Dec 17 Hulu, the privately held Internet
streaming TV service, will generate about $695 million in
revenue in 2012 and finish the year with more than 3 million
paying subscribers, the company's CEO said on Monday.
The company's revenue increased 65 percent from 2011, Chief
Executive Jason Kilar said in a blog post on the company's
website. Subscribers to its paid service, Hulu Plus, doubled
from a year ago to 3 million. Hulu Plus costs $7.99 a month, the
same price as the Internet streaming service offered by its
biggest rival, Netflix.
The company said it invested more than $500 million in
content in 2012 and now offers 50,000 hours of video. It also
said it has more than 1,000 advertisers. The company said it
tripled its paying subscribers for its TV service in Japan
without providing specifics.
"We are closing on a big 2012," Kilar said.
A company spokeswoman declined to comment on whether the
company was profitable.
Hulu is owned by media companies Walt Disney Co,
News Corp and Comcast NBC Universal. Private
equity firm Providence Equity Partners said in October it had
sold its 10 percent stake.
Hulu started five years ago primarily as a free site for
users to catch up with many of their favorite shows on broadcast
television. It is now building its own library of original
content in a bid to stand out from competitors such as Netflix
Inc and to attract advertising dollars. Netflix, the
current leader in Internet movie and TV streaming, said it had
25.1 million U.S. subscribers at the end of September.
Hulu put itself up for sale in 2011, with suitors including
Google Inc, Amazon.com Inc, DirecTV Group Inc
and Dish Network Corp, Reuters reported at the
time. But the talks collapsed over the price of the deal.