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Fox's (FOXA) Fox News Digital Ranks 1st for 18th Straight Month
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Fox Corporation’s (FOXA - Free Report) Fox News Digital recently finished August as the best-performing news brand for 18 consecutive months in both multiplatform minutes and multiplatform views.
Fox News Digital reached more than 2.9 billion total multiplatform minutes, 1.5 billion total multiplatform views and 77 million multiplatform unique visitors, per Comscore data.
Even on social media, Fox News has been the most engaging brand for 96 consecutive months. It drove 14 million interactions on Meta Platforms’ (META - Free Report) Facebook, 16 million Instagram interactions and 4.4 million Twitter interactions.
Fox News has been one of the most influential and recognized news brands globally. An independent survey conducted by Brand Keys ranked it as the “most trusted” American television news brand in the United States.
Fox Rides on Fox News & Fox Business’ Success
Fox’s growing user base is not only driven by Fox News but also Fox Business, which drove 151 million multiplatform views as of last month. Fox Business surpassed CNN Business and Comcast’s (CMCSA - Free Report) MSNBC in multiplatform views for the fifth straight month.
Comcast’s MSNBC lost 19% of prime-time viewers in the first half of 2022. Per Nielsen data, its ratings have plummeted ever since The Rachel Maddow show shifted to a once-per-week format from four times per week.
Coming back to Fox, its sports division also leads the upfront market as it sold more NFL Sunday advertising in the current upfront market than it did across Sunday and Thursday combined in the prior year's market.
Moreover, FOX Sports has gained exclusive rights to broadcast certain premier MLB content, including the World Series and All-Star Game, through the 2028 MLB season. The company also ventured into sports betting through the launch of FOX Bet in 2020.
Fox’s television business has been positively impacted by the acquisitions of TMZ and MarVista Entertainment, and the consolidation of its stake in Studio Ramsay Global. Television revenues increased 3% in the fourth quarter of fiscal 2022.
What Lies Ahead for FOXA?
Fox’s shares have declined 6.9% year to date compared with Zacks Consumer & Discretionary Sector, which fell 34.8%.
The company’s cable TV business faces a serious threat from OTT platforms as consumers are changing their viewing patterns toward subscription-based video-on-demand services. This cord-cutting does not bode well for Fox as EBITDA at the cable segment was 7% down year over year in fourth-quarter fiscal 2022.
Fox also faces competition for ad dollars, which forms its main source of revenue.
This is further intensified by offerings from tech giants like Meta-owned Facebook, Twitter , Google, YouTube and Amazon, as they too have been fighting for ad dollars.
Meta benefits from increasing mobile ad revenues and growing adoption of stories by advertisers across Instagram. Twitter’s initiatives to add features and focus on effectively tackling abuse issues are helping it to expand the monetized user base, thereby driving ad revenues.
However, Fox, which currently has a Zacks Rank #3 (Hold), remains confident for fiscal 2023 as the financial tailwinds from Super Bowl 57, the early exit of Thursday Night Football, the momentum heading into November's mid-term elections and the start of its next major distribution cycle are expected to deliver record revenues and EBITDA.
Image: Shutterstock
Fox's (FOXA) Fox News Digital Ranks 1st for 18th Straight Month
Fox Corporation’s (FOXA - Free Report) Fox News Digital recently finished August as the best-performing news brand for 18 consecutive months in both multiplatform minutes and multiplatform views.
Fox News Digital reached more than 2.9 billion total multiplatform minutes, 1.5 billion total multiplatform views and 77 million multiplatform unique visitors, per Comscore data.
Even on social media, Fox News has been the most engaging brand for 96 consecutive months. It drove 14 million interactions on Meta Platforms’ (META - Free Report) Facebook, 16 million Instagram interactions and 4.4 million Twitter interactions.
Fox News has been one of the most influential and recognized news brands globally. An independent survey conducted by Brand Keys ranked it as the “most trusted” American television news brand in the United States.
Fox Rides on Fox News & Fox Business’ Success
Fox’s growing user base is not only driven by Fox News but also Fox Business, which drove 151 million multiplatform views as of last month. Fox Business surpassed CNN Business and Comcast’s (CMCSA - Free Report) MSNBC in multiplatform views for the fifth straight month.
Comcast’s MSNBC lost 19% of prime-time viewers in the first half of 2022. Per Nielsen data, its ratings have plummeted ever since The Rachel Maddow show shifted to a once-per-week format from four times per week.
Fox Corporation Price and Consensus
Fox Corporation price-consensus-chart | Fox Corporation Quote
Coming back to Fox, its sports division also leads the upfront market as it sold more NFL Sunday advertising in the current upfront market than it did across Sunday and Thursday combined in the prior year's market.
Moreover, FOX Sports has gained exclusive rights to broadcast certain premier MLB content, including the World Series and All-Star Game, through the 2028 MLB season. The company also ventured into sports betting through the launch of FOX Bet in 2020.
Fox’s television business has been positively impacted by the acquisitions of TMZ and MarVista Entertainment, and the consolidation of its stake in Studio Ramsay Global. Television revenues increased 3% in the fourth quarter of fiscal 2022.
What Lies Ahead for FOXA?
Fox’s shares have declined 6.9% year to date compared with Zacks Consumer & Discretionary Sector, which fell 34.8%.
The company’s cable TV business faces a serious threat from OTT platforms as consumers are changing their viewing patterns toward subscription-based video-on-demand services. This cord-cutting does not bode well for Fox as EBITDA at the cable segment was 7% down year over year in fourth-quarter fiscal 2022.
Fox also faces competition for ad dollars, which forms its main source of revenue.
This is further intensified by offerings from tech giants like Meta-owned Facebook, Twitter , Google, YouTube and Amazon, as they too have been fighting for ad dollars.
Meta benefits from increasing mobile ad revenues and growing adoption of stories by advertisers across Instagram. Twitter’s initiatives to add features and focus on effectively tackling abuse issues are helping it to expand the monetized user base, thereby driving ad revenues.
However, Fox, which currently has a Zacks Rank #3 (Hold), remains confident for fiscal 2023 as the financial tailwinds from Super Bowl 57, the early exit of Thursday Night Football, the momentum heading into November's mid-term elections and the start of its next major distribution cycle are expected to deliver record revenues and EBITDA.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.