Hulu proved streaming can be profitable, announcing a 16% EBITDA margin in 2023 while simultaneously growing its paid subscriber base by 2.5 million viewers.
Key Takeaways
- Hulu had 48.8 million paid subscribers as of Q4 2023
- Hulu's subscriber base grew by 2.5 million in 2023
- Domestic Hulu SVOD-only subscribers reached 45.1 million in Q4 2023
- Hulu's content library includes over 45,000 TV episodes as of 2024
- Hulu offers more than 2,500 movies in its on-demand catalog in 2024
- Original content on Hulu totals 500+ titles including series and films in 2023
- Hulu generated $11.4 billion in revenue in fiscal 2023
- Hulu's ad revenue grew 10% YoY to $2.8 billion in 2023
- Streaming segment revenue including Hulu was $23 billion in FY2023
- Hulu's 25-34 age group comprises 35% of subscribers in 2023
- 52% of Hulu users are female as of 2023 survey
- Urban dwellers make up 65% of Hulu's U.S. subscriber base in 2023
- Hulu averages 4.2 hours of monthly viewing per user in 2023
- 75% of Hulu subscribers watch daily or almost daily in 2023
- Peak viewing time on Hulu is 8-11 PM, accounting for 40% of hours
Hulu grew to nearly 49 million subscribers and reached profitability in 2023.
Content Library
- Hulu's content library includes over 45,000 TV episodes as of 2024
- Hulu offers more than 2,500 movies in its on-demand catalog in 2024
- Original content on Hulu totals 500+ titles including series and films in 2023
- Hulu Live TV provides 95+ live channels as of 2024
- Next-day TV episodes on Hulu exceed 1,000 weekly from networks in 2023
- Hulu's anime catalog features over 300 titles via Crunchyroll integration in 2024
- FX content on Hulu includes 20+ original series seasons annually
- Hulu added 200+ new originals in 2023
- Sports content via ESPN+ bundle on Hulu reaches 10,000+ events yearly
- Hulu's kids programming library has 5,000+ episodes from Disney in 2024
- Reality TV shows on Hulu number over 150 active series in 2023
- Hulu streams 100+ hours of daily live news content in 2024
- International content dubbed/subbed exceeds 1,000 titles on Hulu in 2023
- Hulu's 4K content library includes 500+ titles as of 2024
- Acquired library titles on Hulu total 10,000+ movies and shows in 2023
Content Library Interpretation
Hulu has evolved into a sprawling, slightly overwhelming entertainment hydra where choosing what to watch feels like a second job, but you can't complain about the benefits package.
Engagement and Usage
- Hulu averages 4.2 hours of monthly viewing per user in 2023
- 75% of Hulu subscribers watch daily or almost daily in 2023
- Peak viewing time on Hulu is 8-11 PM, accounting for 40% of hours
- Binge-watching sessions on Hulu average 3.5 episodes per session in 2023
- Hulu's share of TV viewing time was 9.1% in U.S. households Q4 2023
- Mobile app accounts for 35% of Hulu streaming sessions in 2024
- Ad completion rates on Hulu ads averaged 92% in 2023
- Hulu originals drove 25% of total platform viewing in 2023
- Average session length on Hulu is 45 minutes in 2023 data
- 55% of users share Hulu accounts within households in 2023
- Live TV viewing on Hulu grew 20% YoY to 1.2 hours/week per user
- Hulu's retention rate for first-month users is 85% in 2023
- Multi-device usage: 70% of Hulu users stream on 2+ devices monthly
- Pause and resume feature used by 60% of Hulu viewers weekly
Engagement and Usage Interpretation
Hulu has successfully turned the collective American evening into a meticulously scheduled, multi-device appointment where we dutifully watch ads, share passwords, and binge just enough to feel invested but not guilty, proving that modern loyalty is less about love and more about not wanting to figure out where you left off.
Revenue and Financials
- Hulu generated $11.4 billion in revenue in fiscal 2023
- Hulu's ad revenue grew 10% YoY to $2.8 billion in 2023
- Streaming segment revenue including Hulu was $23 billion in FY2023
- Hulu's EBITDA turned positive at $150 million in Q4 2023
- Subscription revenue for Hulu reached $8.6 billion in 2023
- Hulu's content spend was $5.2 billion in fiscal 2023
- Ad-supported plans drove 75% of Hulu's revenue growth in 2023
- Hulu valuation estimated at $27.5 billion in 2024 merger talks
- Operating income for DTC including Hulu improved $1.25 billion in 2023
- Hulu's average revenue per user rose 5% to $76 annually in 2023
- Q1 2024 Hulu revenue increased 8% YoY
- Hulu contributed 25% to Disney's streaming revenue in 2023
- Marketing expenses for Hulu totaled $1.1 billion in FY2023
- Hulu's profit margin reached 2.5% in late 2023
- Bundle revenue sharing boosted Hulu by $500 million in 2023
- Hulu ad pricing increased 15% for upfront deals in 2024
Revenue and Financials Interpretation
After years of burning cash like a Hollywood blockbuster, Hulu has finally learned to monetize its viewers almost as well as it monetizes their data, turning a modest profit by making ads nearly as inescapable as the remote you just lost.
Subscribers and Growth
- Hulu had 48.8 million paid subscribers as of Q4 2023
- Hulu's subscriber base grew by 2.5 million in 2023
- Domestic Hulu SVOD-only subscribers reached 45.1 million in Q4 2023
- Hulu Live TV subscribers stood at 4.4 million at the end of 2023
- Hulu added 1.3 million core subscribers in Q1 2024
- International Hulu subscribers via bundles reached 10 million in 2023
- Hulu's average monthly churn rate was 4.2% in 2023
- Paid sharing conversions added 1.2 million Hulu subscribers in 2023
- Hulu bundle subscribers (Disney+/Hulu/ESPN+) grew 17% YoY to 8.2 million in Q4 2023
- Hulu's U.S. SVOD market share was 14% in 2023
- Hulu subscriber ARPU was $12.43 in Q4 2023
- Hulu reached profitability with 16% EBITDA margin in 2023
- Hulu's total subscribers including add-ons hit 52 million in early 2024
- Quarterly subscriber growth for Hulu was 0.7 million in Q3 2023
- Hulu's ad-supported tier accounted for 70% of new subscribers in 2023
Subscribers and Growth Interpretation
Hulu's strategy of squeezing revenue from ads, bundles, and password sharers, while deftly managing churn, has transformed its impressive subscriber heap into a surprisingly profitable pile.
User Demographics
- Hulu's 25-34 age group comprises 35% of subscribers in 2023
- 52% of Hulu users are female as of 2023 survey
- Urban dwellers make up 65% of Hulu's U.S. subscriber base in 2023
- Millennials represent 45% of Hulu households in 2024
- 28% of Hulu subscribers have household income over $100K in 2023
- Gen Z users grew to 22% of Hulu's audience in 2023
- 40% of Hulu Live TV users are sports fans aged 18-49
- Hispanic viewers account for 18% of Hulu's monthly users in 2023
- Parents with children under 12 are 30% of Hulu + Disney+ bundle users
- College-educated users comprise 55% of Hulu subscribers in 2023
- 60% of Hulu users live in the South or West U.S. regions in 2023
- LGBTQ+ identification among Hulu users is 12% vs. 7% national average
- Boomers (55+) represent only 8% of Hulu's active users in 2024
- Single-person households are 25% of Hulu subscribers in 2023
User Demographics Interpretation
Hulu's audience is a portrait of modern, urban America: it's largely young, educated, and female, with a notable tilt toward the coasts and a demographic footprint that is significantly more diverse and affluent than the national average.
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