The news: Netflix and Fox are closing Upfronts on a high note, with ad success driven by live sports and original programming.
- Netflix anticipates that it will “roughly double” its ad revenues in 2025 from 2024 after a strong second quarter. A Madison & Wall analyst projects Netflix’s ad revenues of around $3 billion, about 7% of its overall yearly revenues.
- Fox had double-digit growth YoY across its sports properties, with core sports properties not including the World Cup surpassing $2 billion for the first time in the network’s history. Fox’s ad revenues are surging, with its news sector also showing double-digit growth in new and existing advertiser commitments.
- Fox-owned streaming service Tubi grew 35% YoY in volume, with major jumps in monthly active users and total viewing time.
The ad potential: The results show how advertising is surging across TV properties, both connected and linear—especially those that prioritize the premium events that continue to command advertiser confidence and audience attention.
- Netflix is relying heavily on its exclusive offerings and original content to attract advertisers. Its success has been largely attributed to popular original content like “Squid Game” and the final season of “Stranger Things,” but it is also building its sports offerings like WWE Monday Night Raw to compete for high-value ad buys.
- Fox is going full steam ahead on sports and leaning on its conservative-leaning news. Viewership skyrocketed with Super Bowl LIX, and the channel is continuing to strengthen its sports portfolio with the Indy 500, NFL on Fox, and MLB on Fox.
Our take: Netflix’s and Fox’s success underscores that high-quality, tentpole programming still commands advertiser trust even as broader ad growth slows.