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Hulu Made $420 Million In 2011
The tech space is now far removed from the potential sale of Hulu that it is hard to believe that it is the same company that had no fewer than 4 suitors a little more than 6 months ago. Instead of selling Hulu, its board and owners decided to plot a new course for profitability and really haven’t looked back since.
Although the target set for revenues over the course of 2011 was $500 million, the company still managed to make $420 million—a figure which is nothing to sniff at considering that Hulu’s main offering is premium content on the web. CEO Jason Kilar was very pointed in his defense of the revenue figure, citing that the target set by the board was actually $408 million and that the board is happy with the performance.
Hulu has seen better than expected growth with its Hulu Plus premium service and much of the revenues are directly attributable to it. Kilar points out that, “In the late 1940s, everyone in California thought the television was the devil incarnate. It had to be destroyed. Walt Disney was one of the first to go to New York to find out what was this devil incarnate.” As everybody knows, TV “was one of the best things to happen to the content industry.” This reference was in support of his claim that the decision to call off the sale of Hulu last year was borne out of a realization that it was worth so much more than what was being offered—in other words, Hulu will one day become even bigger than TV.
Perhaps Kilar is right. Youtube after all is getting ready to offer more premium content on its platform, and more and more people are viewing their content over the web. If Hulu continues to be innovative and relevant, it should reap well the spoils of the online video revolution.