2 min read

Foxtel Subscribers Grow, Revenue Drops


News Corp’s latest fiscal report shows Foxtel saw a 66% increase in subscribers during the last quarter, with Kayo and Binge now each reaching more than one million subscribers.

Foxtel’s revenue was down $13 million (3%), down to $498 million compared to the previous year.

More broadly, News Corp reported revenues of $2.72 billion, a 13% increase on the prior year, with net income for the quarter reaching $262 million.

News Corp Chief executive, Robert Thomson said: “For the first half of fiscal year 2022, News Corp’s profitability reached nearly $1 billion, up 30% year-over-year, with the second quarter delivering record revenues and the highest profit of any quarter since the company was formed in 2013…”

“Our increasing momentum has given us the ability to make opportunistic acquisitions and further our $1 billion share buyback program.

“News Corp is clearly going from strength to strength,” Thompson said.

Foxtel’s revenue was down $13 million (3%), down to $498 million compared to the previous year.

Despite this, subscription video services are on the rise for the company, with the upcoming NRL and AFL seasons expected to boost Kayo subscribers even more.

As of 31 December 2021, Kayo had recorded more than one million subscribers total, compared to 648,000 in the previous year.

BINGE also saw a major growth in subscribers, with more than one million subscribers as of December 31, 2021 up from 468,000 the previous year.

Foxtel Now had 219,00 subscribers, down from 265,000 subscribers the previous year.

While there was some fluctuation in the report, overall Foxtel is doing better than the prior year, with News Corp remaining positive of the company’s outlook largely due to the continued subscriber growth across its video services.

See Ministry of Sport’s last News Corp report.

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