Entertainment has immensely grown to be something quite big nowadays. The entertainment industry ranges from as many sectors as you can think of. People make music to entertain; there are people who are entertained by sports, movies, live events, and so many others. Therefore, investing in the entertainment industry is not a venture that is bound to fail you. For this reason, we have so many people and even large corporations that have spent big bucks on improving the entertainment industry. A good example of such investors is the creators of Hulu.
Hulu is an American-based subscription video-on-demand service that is fully controlled and majority-owned by Walt Disney Direct-to-Consumer & International, a business segment of the Walt Disney Company, with NBC Universal, owned by Comcast, as an equity stakeholder. The company has been entertaining a huge number of the world’s population for quite some time now. The company has grown to be successful because it offers quality shows and film experiences for all audiences. The service has been competing with the big companies in the market, such as Netflix, CBS All Access, and so many others.
The company is one of the biggest television service providers today, with at least 30.4 million subscribers as of the first quarter of 2020. The company boasts an average of about 2,900 employees and is also ranked third among its top ten competitors.
Hulu was founded on the 29th of October in 2007 as a joint venture between News Corporation and NBC Universal, Providence Equity Partners, and later the Walt Disney Company. It served as an aggregation of recent episodes of television series from their respective television networks. The key names in the founding of the company included Bruce Campbell, Peter Chernin, JB Perrett, Michael Lang, Beth Cornstock, and Jason Kilar. Jason Kilar was named Hulu CEO in late 2007.
The name Hulu was chosen in late August 2007. The name Hulu is a Chinese word with two meanings. The first meaning is “gourd,” and the second meaning is “interactive recording.” The two meanings serve the purpose of the company since an ancient Chinese proverb states that the gourd was used to carry precious items, which the company believes they do.
The company officially launched for public access on March 12, 2008, and the first product to be released was the HULU Syndication network, which was designed and developed by the NBC Universal team from New York. During NBC’s broadcast of the Super Bowl XLIII, the company began an advertising campaign with Alec Baldwin.
Their campaign was one of a kind because it was intended to humorously reveal that Hulu was made to destroy the world. As queer as it might have seemed, it did good for them, and the company grew quite popular. The company also advertised with other stars such as Eliza Dushku, Seth Macfarlane, Denis Leary, and Will Arnet.
In July 2007, the company called Providence Equity Partners purchased 10% stakes of the company, which earned them a seat among the board of directors at Hulu, where they acted as the “independent voice on the board.” In April 2009, The Walt Disney Company also joined the party as a stakeholder, with plans to offer content from ABC and Disney Channel.
On June 21, 2011, The Wall Street Journal reported that an “unsolicited offer” caused Hulu to think of selling itself, but they did not go through with the idea because no bidder was able to offer a satisfactory amount. In 2011, the company targeted $500 million in revenue, but the company fell $80 million short of its target. A vacant CEO post surfaced, which was filled by former Fox Networks President Mike Hopkins on October 17, 2013.
The company grew very successful over the years with interests from so many other companies. This can be considered a measure of success because big corporations wanted a piece of it. In December 2017, Disney announced that it would acquire 21st Century Fox, including its 30% stake in Hulu, in a sale completed on March 20, 2019.
The company boasts a very high number of subscriptions, with a total of 28 million subscribers. Hulu also decided to take its services outside the borders of the U.S.A. However, the expansion was delayed for a while, and Disney CEO Bob Iger announced that the international expansion would begin in 2021.
Awards & Achievements
Hulu has been a successful company that has achieved a lot of success over the years. The company has grown gradually and has won quite a number of awards for their tremendous work. Hulu’s original series, The Handmaid’s Tale, won two awards at the 33rd annual Television Critics Association Awards for Program of the Year and Outstanding Achievement in Drama.
At the 69th Primetime Emmy Awards, Hulu earned a total of 8 awards for The Handmaid’s Tale and became the first streaming service provider to win Outstanding Drama Series. These are just a few of the awards they have managed to bag because they have won quite a number.
Net Worth of Hulu in 2023
Despite the company being under The Walt Disney Company, it has achieved quite a lot of success on its own. It has a very good number of subscriptions, which proves the company’s undeniable success. As of December 2023, The company has a net worth of approximately $16 billion, and it is promising to increase as time goes by, especially as the company plans to expand its subscriptions to other countries by 2021.
Hulu is a very successful company that competes in a very competitive industry. Currently, the company is only providing its services in the U.S.A, but it looks forward to expanding its reach. The company has been entertaining the American audience with its large collection of current-season TV shows and movies.