Fox Enters Streaming Market with Direct-to-Consumer Service
In a move to adapt to the evolving media landscape, Fox Corporation (FOXA) has announced plans to launch its own direct-to-consumer streaming service.
Targeting Cord-Cutters and Cord-Nevers
The new service aims to cater to consumers who have abandoned or never subscribed to traditional cable bundles. Fox CEO Lachlan Murdoch emphasized that the company wants to "reach consumers wherever they are."
Modest Subscriber Expectations and Pricing
Fox's management has set modest subscriber expectations and intends to price the service accordingly. They aim to avoid cannibalizing their existing cable customer base.
Legacy Media Companies Adapt to Streaming
Fox joins other legacy media players in pivoting towards streaming. Warner Bros. Discovery (WBD) recently unveiled a $70 million investment in a digital revamp, including a streaming product.
Aborted Venu Sports Venture
Fox's streaming announcement follows the abrupt cancellation of Venu Sports, a joint venture with WBD and ESPN. The project was abandoned due to regulatory and antitrust concerns.
Strong Financial Performance
Fox's recent financial results exceeded expectations, driven by election spending and a robust live sports schedule. The upcoming Super Bowl LIX is expected to further boost share prices.
Follow for Further Updates
For the latest information on Fox's streaming plans and other financial market news, follow Yahoo Finance on LinkedIn and Twitter. Contact Senior Reporter Alexandra Canal at [email protected].