Vizio recently published its financial report for Q2’23. The company’s net revenue was $394.4 million, a slight decrease from $408.9 million in the previous year. Despite this decrease in net revenue, the company’s Platform+ segment reported net revenue of $142.3 million, a significant 28% growth. Gross profit also saw an increase, going up by 17% to $86.1 million, with Platform+ gross profit rising by 23% to $85.8 million.
Net income for the period was reported at $1.9 million, down from $2.3 million in Q2’22. However, Adjusted EBITDA, however, increased by 59% to $18.1 million. SmartCast average revenue per user (ARPU), a key measure of platform monetization, went up by 18% to $30.55.
Key business highlights for Q2’23 include an increase in SmartCast active accounts to 17.6 million, which streamed 5.0 billion hours. It introduced a reimagined home screen experience, enhancing user engagement. Additionally, SmartCast hours per SmartCast active account grew by 5% YoY to 94 per month.
Other significant announcements include the debut of Clean Break, a series to provide exclusive brand sponsored content, and expansion in direct ad client relationships by 25% compared to Q2’22, with 80 net new advertisers. Vizio also launched Peacock Preview, offering access to premium content and a seamless engagement with the Peacock streaming app.
The company further expanded its offerings by adding WatchFree+ channels, including local channel category collection, Project Runway, and Family Feud Classic, making a total of over 290 FAST channels. They launched new apps such as Weather Channel, QVC/HSN, Wild Earth, and Power Nation, bringing the total number of built-in apps to over 170.
|Q2’23 Highlights (in millions)||Three Months Ended June 30, 2023||Three Months Ended June 30, 2022||% Change|
|Total Net Revenue||$394.4||$408.9||(4)%|
|Total Gross Profit||$86.1||$73.9||17%|
|Smart TV Shipments||1.0||1.1||(11)%|
|SmartCast Active Accounts (as of)||17.6||16.1||10%|
|Total Vizio Hours||8,852||8,154||9%|