Roku's ad revenue grows 23% as impression prices fall 7%.
Roku's advertising revenue rose 23% to $727.4m in the third quarter, on a 33% rise in video ad impressions. The average price per impression fell 7%, which Roku's quarterly filing puts down to changes in product and country mix.
The shareholder letter, dated 2 November, puts platform revenue at $1.31bn, up 23%, with subscriptions also up 23% to $580.9m. Streaming hours reached 39.9bn, up 9%, and net income was $183m. Roku says "more than 80%" of its in-stream video ad impressions were bought programmatically in the quarter, and Roku says it will expand several demand-side platform integrations, including Google's DV360, in the coming months. Political advertising on Roku beat the same quarter of the 2024 presidential cycle, and media and entertainment brands delivered their fastest year-on-year growth in four years.
The impression and price figures come from Roku's 10-Q, as reported by PPC Land. In the second quarter impressions rose 40% and the average price fell 12%, so both trends eased in the third. Roku held no earnings call and gave no outlook, as has been its practice since Fox agreed in June to buy the company; PPC Land puts the deal at about $22bn in enterprise value and notes the US Justice Department has asked for more information on it.
Roku does not break down prices by inventory type, so it is not clear whether the decline reflects a shift towards lower-priced inventory or towards markets outside the US. Nor does it say how much of the quarter's growth came from midterm political advertising.
Our read: PPC Land notes international markets make up less than a tenth of Roku's revenue, so this is mainly a US story. The pattern still matters for Gulf buyers, and midterm money will not recur next year. As streaming services in the region add ad tiers and open them to programmatic buying, more supply tends to mean lower average prices, which strengthens the buyer's hand in upfront talks.
Why it matters
Roku sold a third more ad impressions at a lower average price, and most of its video ads are now bought programmatically.
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