Streaming without a subscription is an opportunity

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Fox is one of the few broadcast networks that doesn’t have its own sister subscription streaming service, and CEO Rob Wade sees this as an advantage.

Speaking ahead of the Upfront presentation later today, Wade said: “Our industry has seen a huge market shift. And for us that translates into enormous opportunities.”

“We are in a unique position, unburdened by the challenges of an SVOD P&L, allowing us to write our own playbook,” he added.

Although the company operates the free streaming service Tubi, Wade alluded to the challenges companies like ABC owner Disney have with Disney+ and Hulu, NBCUniversal with Peacock and CBS owner Paramount with Paramount+, which is now forced to chase streaming profits. huge expenses.

He added that the past few years have been “disruptive.”

It’s clear that Wade was referring to streaming in the entertainment space, as it is one of the partners of a sports streaming service alongside Disney and Warner Bros. Discovery.

He said Fox is now “able to seize opportunities, invest and grow,” but he wants to do this not by “rebuilding where we were” but by creating something new. “Something that isn’t hampered by the long-standing legacy frameworks that can weigh you down…Something where smart bets alongside innovative production models can make our shows cost-effective, at no cost to the creative and something that reflects the modern consumer and how they consume content, he added.

This is because it is bringing together all of its studio operations – Fox Entertainment, Fox Alternative Entertainment and Marvista Entertainment under Fox Entertainment Studios, led by Fernando Szew, launching the international distribution division Fox Entertainment Global and putting Michael Thorn in charge of both unscripted and scripted.

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“As a producer for the past twenty years, I know that for this to work, creative has to be the continued center of everything we do. We need to provide unexpected, unforgettable entertainment. And that starts with great, original ideas and world-class talent,” Wade added, highlighting deals with John Wells, Gordon Ramsay, Jamie Foxx, Niecy Nash, Molly Parker, Howard Gordon and Jon Hamm, among others.

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