Roku Continues to Grow and Solidify Its Lead in the TVOS Wars

Five big questions re: Roku:
1) How much advertising revenue is Roku generating?
2) How many accounts does Roku have?
3) How much money does Roku make from each subscriber?
4) How much time do Roku accounts spend streaming?
5) What share of streaming viewership does the Roku Channel account for?

Big question #1: How much advertising revenue is Roku generating?

Roku advertising revenue (YoY growth):
1) 2016-Q3 – $22M
2) 2017-Q3 – $58M (↑ 158%)
3) 2018-Q3 – $100M (↑ 74%)
4) 2019-Q3 – $179M (↑ 79%)
5) 2020-Q3 – $319M (↑ 78%)
6) 2021-Q3 – $583M (↑ 82%)
7) 2022-Q3 – $670M (↑ 15%)
8) 2023-Q3 – $787M (↑ 17%)

Roku profit (YoY growth):
1) 2021-Q3 – $69M
2) 2022-Q3 – –$147M (↓ 314%)
3) 2023-Q3 – –$350M (↓ 138%)

Big question #2: How many accounts does Roku have?

Roku active accounts (YoY growth):
1) 2016-Q3 – 11.3M
2) 2017-Q3 – 16.7M (↑ 48%)
3) 2018-Q3 – 23.8M (↑ 43%)
4) 2019-Q3 – 32.3M (↑ 36%)
5) 2020-Q3 – 46.0M (↑ 42%)
6) 2021-Q3 – 56.4M (↑ 23%)
7) 2022-Q3 – 65.4M (↑ 16%)
8) 2023-Q3 – 75.8M (↑ 16%)

Big question #3: How much money does Roku make from each subscriber? 

Roku advertising revenue (quarterly) per account (YoY growth):
1) 2016-Q3 – $1.97
2) 2017-Q3 – $3.44 (↑ 75%)
3) 2018-Q3 – $4.21 (↑ 22%)
4) 2019-Q3 – $5.55 (↑ 32%)
5) 2020-Q3 – $6.94 (↑ 25%)
6) 2021-Q3 – $10.33 (↑ 49%)
7) 2022-Q3 – $10.25 (↓ 1%)
8) 2023-Q3 – $10.38 (↑ 1%)

Big question #4: How much time do Roku accounts spend streaming?

Roku streaming hours (quarterly) per account (YoY growth):
1) 2016-Q3 – 212
2) 2017-Q3 – 287 (↑ 35%)
3) 2018-Q3 – 261 (↓ 9%)
4) 2019-Q3 – 319 (↑ 22%)
5) 2020-Q3 – 322 (↑ 1%)
6) 2021-Q3 – 319 (↓ 1%)
7) 2022-Q3 – 335 (↑ 5%)
8) 2023-Q3 – 352 (↑ 5%)

Roku advertising revenue per streaming hour (YoY growth):
1) 2016-Q3 – $0.009
2) 2017-Q3 – $0.012 (↑ 29%)
3) 2018-Q3 – $0.016 (↑ 35%)
4) 2019-Q3 – $0.017 (↑ 8%)
5) 2020-Q3 – $0.022 (↑ 24%)
6) 2021-Q3 – $0.032 (↑ 50%)
7) 2022-Q3 – $0.031 (↓ 5%)
8) 2023-Q3 – $0.029 (↓ 4%)

Big question #5: What share of streaming viewership does the Roku Channel account for?
Quick answer: The Roku Channel accounts for 1.1% of total TV time and 3% of streaming TV time.

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