Michael Ing's questions to Fox Corp (FOXA) leadership • Q4 2024
Question
Michael Ing asked about the drivers behind Tubi's strong mid-teens revenue growth despite heightened competition, and requested an update on the level of digital investment losses in fiscal 2024 and the outlook for fiscal 2025.
Answer
Executive Chair and CEO Lachlan Murdoch attributed Tubi's momentum to its brand strength, reach, and ability to maintain pricing even as new competitors increased ad supply. CFO Steve Tomsic specified that Tubi's investment was in the mid-$200 million range in FY24, consistent with FY23. For FY25, he expects slightly less investment at Tubi, which will contribute to improved EBITDA for the overall digital portfolio.