Tubi, Fox Corporation’s free ad-supported streaming service, has emerged as one of the most significant players in the global streaming landscape. The platform surpassed 100 million monthly active users and 1 billion monthly streaming hours in May 2025, while reaching an all-time high of 2.2% of total U.S. TV viewing on Nielsen’s The Gauge. On the business side, Tubi crossed $1 billion in annual revenue in 2025 and achieved profitability for the first time in Q3 2025, with revenue growing 27% year-over-year. The platform’s distinctive positioning—100% free, on-demand-focused, and skewing heavily toward Gen Z and Millennial audiences—has made it the most-watched dedicated FAST service in the U.S. and a critical growth engine for Fox Corporation.
Monthly Active Users
Tubi’s user growth has been on a steep upward trajectory since Fox acquired it for $440 million in 2020:
| Period | Monthly Active Users | Milestone | Source |
| Mid-2024 | 78–80M+ | — | |
| Full Year 2024 | 97M | 10B streaming hours in 2024 | |
| May 2025 | 100M+ | First dedicated FAST to hit 100M MAU | |
| September 2025 | 100M+ | Sustained through Q3 2025 | |
| Q4 2025 (Dec) | 100M+ average | Maintained through end of year |
Tubi became the first dedicated FAST service to break the 100 million MAU milestone in May 2025. CEO Anjali Sud noted that Tubi has maintained this level through the end of 2025, driven by a surge in cord-cutters moving away from paid TV subscriptions.
Streaming Hours
Monthly & Annual Viewing
| Metric | Value | Period | Source |
| Monthly streaming hours | 1 billion+ | May 2025 | |
| Annual streaming hours | 10 billion+ | Full Year 2024 | |
| Average daily viewing per user | ~20 minutes | 2025 (calculated) | |
| YoY viewing time increase (Q1 FY26) | +18% | Jul–Sep 2025 | |
| YoY viewership increase (Q2 FY26) | +27% | Oct–Dec 2025 |
The 1 billion monthly hours milestone means Tubi viewers collectively watch approximately 33 million hours of content per day. Based on Tubi’s reported ~100 million MAU and 1 billion monthly hours, the average Tubi viewer watches roughly 20 minutes per day on the platform—a strong engagement figure for a free, ad-supported service.
On-Demand vs. Linear
Tubi’s viewing model is fundamentally different from other FAST platforms: more than 95% of viewing on Tubi is on-demand movies and TV shows, versus the live linear channel viewing that dominates competitors like Pluto TV and Samsung TV Plus. This on-demand focus is a key differentiator and reflects Tubi’s positioning as a free Netflix alternative rather than a cable TV replacement.
TV Viewing Share (Nielsen’s The Gauge)
Tubi’s share of total U.S. TV viewing has grown significantly:
| Month | Tubi’s Share of Total TV | Notable Context | Source |
| May 2025 | 2.2% (all-time high) | Streaming surpassed cable + broadcast for first time | |
| September 2025 | 2.1% | Ahead of Peacock, HBO Max, Discovery+ | |
| November 2025 | 2.1% | — | |
| Q4 2025 | 6.2% of ad-supported streaming | Ad-supported streaming = 45.6% of all ad-supported TV |
Tubi now ranks ahead of Peacock, HBO Max, and Discovery+ in total U.S. TV viewing share, per Nielsen. The platform accounts for 6.2% of all ad-supported streaming viewing in Q4 2025. In context, this makes Tubi the most-watched free streaming service in the U.S. by Nielsen share, though the Roku Channel briefly overtook it in certain months.
Revenue & Profitability
Revenue Trajectory
| Fiscal Year | Revenue | YoY Growth | Source |
| FY2023 (ended Jun 2023) | $910M | — | |
| FY2024 (ended Jun 2024) | ~$1B | ~10% | |
| FY2025 (ended Jun 2025) | $1B+ | — | |
| Q1 FY2026 (Jul–Sep 2025) | Not disclosed separately | +27% YoY | |
| Q2 FY2026 (Oct–Dec 2025) | Not disclosed separately | +19% YoY (record quarterly revenue) |
Tubi CEO Anjali Sud confirmed in October 2025 that the platform had surpassed $1 billion in annual revenue. Fox Corporation’s fiscal reporting shows Tubi advertising revenue grew 27% year-over-year in Q1 FY2026 and delivered record quarterly revenue growth of 19% in Q2 FY2026.
Profitability Milestone
Tubi achieved profitability for the first time in Q1 FY2026 (the quarter ending September 30, 2025)—significantly earlier than Fox had projected. Key details:
- Fox CEO Lachlan Murdoch described it as “a great milestone” and called Tubi “the leading premium AVOD platform in the U.S.”
- Tubi achieved profitability for the second consecutive quarter in Q2 FY2026 (Oct–Dec 2025)
- Fox expects Tubi to deliver operating margins of 20–25% over the medium term
- Fox guides digital operations spending at $350 million for fiscal 2026
Ad Revenue Economics
Based on the reported $1 billion annual revenue and approximately 12 billion monthly ad impressions (estimated from 1 billion viewing hours and 4–6 minutes of ads per hour), Tubi’s effective CPM is approximately $8 per thousand ad views. This is below the CTV industry average ($15–$25 for FAST) but reflects the massive ad inventory growth that has pressured CPMs across the industry in 2025. Tubi runs only 4–6 minutes of ads per hour—about one-third of the typical 14–16 minutes on cable TV.
Content Library & Originals
Library Size
| Market | Content Library | Source |
| United States | ~300,000 movies & TV episodes | |
| United Kingdom | ~75,000 movies & TV episodes | |
| Digital creator episodes | 5,000+ |
Tubi’s U.S. library of nearly 300,000 titles makes it the world’s largest collection of free movies and TV episodes. The UK library has tripled from 20,000 titles at launch (July 2024) to 75,000 as of February 2026, making it the largest free streaming library in the UK.
Tubi Originals
Tubi has invested heavily in original content, with 400+ Tubi Originals available as of mid-2025. Key performance highlights:
- 1 in 4 Tubi viewers watches a Tubi Original
- Sidelined: The QB and Me (Nov 2024) became the most-watched title in Tubi history in its first week, viewed by 17.9% of total U.S. viewers and 19.9% of Canadian viewers
- The film boosted Apple App Store downloads by 240% in the U.S. and 400% in Canada
- Sidelined 2: Intercepted topped UK viewing charts, with half its audience being new to Tubi
- Six Tubi Original films hit Variety’s Streaming Originals Chart in a six-month span
Upcoming originals include Breaking Bear (starring Brendan Fraser, Sarah Michelle Gellar, Josh Gad), Big Mood Season 2 (Nicola Coughlan), Destination World Cup 2026, and Zero Start: The Cam Ward Story.
Creator-First Strategy (Stubios & Tubi for Creators)
Tubi launched Stubios in 2024, a fan-fueled studio that lets fans greenlight content, with Issa Rae as mentor and ambassador. By August 2025, Tubi expanded its digital-first creator library to over 5,000 episodes, partnering with creators including MrBeast, Alan’s Universe, Jomboy Media, CelinaSpookyBoo, and Steven He. Tubi hired former TikTok executive Kudzi Chikumbu as VP of Creator Partnerships to scale the initiative.
Super Bowl LIX (February 2025)
Tubi’s simulcast of Super Bowl LIX in February 2025 was a watershed moment for FAST streaming:
| Metric | Value | Source |
| Average minute audience | 13.6 million viewers | |
| Peak concurrent viewers | 15.5 million | |
| Unique viewers (game day programming) | 24 million | |
| Total Super Bowl audience (all platforms) | 127.7 million | |
| Super Bowl ad revenue (Fox + Tubi) | $800 million+ | |
| YoY increase vs. previous streaming record | +27% (AMA); +94% vs. Fox’s 2023 stream |
The 13.6 million average audience was 60% above pre-event projections of ~8.5 million. Tubi delivered the most-streamed Super Bowl in history, and the event was described as the most-streamed live TV event since the 1969 Apollo Moon landing. This performance demonstrated that FAST platforms can deliver premium live content at massive scale.
Audience Demographics
Tubi’s demographic profile is distinctly different from traditional TV and most other streaming services:
| Demographic | Tubi Audience | Source |
| Gen Z or Millennials | 50%+ | |
| Ages 18–34 | 34%+ | |
| Multicultural viewers | ~50% | |
| Cord-cutters/cord-nevers | 67% | |
| No cable subscription | 77% | |
| UK: Gen Z or Millennials | 51% |
Nearly 60% of Tubi’s audience consists of Millennials and Gen Z, with almost half identifying as multicultural. This demographic composition is what makes Tubi particularly valuable to advertisers: it reaches audiences that traditional TV and even premium SVOD services struggle to access. As CEO Anjali Sud stated: “Tubi is resonating with cordless audiences, younger audiences and audiences that dictate culture, define trends and represent billions in purchasing power”.
International Expansion
Markets Available
Tubi is currently available in 11 countries:
- North America: United States, Canada, Mexico
- Latin America: Costa Rica, Ecuador, El Salvador, Guatemala, Panama
- Asia-Pacific: Australia, New Zealand
- Europe: United Kingdom (launched July 2024)
UK Growth
The UK has been Tubi’s most significant recent international expansion. Key milestones:
- Launched July 2024 with 20,000 titles
- Doubled library to 40,000+ titles by June 2025
- Tripled to 75,000 titles by February 2026—the largest free streaming library in the UK
- Ampere Analysis confirmed Tubi UK had the fastest catalogue growth of any streaming service in Europe in 2025
- 90% of Tubi’s UK catalog is exclusive to the platform (not available elsewhere)
- 51% of UK viewers are Gen Z or Millennials (2025 YouGov survey)
Content partnerships with AMC Networks, Lionsgate, NBCUniversal, New Regency, and Sony Pictures Entertainment have fueled the library expansion.
Fox Corporation’s Tubi Investment
Fox acquired Tubi in 2020 for $440 million. As of early 2026, Tubi has become one of Fox’s most important strategic assets:
- Advertising driver: Tubi’s growth led Fox’s 6% ad revenue increase in Q1 FY2026
- Digital spending: Fox guides $350 million in digital operations spending for FY2026
- EBITDA contribution: Fox expects Tubi to be a “meaningful contributor” to company EBITDA, with 20–25% operating margins
- Q2 FY2026 results: Fox beat Wall Street revenue estimates ($5.18B vs. $5.03B expected), with Tubi’s continued strength cited as a key factor
- Strongest ad market: Fox CEO Murdoch described the current advertising environment as “the strongest advertising market we have seen since Fox Corp’s inception in 2019”
In the Q2 FY2026 earnings call (February 2026), Murdoch reported Tubi posted a 27% year-over-year viewership increase and record quarterly revenue growth of 19%, maintaining pre-tax profitability for the second consecutive quarter.
Competitive Position
FAST Platform Comparison (U.S.)
| Metric | Tubi | Roku Channel | Samsung TV Plus | Pluto TV |
| MAU (latest) | 100M+ | ~90M HH (platform) | 100M+ global | ~80M |
| Nielsen share (Dec 2025) | ~2.0–2.1% | 3.0% | N/A (not Nielsen-tracked) | ~1.5% |
| Viewing model | 95%+ on-demand | Mixed linear + VOD | Linear channels | Linear channels |
| Content library | ~300K titles | Not disclosed | 4,300+ channels | 200+ channels |
| Originals | 400+ | Limited | None | Limited |
| Audience | 50%+ Gen Z/Millennials | Broader | Smart TV-embedded | Broader |
Tubi’s key differentiator is its on-demand model: while Pluto TV, Samsung TV Plus, and the Roku Channel derive most viewing from linear channel programming, over 95% of Tubi’s consumption is on-demand movies and TV shows. This positions Tubi as a direct free alternative to subscription VOD services like Netflix, rather than a cable TV replacement.
In terms of Nielsen share, the Roku Channel has overtaken Tubi in certain months (hitting 3.0% in December 2025), aided by its embedded position on the Roku TV operating system. However, industry analysts note that Roku’s platform advantage—pre-loading its channel prominently on every Roku device—gives it a structural edge that independent services like Tubi cannot replicate.
Ad-Supported Streaming Context
In Q4 2025, ad-supported streaming accounted for 45.6% of all ad-supported TV viewing, with 6.2% of total ad-supported streaming attributed to Tubi. Tubi and Nielsen expanded their strategic measurement partnership in February 2026, with Tubi becoming one of the first AVOD platforms to gain comprehensive Nielsen streaming intelligence.
Outlook
Tubi enters 2026 with strong momentum across every key metric. With 100M+ sustained MAU, $1B+ annual revenue, consecutive profitable quarters, and a rapidly expanding international footprint, the platform has proven the viability of the free, ad-supported streaming model at scale. Key areas to watch going forward:
- International scaling: The UK expansion demonstrates Tubi’s playbook for new markets—rapid library growth, creator partnerships, and genre-focused curation. Additional European and Latin American market launches remain likely.
- Original content investment: With 400+ originals and 5,000+ creator episodes already live, and upcoming high-profile titles like Breaking Bear and Destination World Cup 2026, Tubi is steadily closing the content quality gap with premium SVOD.
- Sports content: The Super Bowl LIX simulcast proved FAST can handle premium live sports at scale, and upcoming sports originals signal Tubi’s intent to deepen its sports programming.
- Margin expansion: Fox expects 20–25% operating margins for Tubi over the medium term, which—combined with $1B+ revenue—would make the platform a substantial profit contributor.
- Ad measurement: The expanded Nielsen partnership positions Tubi to offer more sophisticated ad targeting and measurement, potentially driving CPMs higher from the current ~$8 level.
