A List of the Key Numbers You Need to Know From OTT Platforms’ Q1 Earnings

I’ve condensed the key numbers from OTT platforms’ Q1 earnings into a list you can read in one minute. The data you need to know, without any fluff. If you are in the industry, you need to know the following:

– Comcast 𝗮𝗱𝗱𝗲𝗱 𝟱𝗠 𝗣𝗲𝗮𝗰𝗼𝗰𝗸 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲𝗿𝘀, to end Q1 with 41M. Revenue of $1.2B, up 16% YoY, on an 𝗘𝗕𝗜𝗧𝗗𝗔 𝗹𝗼𝘀𝘀 𝗼𝗳 $𝟮𝟭𝟱𝗠, down from $639M YoY. Comcast 𝗹𝗼𝘀𝘁 𝟰𝟮𝟳,𝟬𝟬𝟬 𝗽𝗮𝘆 𝗧𝗩 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀, ending Q1 with 12.1M domestic video customers.
– Paramount 𝗮𝗱𝗱𝗲𝗱 𝟭.𝟱𝗠 𝗣𝗮𝗿𝗮𝗺𝗼𝘂𝗻𝘁+ 𝘀𝘂𝗯𝘀, ending the quarter with 79M. DTC revenue of $2.01B, up 9% YoY, 𝗻𝗮𝗿𝗿𝗼𝘄𝗲𝗱 𝘀𝘁𝗿𝗲𝗮𝗺𝗶𝗻𝗴 𝗟𝗼𝘀𝘀 𝟲𝟮% 𝘁𝗼 $𝟭𝟬𝟵𝗠. Advertising revenue was 23.1% of DTC revenue.
– WBD 𝗮𝗱𝗱𝗲𝗱 𝟱.𝟯𝗠 𝗗𝗧𝗖 𝘀𝘂𝗯𝘀 to end Q1 with 122.3M subs. DTC revenue of $2.65B, up 8% YoY, with 𝗽𝗼𝘀𝗶𝘁𝗶𝘃𝗲 $𝟯𝟯𝟵𝗠 𝗮𝗱𝗷𝘂𝘀𝘁𝗲𝗱 𝗘𝗕𝗜𝗧𝗗𝗔. Advertising made up 10.2% of DTC revenue.
– Disney 𝗮𝗱𝗱𝗲𝗱 𝟭.𝟰𝗠 𝗗𝗶𝘀𝗻𝗲𝘆+ 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲𝗿𝘀 (126M total); Hulu SVOD gained 1.3M subs (50.3M total), 𝗛𝘂𝗹𝘂 + 𝗟𝗶𝘃𝗲 𝗧𝗩 𝗹𝗼𝘀𝘁 𝟮𝟬𝟬,𝟬𝟬𝟬 𝘀𝘂𝗯𝘀 (4.4M total); 𝗘𝗦𝗣𝗡+ 𝗹𝗼𝘀𝘁 𝟴𝟬𝟬,𝟬𝟬𝟬 𝘀𝘂𝗯𝘀 (24.1M total). DTC business and ESPN+ combined had an 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗶𝗻𝗰𝗼𝗺𝗲 𝗼𝗳 $𝟯𝟯𝟲𝗠. Disney’s DTC ESPN offering will offer two plans: 𝗘𝗦𝗣𝗡’𝘀 𝘂𝗻𝗹𝗶𝗺𝗶𝘁𝗲𝗱 𝗽𝗹𝗮𝗻 𝗰𝗼𝘀𝘁𝘀 $𝟮𝟵.𝟵𝟵 𝗽𝗲𝗿 𝗺𝗼𝗻𝘁𝗵 and its 𝘀𝗲𝗹𝗲𝗰𝘁 𝗽𝗹𝗮𝗻 𝗰𝗼𝘀𝘁𝘀 $𝟭𝟭.𝟵𝟵 𝗽𝗲𝗿 𝗺𝗼𝗻𝘁𝗵.
– Fubo’s North America 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲𝗿𝘀 𝗱𝗲𝗰𝗹𝗶𝗻𝗲𝗱 𝟮.𝟳% YoY to 1.47M. 𝗔𝗱 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗼𝗳 $𝟮𝟮.𝟱𝗠 𝘄𝗮𝘀 𝗱𝗼𝘄𝗻 𝟭𝟳% 𝗬𝗼𝗬, due to Fubo dropping WBD and TVU networks.
– Roku’s Q1 total 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘄𝗮𝘀 $𝟭.𝟬𝟮𝗕, 𝘂𝗽 𝟭𝟲% YoY; Platform revenue was $881M, up 17% YoY. Devices revenue of $139M, up 11% YoY. FCF of $298.4M, down 30% YoY. 𝗡𝗼 𝗹𝗼𝗻𝗴𝗲𝗿 𝗴𝗶𝘃𝗲𝘀 𝗼𝘂𝘁 𝘁𝗵𝗲 𝗻𝘂𝗺𝗯𝗲𝗿 𝗼𝗳 𝗾𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗮𝗰𝘁𝗶𝘃𝗲 𝘀𝘁𝗿𝗲𝗮𝗺𝗶𝗻𝗴 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝘀.
– Netflix revenue of $10.54B, up 13% YoY. FCF of $2.66B. Expects ad revenue to “roughly double” in 2025. Still forecasting full year 2025 FCF of about $8B. 𝗡𝗲𝘁𝗳𝗹𝗶𝘅’𝘀 𝗮𝗱 𝘁𝗶𝗲𝗿 𝗵𝗮𝘀 𝗿𝗲𝗮𝗰𝗵𝗲𝗱 𝟵𝟰𝗠 𝗴𝗹𝗼𝗯𝗮𝗹 𝗠𝗔𝗨𝘀, 𝘂𝗽 𝗳𝗿𝗼𝗺 𝟳𝟬𝗠 𝗠𝗔𝗨𝘀 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗱 𝗶𝗻 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿.
– EchoStar lost 380,000 DISH pay TV customers, of which 𝗦𝗹𝗶𝗻𝗴 𝗧𝗩 𝗺𝗮𝗱𝗲 𝘂𝗽 𝟭𝟵𝟴,𝟬𝟬𝟬 𝗼𝗳 𝘁𝗵𝗼𝘀𝗲 𝗹𝗼𝘀𝘀𝗲𝘀. Sling TV ended Q1 with 1.89M subscribers.
* 𝗣𝗮𝘆 𝗧𝗩 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗿𝘀 𝗮𝗻𝗱 𝘃𝗠𝗩𝗣𝗗𝘀 𝗹𝗼𝘀𝘁 𝗮 𝗰𝗼𝗺𝗯𝗶𝗻𝗲𝗱 𝟭.𝟳𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗹𝗶𝘃𝗲 𝗧𝗩 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲𝗿𝘀 𝗶𝗻 𝗤𝟭 (excluding YouTube TV and DIRECTV).