025.

Cost Component	Q1 2025 Amount (in thousands)	Q1 2024 Amount (in thousands)	TTM Ending Sep 30, 2025 (in millions)
Cost of Platform Revenue	416,506	360,566	N/A
Cost of Devices Revenue	159,121	132,612	N/A
Research and Development	184,579	180,459	N/A
Sales and Marketing	223,693	202,124	$1.361B
General and Administrative	94,503	77,744	N/A

You can see the operating expenses are significant, but the goal is operating leverage, meaning revenue growth outpaces expense growth. The TTM Sales and Marketing expense ending September 30, 2025, was $1.361B, which represents a 5.02% increase year-over-year for that period.

The breakdown of operating expenses for Q1 2025 shows where the immediate spending was directed:

• Research and Development: $184,579 thousand.
• Sales and Marketing: $223,693 thousand.
• General and Administrative: $94,503 thousand.

The total operating expenses for Q1 2025 reached $502,775 thousand.

If onboarding takes 14+ days, churn risk rises, but on the cost side, you'll want to watch the Devices segment margin closely, as that promotional activity in Q1 2025 led to a gross loss of $19,266 thousand for that segment.

Finance: draft 13-week cash view by Friday.

Roku, Inc. (ROKU) - Canvas Business Model: Revenue Streams

You're looking at the core ways Roku, Inc. makes money as of late 2025. It's a story of shifting focus, where the platform side is the clear engine, and hardware is the necessary, but often low-margin, gateway.

Platform Revenue is the dominant stream, with Roku raising its full-year 2025 outlook to $4.11 billion. This represents nearly 17% growth year-over-year for the segment. Platform gross profit for Q3 2025 hit $547.8 million, with a gross margin of 51.5% in that quarter. The company is confident in delivering double-digit Platform revenue growth in 2026 and beyond.

The Platform Revenue is composed of several key components:

• Video Advertising (programmatic and direct sales)
• Subscription Distribution Fees (share of premium sign-ups)
• Licensing its operating system to TV makers

For Video Advertising, the growth in this area is outpacing overall Platform revenue growth. The share of Roku video impressions executed programmatically continues to rise, indicating a shift toward automated buying methods, though direct deals remain important for premium inventory. Roku also services small and medium-sized businesses (SMBs) through its self-serve platform, Roku Ads Manager.

Regarding Subscription Distribution Fees, financial analysis suggests Roku controls between 15% to 20% of subscription fees generated from streaming carriage deals on its system. This revenue stream is also bolstered by strategic acquisitions, such as the completed Frndly TV acquisition.

The Devices Revenue segment, which covers streaming players and smart home products, is strategically managed for audience growth rather than high margin. For Q3 2025, Devices revenue was reported at $146 million, marking a 5% year-over-year decline. Full-year 2025 expectations suggest Devices revenue and gross profit will be roughly in line with 2024 figures.

Here's a quick look at the segment performance based on recent quarterly data and full-year outlooks:

Revenue Segment	Latest Reported Quarterly Revenue (Q3 2025)	Full-Year 2025 Outlook	Gross Margin (Latest Reported)
Platform Revenue	$1.065 billion	$4.11 billion	51.5% (Q3 2025)
Devices Revenue	$146 million (Q3 2025)	Roughly in line with 2024 levels	Negative mid-teens percentage (Projected for Q3)

The New subscription revenue from Howdy ad-free tier represents a new, value-oriented offering. Howdy launched in August 2025, priced at $2.99 per month for ad-free access to nearly 10,000 hours of content from partners like Lionsgate and Warner Bros. Discovery. This service is designed to complement, not compete with, premium ad-free tiers that cost double-digit dollars.