Key Data Points From Q1 Earnings Across WBD, Disney, FOX, EcoStar, Vizio, Akamai, Brightcove and Vimeo

Here’s this week’s bulleted list of key numbers and data points from Q1 earnings across WBD, Disney, FOX, EcoStar, Vizio, Akamai, Brightcove and Vimeo, including P&L, sub additions/losses, ARPU, and 2024 year-over-year projected growth:

  • The Disney earnings deck said that a definitive agreement regarding the new JV sports streaming partnership hasn’t been signed yet with FOX and WDB.
  • FOX said 90% of all viewing hours on Tubi come from AVOD content, not FAST channels. Tubi’s CEO confirmed in April 2024 that Tubi is not profitable. In Q3 of 2022, FOX said Tubi had $165 million in revenue for the quarter. Based on those numbers, Tubi’s annual run rate for 2023 should have generated over $700 million in revenue. More details here.
  • In Q1, Warner Bros. Discovery added 2 million DTC subs (700,000 from the US) to end the quarter with 99.6 million. DTC revenue was $2.46 billion on a profit (Adjusted EBITDA) of $86 million. More details here.
  • Sinclair is looking to sell more than 30% of its 185 owned or operated broadcast stations, including the Tennis Channel. Sinclair CEO Chris Ripley said the company is open to offloading parts of its business without giving specifics.
  • AMC Networks added 100,000 DTC subscribers in Q1 to end the quarter with 11.5 million subscribers, up 300,000 YoY. Ad-supported versions of some of its DTC services will roll out in 2025.
  • Disney’s DTC streaming business, Disney+ and Hulu, had an operating income profit of $47M in Q1, while ESPN+ lost $65 million. More details here.
  • Vizio’s SmartCast Active Accounts growth is slowing. It added only 100,000 accounts to end Q1 with 18.6 million. More details here.
  • Verizon, Comcast, Charter, Altice, EcoStar and WOW! have lost 1.55 million pay TV subscribers in Q1. Looking at figures from last year, I estimate they will lose about 5 million subs this year combined.
  • Akamai expects to see $3 million—$4 million in revenue due to the Olympics. The impact of the Olympics on CDNs is never as significant as some suggest. Akamai also mentioned that their delivery business is “highly profitable” and that they have reduced their delivery capex costs to “low single digits,” a 50% reduction from a few years ago. More details here.
  • Vimeo’s revenue in Q1 was $105 million, flat from Q4 revenue of $106 million and up 1% YoY. Net income in the quarter was $6 million. Keeping the 2024 revenue guidance of $385-$400 million would mean revenue would be down -8% to -4% YoY. More details here.
  • Brightcove’s revenue was $50.5 million in Q1, flat from Q4 and up 3% YoY. Its net loss was $1.6 million. The 2024 revenue guidance stays the same and is expected to be in the range of $195M-$198M. More details here.
  • Launching this August, Sky is bringing more sports to viewers with Sky Sports+ at no extra cost. This will give users over 50% more live sports this year and enable the capability to show “up to 100 live events via concurrent streams.”

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Key Takeaways on Delivery Pricing and Traffic Growth From Akamai’s Q1 Earnings Call

On Akamai’s Q1 earnings call, the company gave details regarding their delivery business. Akamai expects to see $3 million – $4 million in revenue due to the Olympics. Due to a social media customer who has optimized their platform to save money, Akamai said it would take a hit of $40 million – $60 million in revenue for the year due to less traffic from this single customer. Akamai did not name the customer, but it is TikTok. They have been pre-fetching less content and optimizing their entire infrastructure stack for the past few quarters.

Outside of TikTok, Akamai said that due to “slowing traffic growth across the industry” (they highlighted gaming in particular), they expect to see $20M-$30M less delivery revenue for the year. The company said that by the end of the quarter, they will have repriced five of their seven largest delivery customers and expect the remaining two to reprice by Q3. Regarding the repricing, Akamai said the pricing they are seeing is in line with what they expected. For those who have suggested that Akamai is dropping their delivery pricing just to win business, they’re not. The company confirmed that there is delivery traffic that Akamai is not taking on as it’s not “profitable” or “strategic.” Akamai also mentioned that their delivery business is “highly profitable” and that they have reduced their delivery capex costs to “low single digits,” a 50% reduction from a few years ago.

Here’s a breakdown of Akamai’s delivery revenue over the past 13 quarters:

    • Q1 2024: $351,758
    • Q4 2023: $389,048
    • Q3 2023: $379,304
    • Q2 2023: $379,698
    • Q1 2023: $394,384
    • Q4 2022: $415,183
    • Q3 2022: $393,248
    • Q2 2022: $416,678
    • Q1 2022: $444,148
    • Q4 2021: $470,767
    • Q3 2021: $462,068
    • Q2 2021: $466,739
    • Q1 2021: $473,669

For those wondering why the overall traffic growth rate is down, just look at the subscriber numbers from OTT platforms. Some, like Sling TV, lost subs in Q1, and so did Hulu+ Live TV. Subscriber growth across the industry wasn’t strong in Q1. Akamai also noted that traffic growth in the gaming industry was lower.

Executive Interview: Fubo’s CEO Gives Business Update on Growth, Earnings and Lawsuit


Fubo’s Co-Founder and CEO, David Gandler, sat down down for an in-depth discussion about their lawsuit filed against Disney, FOX, and WBD, its Q1 earnings numbers, industry challenges around content licensing pricing and bundling and Fubo’s goal to get to profitability in 2025.

David defines antitrust, why Fubo believes the JV is anticompetitive and how the suit’s outcome could impact the entire industry. We also highlight why so many carriage disputes are happening, leading to a fragmentation of sports content and an unfriendly fan experience. We discuss the pricing and bundling of vMVPD services, including how Fubo picks RSNs to work with and why pricing for OTT services never goes down.

Finally, David recaps Fubo’s most recent earnings, including its subscriber growth numbers, lower net loss, the recent reduction of its debt, and Fubo’s operating plan as they work towards profitability.

CDN Vendors Seeing More Pricing Pressure From the Largest Customers, Getting Less Traffic Commits and Growth

Some important data points about CDN pricing, vendor consolidation and market sizing came from Fastly earnings call and earnings results. For the first time, Fastly is breaking out revenue into three product lines: “Network Services” (solutions designed to improve the performance of websites, apps, APIs, and digital media), “Security” (products designed to protect websites, apps, APIs, and users) and “other” (emerging products offering which includes compute and observability products). In Q1, Network Services comprised 79% of revenue, Security 18%, and Other 2.7%. For all the talk in the cloud computing industry, very little revenue is being generated today across the industry from compute services.

The company discussed the challenges in the CDN business, saying they saw a “slight uptick from the typical level of re-rates with our largest customers, but we have not yet seen the commensary traffic expansion usually associated with this motion.” In other words, pressure on CDN pricing is as bad as always, with the largest customers demanding lower pricing, even without offering more traffic or larger commits. This is no surprise to me since this has been the trend over the past twelve months. Talk to the largest customers; it’s the same trend.

And yet, most on Wall Street have no insight into CDN market drives and restraints. Three weeks ago, Piper Sandler upgraded Fastly stock, citing “multiple upside levers” across the CDN business, and Fastly’s stock rose by 7% in intraday trading. The analysts said that Fastly could benefit from new business strength and a “favorable competitive landscape,” noting the exit of some competitors could help drive opportunities and favorable pricing for Fastly. But of course, that’s not reality.

Regarding industry consolidation, Fastly said, “We also will not benefit in 2024 from the favorable impact of the CDN consolidation that occurred in early 2023 that drove favorable sequential growth in the prior year same period.” In other words, StackPath and Lumen exiting the market won’t benefit Fastly in 2024, which no one should have expected, considering both vendors had such a small number of customers with a meaningful MRR. Fastly also said that when it came to their largest accounts, they “saw more pricing pressure than they are used to.”

Akamai acquired around 100 enterprise customer contracts from StackPath and said it would add approximately $20 million in revenue by 2024. That’s it. From the deal with Lumen for the CDN contracts Akamai acquired, the company said it would add approximately $40 million to $50 million in revenue for the full year in 2024. No one should have thought the exit of StackPath and Lumen from the CDN space would drive meaningful revenue to Fastly or any other CDN. Fastly said their top 10 customers represented 38% of total revenue in Q1, so any further impact on pricing for their largest ten customers will have a negative impact on revenue growth.

If you listened to Fastly’s earnings call, no one from Wall Street understood Fastly’s answers to their questions, and I can see why. Fastly projected no confidence with their answers and used terms like “aggressive” when talking about their wrong projections and “volatility” regarding what they saw in the market, with customers adding multiple CDNs into their traffic delivery mix. I don’t know why the company didn’t see any of these data points earlier in the market and failed to understand what’s driving lower pricing with less traffic commits. I could name multiple large customers who have been shifting more traffic to AWS and other vendors over the past few months and lowering rates simultaneously. Multiple large customers started renewal conversations in January, expecting new pricing to be secured in Q2. Fastly said they are reacting to what they see in the market with these large customers by  “changing their engagement model,” but why are they just changing it now? Related to sales, Fastly mentioned they are still interviewing for a CRO and have now been five months without one.

In Q1 of this year, I completed my yearly CDN pricing survey of over 500 customers and saw the lowest pricing rates I have ever seen for the largest customers, as low as $0.00038 per GB delivered in the US. Blended pricing globally at $0.0006. (Please note, this doesn’t mean these are the prices you should be asking for or paying!) Lower pricing is okay if traffic and commits are growing, but they aren’t. Contact me if you want details on what I’ve collected and the cost of the raw data.

Preview: Inside the NAB Show Streaming Summit: AI Innovation, Industry Trends, and Expert Strategies for Career Growth

This special podcast takes you inside the NAB Show Streaming Summit with a preview of all the content, speakers and expert strategies you’ll learn at the event. Hear what the keynote fireside chats will cover with Paramount Global, Prime Video and NBCU. We also give an overview of the new AI Demo Track and break down all the sessions tied to sports, content bundling, churn and retention, and streamlining video workflow strategies. Finally, we highlight case studies from NFL, SiriusXM, Disney+ Hotstar, and Sinclair and detail why you can’t miss the day one Happy Hour event. And if you’re feeling the sting of recent layoffs or seeking career growth, join me for an empowering talk on how to find a job, advance your career, set yourself up for success and stand out amongst the crowd.

SeaChange, Which Once Dominated the Cable TV Operator Market, To Be Acquired for $30M

SeaChange, which once dominated the cable TV operator market and had over $216 million in revenue, will have its assets acquired for $30 million. Under the deal, an unnamed “affiliate” of PartnerOne will acquire SeaChange’s assets minus SeaChange’s cash and cash equivalents at closing.

SeaChange was initially incorporated in 1993 as SeaView Technology and entered the market in 1994 with an ad insertion solution that allowed cable TV providers to send different advertisements to separate geographic areas so they could measure demographics, enabling advertisers to do targeted advertising. Other vendors offered tape-based analog systems at the time, but SeaChange’s digital solution resulted in faster upload times and less cost. In 1994, Time Warner in Manhattan was the first client for their product.

In 1995, SeaChange had $23 million in revenue, up from $5 million the year before. In 1996, it changed its name to SeaChange International as it expanded into European and Middle Eastern markets. In November 1996, SeaChange went public on the NASDAQ, selling 2.3 million shares of stock at $15 each, netting $24 million. Shortly after the IPO, SeaChange partnered with IPC to develop a VOD service for hotels, where I first remember encountering the company’s product. 1996, the company finished the year with $49.3 million in revenue. In 1998, SeaChange formed an alliance with Scientific-Atlanta to provide VOD equipment to cable operators at a lower cost than current systems in the market.

In 2000, SeaChange made a deal with Microsoft to develop a system to simultaneously encode video for television broadcasting over the Internet. Microsoft spent $18 million to acquire a 2% stake in the company. Later that year, Comcast Corp. bought a $10 million stake in the company and signed a long-term agreement to buy its VOD systems and services. By the end of 2000, SeaChange’s revenue grew to $85.2 million on just over $1 million of net income.

In 2001, the company issued nearly 3 million new shares of stock in a secondary offering that netted them more than $80 million and reported sales of $115.8 million in revenue for fiscal year 2002. For fiscal year 2004, the company ended with $146.1 million in revenue. In 2012, SeaChange’s revenue started to fall, with full-year revenue dropping to $197.7 million, and by 2017, it had come in at $83.8 million. By 2021, revenue was down to $22 million for the year. From 2012 to 2021, SeaChange’s revenue growth averaged a 17.2% decline over the ten years.

Within ten years of its founding, SeaChange International became the leader in video-on-demand and advertising insertion equipment for cable providers and broadcasters. The company once owned more than 60% of the market, but poor product choices, multiple management teams, competitors and a lack of discipline in R&D spending sank the company.

Updated: I should point out that while in the long run, SeaChange faulted in the market, Bill Styslinger, Edward Delaney, Jr. and Ed McGrath, who started SeaChange, deserve credit for seeing a problem in the market and inventing a solution. Bill left as CEO in 2011.

SeaChange Acquisitions

  • 1996: Acquired Horizon Systems
  • 1997: Acquired IPC Interactive Pte.
  • 1999: Acquired Digital Video Arts
  • 2002: Invested $2.3 million in On Demand Group
  • 2004: Acquired ZQ Interactive
  • 2005: Acquired Liberate Technologies non-US business
  • 2005: Acquired full ownership of On Demand Group for $13.4 million
  • 2005: Acquired a 19.8% ownership in Casa Systems

Thirteen Years of Super Bowl Streaming Viewership Stats, 2012-2024

2024 marks the thirteenth year of broadcast networks streaming the Super Bowl. While many viewership numbers are compared to one another each year, there are a lot of variables between the games. In the early years, broadcast networks used the metric of simultaneous streams or current streams when reporting numbers, but as an industry, we have since switched over to the metric of AMA (Average Minute Audience). In addition, when viewership numbers are reported, no broadcast network reports any detailed breakout on how they define a viewer or how many unique viewers they have. Some viewership numbers report co-viewing numbers, while others don’t.

We also don’t know what percentage of users watch on a TV versus mobile, the average viewing time per user, the average bitrate streamed, or how many users watched on a particular platform since the numbers reported are across all digital platforms that offer the stream. For example, the app and website of the broadcast network, the NFL app and all NFL digital properties. For thirteen years of streaming the Super Bowl across three broadcast networks, FOX, CBS, and NBC, we have no detailed viewership info on what transpires during the live stream.

Over the years, I have seen Super Bowl streaming numbers misreported with numbers that have no source to them and don’t match the numbers put out each year by the broadcast networks. For example, Statista produced a chart saying streaming viewership for the 2023 Super Bowl was 21.8 million, which is inaccurate. The 21.8 million number refers to Out Of Home (OOH) viewers who watched the Super Bowl LVI in bars, restaurants, and other venues, including viewing in other people’s homes. To make it easy to get the numbers right, I have compiled a chart with viewership stats from 2013-2024 of all the numbers reported by the broadcast networks. I have excluded the first year the Super Bowl was streamed, in 2012, since the metrics released by CBS Sports are not comparable to any other year based on their methodology. All the numbers I highlight come directly from the broadcast networks’ press releases, except 2024.

  • 2024: This is the only year the broadcast network did not break out streaming media viewership numbers for the Super Bowl. However, based on my sources, I can report that Paramount+ had an AMA of 8.5 million. When you add viewership numbers from the vMVPDs, the AMA number totaled 11.7 million viewers. While Paramount did not put out these specific numbers, you can do the math from this post they published on LinkedIn and from talking to those involved.
  • 2023: FOX Sports says Super Bowl LVII delivered an average of 7 million simultaneous streams, up +18% over the 2022 Super Bowl. The 7 million simultaneous streams were across the FOX Sports app, FOX.com, the FOX NOW app, and NFL digital properties, including the NFL mobile app, the NFL Fantasy mobile app, NFL.com, the NFL connected TV app, and NFL+ for subscribers. The number does not take into account co-viewing from connected devices, and it should be noted that the 2022 viewership metric used by NBC Sports was AMA and not simultaneous streams.
  • 2022: NBC Sports said the streaming average minute audience (AMA) for Super Bowl LVI was 6 million across Peacock, NBC Sports Digital platforms, NFL Digital platforms, Rams and Bengals mobile properties, and Yahoo Sports mobile properties. NBC Sports says the 6 million number is “according to the traditional counting of streaming, which is the comparable metric to last year’s (2021) 5.7 million”. The delivery rises to 11.2 million AMA viewers, which takes into account “co-viewing from connected devices.”
  • 2021: CBS Sports said the streaming average minute audience (AMA) for Super Bowl LV was 5.7 million viewers. The live stream was available unauthenticated on CBSSports.com and the CBS Sports app across devices, ESPN Deportes digital properties across devices, NFL digital properties across devices, and on mobile via Buccaneers, Chiefs, Yahoo Sports and other Verizon Media mobile properties. The game was also available to stream live via the CBS All Access subscription service and for authenticated users on CBS digital properties.
  • 2020: FOX Sports said Super Bowl LIV delivered a streaming average minute audience (AMA) of 3.4 million, up 30% over 2019 (2.6 million) and up 103% over Fox’s last Super Bowl stream in 2017 (1.7 million). Fox’s streaming viewership was measured across FOXSports.com, the FOX Sports app, FOXDeportes.com, the FOX Deportes app, the FOX NOW app, NFL digital properties including the NFL app, the NFL Fantasy mobile app, NFL.com, the Kansas City Chiefs and San Francisco 49ers mobile properties and Verizon Media mobile properties, including the Yahoo Sports mobile app.
  • 2019: CBS Sports said the broadcaster’s airing of Super Bowl LIII drew an average streaming audience (note it does not say AMA) of 2.6 million during the game window, an increase of 31% over the streaming audience for the previous year’s game. The live stream was available unauthenticated across CBSSports.com, the CBS Sports app, NFL.com, the NFL app, and Verizon mobile properties — including Yahoo Sports, Yahoo, AOL, AOL Sports, and Tumblr. It was also available on CBS’s subscription streaming service, CBS All Access.
  • 2018: NBC Sports said Super Bowl LII had a streaming average minute audience (AMA) of 2.02 million and peaked at 3.1 million concurrent streams. The live stream was available on the NBC Sports app, NBCSports.com, NBC.com, TV Everywhere, the En Vivo app, NFL.com, the NFL Mobile app from Verizon, the Yahoo Sports app, and go90.
  • 2017: FOX Sports said Super Bowl LI had a streaming average minute audience of 1.72 million, up 23% over 2016 (1.4 million) and up 224% over FOX’s last Super Bowl stream in 2014 (530,523). The live stream was carried on FOXSportsGO.com, the Fox Sports GO app, the NFL app, as well as NFL Mobile and go90 for Verizon customers
  • 2016: CBS Sports said Super Bowl L had a streaming average minute audience (AMA) of 1.4 million, with 4 million unique viewers, and an average viewing time of 101 minutes. CBS streamed the game on its website, the CBS Sports app, and the NFL smartphone app, but only on Verizon.
  • 2015: NBC Sports said Super Bowl XLIX reported a streaming average minute audience of 800,000, with viewers peaking at 1.3 million and engagement of 84.2 minutes per viewer. NBC Sports Digital didn’t have NFL mobile streaming rights, so the live stream numbers are via NBC Sports Live Extra to desktops and tablets only.
  • 2014: FOX said Super Bowl XLVIII had a streaming average minute audience of 528,000 viewers and peak concurrent viewership of 1.1 million, with users spending an average of 47.8 minutes watching the stream.
  • 2013: CBS Sports said Super Bowl XLVII had a streaming average minute audience of 508,000 with an average viewing time of 38 minutes. The game was streamed on CBSSports.com, NFL.com, and Verizon on mobile. Note that the ratings figures for TV did not include 30 minutes when there was a partial power outage in the Superdome, but that was not excluded from streaming numbers.
  • 2012: NBC Sports said Super Bowl XLVI “attracted” a total of 2.1 million “unique users” with an average viewing time of 39 minutes. The live game stream was available on NBCSports.com, NFL.com, NFL Mobile, and Verizon.

I got all the numbers from the broadcast network’s press releases, but if you see an error, please let me know.