U.S. TV Network FOX reported second-quarter 2024 earnings, reporting revenue of $3.09 billion, up 2% year-over-year. While the revenue increase is modest, it compares favorably to competitors who have seen ad revenue plummet in the streaming era.

Fox also saw a decline in revenue from over-the-air TV (affiliate fees from local affiliates and ad sales), but a significant increase in advertising on FAST Tubi, the free ad-supported streaming TV service it began investing in several years ago, helped stave off a steep decline.

In the second quarter of 2024, Fox's ad revenue was $1.07 billion, compared to $1.08 billion in the same period a year earlier, but Murdoch did not disclose specific Tubi growth metrics.

Sports, with coverage of the UEFA Champions League and others, was also a boon. Fox is hoping for a boost in election-related ad revenue this year (2024), when the U.S. presidential election takes place.

FOX is capitalizing on the challenges of legacy TV network with FAST and investments in sports.