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Fox's (FOXA) News Digital Ranks 1st for 21 Straight Months
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Fox Corporation (FOXA - Free Report) announced that its Fox News Digital platform ended November as the top-performing news brand for 21 straight months in both multiplatform minutes and multiplatform views per Comscore.
It recorded more than 2.9 billion total multiplatform minutes, 1.8 billion total multiplatform views and 97 million multiplatform unique visitors, marking the best-performing month for Fox News Digital in 2022.
FOX News remained the most engaged brand on social media, achieving the top place for 99 consecutive months, according to Emplifi. FOX News drove 10.6 million and 21.4 million interactions on Meta Platform’s (META - Free Report) Facebook and Instagram, respectively.
However, on a year-over-year basis, we see that engagement on Fox News Digital has declined. Total multiplatform minutes and unique visitors fell 12% and 3%, respectively, while views remained constant. Interactions on Facebook and Instagram too declined 44% and 20%, respectively.
This could be because of consumers’ ongoing shift of preference toward news streaming platforms, which are more convenient for them.
Nonetheless, Fox News Digital outperformed its competitors like Warner Bros. Discovery’s (WBD - Free Report) CNN, which had total multiplatform minutes and views of 2.4 billion and 1.4 billion, respectively. Warner Bros. Discovery had to shut down its news streaming unit CNN+, which accounted for huge losses, adding to its heavy debt.
Fox News Media to Aid FOXA’s Growth
Fox News Media gains significant traction from Fox News Channel (“FNC”), which has been America's most-watched network on election night. The coverage was co-anchored by Bret Baier and Martha MacCallum, and reached a remarkable 7.7 million viewers compared with Comcast’s (CMCSA - Free Report) MSNBC, which averaged 3 million viewers.
The American talk show, The Five, continued to dominate as the most-watched cable news show for eight straight months, averaging a whopping 3.7 million viewers.
Tucker Carlson Tonight also maintained its status as the most-watched primetime show on cable news with 3.5 million total viewers.
FOX & Friends continued its dominance in early-morning cable news programs with an average of 1.5 million total viewers against MSNBC's Morning Joe, which had an average of 941,000 views.
Fox Nation, which is a subsidiary of FNC, has also been bolstering the company’s content pipeline. The release of its original content like Duck Family Treasure, Sharon Osbourne: To Hell & Back and Yellowstone: One-Fifty with Kevin Costner gained traction as its subscriptions and total hours watched grew 45% and 70% year over year, respectively, in first-quarter fiscal 2023.
Beside FNC, Fox News Media gains from Fox Business Network, which drove 190 million multiplatform views, 327 million multiplatform minutes (grew 50% year over year) and 25.2 million multiplatform unique visitors (grew 5% year over year) in November.
How Will Fox Survive Cord-Cutting?
As mentioned earlier, Fox, which currently has Zacks Rank #3 (Hold), has been facing threats from the ongoing cord-cutting due to the advent of streaming platforms.
Shares of Fox have declined 16.8% year to date, outperforming the Zacks Consumer Discretionary sector's fall of 33.6%.
The company has acknowledged the threat and is taking steps to counter it by making its channels available on streaming platforms like Sling TV, Hulu TV and Fubo TV.
Recently, Fox renewed its multi-year distribution agreement with Direct TV that includes the renewal of FS1, FS2, Big Ten Network, Fox Deportes and Fox Soccer Plus, as well as retransmission consent for local Fox Television Stations across DirecTV, DirecTV Stream and U-verse.
These efforts will help Fox reach a wide audience and grow its viewership, ultimately adding to its top line.
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Fox's (FOXA) News Digital Ranks 1st for 21 Straight Months
Fox Corporation (FOXA - Free Report) announced that its Fox News Digital platform ended November as the top-performing news brand for 21 straight months in both multiplatform minutes and multiplatform views per Comscore.
It recorded more than 2.9 billion total multiplatform minutes, 1.8 billion total multiplatform views and 97 million multiplatform unique visitors, marking the best-performing month for Fox News Digital in 2022.
FOX News remained the most engaged brand on social media, achieving the top place for 99 consecutive months, according to Emplifi. FOX News drove 10.6 million and 21.4 million interactions on Meta Platform’s (META - Free Report) Facebook and Instagram, respectively.
However, on a year-over-year basis, we see that engagement on Fox News Digital has declined. Total multiplatform minutes and unique visitors fell 12% and 3%, respectively, while views remained constant. Interactions on Facebook and Instagram too declined 44% and 20%, respectively.
This could be because of consumers’ ongoing shift of preference toward news streaming platforms, which are more convenient for them.
Nonetheless, Fox News Digital outperformed its competitors like Warner Bros. Discovery’s (WBD - Free Report) CNN, which had total multiplatform minutes and views of 2.4 billion and 1.4 billion, respectively. Warner Bros. Discovery had to shut down its news streaming unit CNN+, which accounted for huge losses, adding to its heavy debt.
Fox News Media to Aid FOXA’s Growth
Fox News Media gains significant traction from Fox News Channel (“FNC”), which has been America's most-watched network on election night. The coverage was co-anchored by Bret Baier and Martha MacCallum, and reached a remarkable 7.7 million viewers compared with Comcast’s (CMCSA - Free Report) MSNBC, which averaged 3 million viewers.
The American talk show, The Five, continued to dominate as the most-watched cable news show for eight straight months, averaging a whopping 3.7 million viewers.
Tucker Carlson Tonight also maintained its status as the most-watched primetime show on cable news with 3.5 million total viewers.
FOX & Friends continued its dominance in early-morning cable news programs with an average of 1.5 million total viewers against MSNBC's Morning Joe, which had an average of 941,000 views.
Fox Corporation Price and Consensus
Fox Corporation price-consensus-chart | Fox Corporation Quote
Fox Nation, which is a subsidiary of FNC, has also been bolstering the company’s content pipeline. The release of its original content like Duck Family Treasure, Sharon Osbourne: To Hell & Back and Yellowstone: One-Fifty with Kevin Costner gained traction as its subscriptions and total hours watched grew 45% and 70% year over year, respectively, in first-quarter fiscal 2023.
Beside FNC, Fox News Media gains from Fox Business Network, which drove 190 million multiplatform views, 327 million multiplatform minutes (grew 50% year over year) and 25.2 million multiplatform unique visitors (grew 5% year over year) in November.
How Will Fox Survive Cord-Cutting?
As mentioned earlier, Fox, which currently has Zacks Rank #3 (Hold), has been facing threats from the ongoing cord-cutting due to the advent of streaming platforms.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Fox have declined 16.8% year to date, outperforming the Zacks Consumer Discretionary sector's fall of 33.6%.
The company has acknowledged the threat and is taking steps to counter it by making its channels available on streaming platforms like Sling TV, Hulu TV and Fubo TV.
Recently, Fox renewed its multi-year distribution agreement with Direct TV that includes the renewal of FS1, FS2, Big Ten Network, Fox Deportes and Fox Soccer Plus, as well as retransmission consent for local Fox Television Stations across DirecTV, DirecTV Stream and U-verse.
These efforts will help Fox reach a wide audience and grow its viewership, ultimately adding to its top line.