Fox witnessed 20% gains in cost-per-thousand viewer (CPM) pricing for its linear TV business as well as higher overall revenues -- similar to other network groups -- according to executives.
For the last comparable upfront selling period -- summer 2019 for the 2019-2020 TV season -- Fox Television Network pulled in between $1.7 billion and $1.8 billion, according to media analyst estimates.
Typically, a broadcast TV network sells around 70% of its yearly national TV advertising inventory in the upfront advertising-selling period.
In its fiscal-year period ending June 2020, Fox's cable TV advertising revenue -- of which a large part goes to Fox News Media’s Fox News Channel -- totaled $1.16 billion, according to the company’s annual report.
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Total advertising revenue for all Fox broadcast business TV networks and stations totaled $4.2 billion that year -- up 8% versus 2019.
Media executives say Fox’s free, streaming video-on-demand platform Tubi "tripled" upfront ad revenue volume versus that of a year ago, as well as doubling the number of advertisers.
Tubi brought in about $150 million in advertising revenue in 2020, according to an earlier MoffettNathanson Research estimate. It predicted growth would reach $380 million in 2021.
Compared to other TV networks that have seen a shift of upfront linear dollars to their premium streaming platforms, one media executive said -- with regard to Fox -- that “streaming didn’t come at the expense of linear TV.”
Before the upfront process began, media executives said TV network sales executives were asking, or demanding, that they shift a large percentage -- 20% to 30% -- of their linear TV advertising upfront budgets to their growing premium digital platforms.
In response to inquiries concerning upfront activities from Television News Daily, a Fox representative declined comment.