🎧 Free. Popular. Unprofitable

People love Tubi and Roku. But where's the money?

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FAST services are heralded for stratospherically high subscriber totals. Tubi has 80 million monthly active users, Roku’s got 85.5 million — Samsung is even at 88 million. So how come none of them are turning a profit? Elaine Low, Richard Rushfield and Sean McNulty evaluate free TV’s struggle (and how paid streaming compares). Plus: What Harris or Trump would mean for industry M&A; and NBCUniversal’s mysterious “study” of whether to spin off its cable networks.

Transcript here.