(Reuters) – Fox Corp’s upcoming subscription streaming service is expected to draw subscribers in the mid-single-digit millions range, CEO Lachlan Murdoch said on Monday at the Morgan Stanley Technology, Media & Telecom Conference.
Fox is planning to launch the yet-to-be-named service by the end of 2025 to diversify its revenue streams and attract an audience outside its flagship cable television business.
Media giants across the United States are experiencing a paradigm shift as more people cut the cord in favor of online streaming platforms that provide on-demand video.
“We think the traditional cable bundle has been the greatest value and service to consumers in this country, and it continues to be in a critical and important part,” Murdoch said.
He said that the company is expecting to launch the service around the next NFL season in the fall.
The company named former Apple TV+ executive Pete Distad as the CEO of the upcoming streaming venture.
Murdoch said Fox Nation, a streaming platform associated with Fox News Channel, has grown with strength from programming such as documentary series backed by director Martin Scorsese.
The service has drawn between 2 million and 2.5 million subscribers, Murdoch said.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Alan Barona)
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