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The free streaming platform Tubi plans to branch out into original programming, Bloomberg reports, citing sources familiar with the company’s plans. The streamer will likely start with original movies, but also explore episodic TV shows and speak with potential advertisers of partnerships, the report says.
Fox Corp. acquired Tubi for $ 440 million last March, with the aim of getting into the streaming wars. Prior to the acquisition, Fox did not have its own streaming offering. Fox said at the time that it plans to offer many of its older shows and movies to Tubi subscribers for free, as well as sports programming. There was no question at that time of the creation of original content by Tubi to try to compete with established paid streaming platforms like Netflix and Hulu.
But Fox Corp. CFO Steve Tomsic told an investor conference earlier this week that if the company ends up making original content for Tubi, all shows or movies will be “cheap. and happy, ”and not the big-budget offerings of the biggest streamers. “I stress that it will be profitable,” Tomsic said.
Fox expects Tubi to generate $ 300 million in advertising revenue in the current fiscal year, Tomsic predicted. Tubi reported 33 million active users in December, a 65% increase from the previous year.
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