Fox Corporation’s ( FOXA Quick Quote FOXA - Free Report) News Digital network surpassed all news brands including CNN in total multiplatform minutes in April, totaling more than 3.5 billion, according to Comscore. Besides, the FOX News Mobile App logged 7.4 million unique visitors in April. Additionally, Fox reported over 89 million total multiplatform unique visitors and around 1.7 billion total multiplatform views for Fox News Digital, outperforming peers such as The New York Times ( NYT Quick Quote NYT - Free Report) , Washington Post, USA Today, NBCNews.com, and ABCNews.com. Markedly, FOXBusiness.com reported 20 million multiplatform unique visitors, drove 175 million multiplatform total minutes and saw 97 million multiplatform total views last month. Growing Efforts to Boost Digital Presence
Fox News has been strengthening its presence on social media platforms including
Facebook ( FB Quick Quote FB - Free Report) . Fox News Digital has been the most engaged news brand on social media including Facebook and Instagram for the 80th consecutive month, with over 33 million Facebook interactions and 19 million Instagram interactions, according to Socialbakers. Further, on other social platforms like Alphabet’s ( GOOGL Quick Quote GOOGL - Free Report) Youtube, FOX News topped among other news outlets with over 240 million views in April, up 54% from the prior month. FOX News Audio has extended the availability of its catalogue of over 30 original podcasts as well as FOX News Radio’s (FNR) three nationally syndicated talk shows, The Brian Kilmeade Show, FOX Across America with Jimmy Failla and The Guy Benson Show to stream on Amazon’s Music app, which has over 55 million customers. Moreover, Fox News is expected to launch a new, advertising supported, streaming weather service titled FOX Weather by the third quarter of 2021. The platform will make its debut with the FOX Weather App in the third quarter of 2021, accompanied by an integrated website and streaming service featuring local, regional and national updates as well as live programming. Coronavirus Hits Advertising Demand
Despite rigorous efforts to digitize features and boost viewership, the company is expected to bear the brunt of coronavirus-induced macroeconomic woes and heightened fears of a prolonged recession in the near term. Lower ad demand and spending is anticipated to hurt advertising revenues in the near term.
Local advertising, a major source of revenues for Fox, has been badly hit by the coronavirus outbreak, which is expected to dampen revenue growth. Moreover, cancellation and postponement of major sporting events globally is expected to dent advertising revenues in the near term, partially offset by higher pricing and stronger ratings at FOX News Media. Notably, Fox’s third-quarter fiscal 2021 advertising revenues (37.3% of revenues) decreased 23.7% to $1.19 billion primarily due to the absence of the prior-year broadcast of Super Bowl LIV. Further, stiff competition from tech companies like Facebook, Twitter, Google and Amazon for ad-dollars poses a threat to this Zacks Rank #3 (Hold) company. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 5 Stocks Set to Double
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