Fox Corp’s revenue soars: Political ads drive surge

• Fox Corp surpasses revenue estimates with a 9 percent increase, driven by a surge in political advertising ahead of the 2024 U.S. presidential election
• The company reported first-quarter revenue of $3.56 billion versus expectations of $3.37 billion

What happened

Fox Corp announced on Monday (Nov. 4) that its first-quarter revenue exceeded Wall Street expectations. According to data compiled by the London Stock Exchange, the company reported first-quarter revenue of $3.56 billion. That compares with expectations of $3.37 billion. This is largely due to strong political advertising revenues.

More specifically, it was driven by an uptick in ad spending related to the 2024 U.S. presidential election. A large number of viewers are following coverage and real-time updates of the presidential election through traditional news and television programs. This has increased advertising spend on channels such as Fox News. Fox CEO Lachlan Murdoch noted that the company’s political advertising hit an all-time high. Its ad-supported streaming platform, Tubi, also saw strong growth.

In addition, the company’s shares rose more than 3.5 percent in premarket trading. According to Reuters, Fox’s advertising revenue rose about 11 percent to $1.33 billion in the quarter, exceeding expectations of $1.13 billion.

Also read: Fox Sales Beat Estimates on ‘Tidal Wave’ of Political Ads

Also read: Fox Corp (FOX) Q1 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic Advancements

What it’s important

Fox posted strong results, driven by political ads. This highlights a general trend in the industry: the resilience of political AD spending in the age of digital transformation. While many traditional media companies face challenges due to the shift to streaming platforms and digital-first content, political ad revenue remains a vital financial lifeline.

The trend also benefits smaller media companies by providing them with a clear opportunity to capitalize on the political advertising boom. Smaller, niche networks like NewsNation benefit from the flexibility of political ad spending. This allows them to generate significant revenue despite being founded later or being smaller than larger companies such as Fox. NewsNation, for example, has seen substantial growth in recent years, meeting a growing demand for more diverse political coverage.

Fox’s strong showing illustrates the continuing influence of political advertising in the changing media landscape. At the same time, it highlights a major opportunity for smaller companies like NewsNation. With the election season generating large amounts of political advertising dollars, smaller companies can use this revenue growth to fund content creation, expand their reach, and solidify their market position.