Revenue for the three broadcast network-owned digital video platform, Hulu, will soar over 40% by the end of this year, hitting $1 billion.
Much of this comes from the growth of
subscription revenues via its premium Hulu Plus service, as well as growing advertising revenues, according to Mike Hopkins, chief executive officer of Hulu, writing in a Hulu blog.
didn’t break down specific revenue for subscription and advertising. But he wrote: "In 2013, we saw our roster of advertisers expand to more than 1,000 brands, a 15% increase over last
The company say it “remained No. 1 in engagement among top ad-supported online video sites, and No. 1 in market share of all premium online video providers.” As
evidence of this, it noted Hulu viewers stayed on the site for approximately 50 minutes per session in the fourth quarter.
Hulu Plus has seen rapid growth rising to just over 5 million
subscribers from around 3 million a year. Now, Hulu and Hulu Plus have 488 content partners, providing over 86,000 TV episodes, 2,900 TV series and 68,000 hours of video on Hulu and Hulu Plus.
A year ago, Hulu revenue was at $695 million for the premium digital Web site jointly owned by 21st Century Fox, Disney-ABC Television and Comcast Corp.
Earlier this year, the three
companies abandoned plans to sell off Hulu. Instead, the companies said it would invest more money into the service -- $750 million