- Shares of the streaming company, Roku, are up over 2% on Wednesday on the back of news that it has reached 50 million active accounts.
- Roku estimates nearly one-third of US households have cut traditional pay-TV.
- Roku's stock is up approximately 148% over the past year alone as the streaming service continues to outperform the markets.
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Shares of Roku are up over 3% Wednesday as the streaming company announced it broke the 50 million active account milestone in the fourth quarter.
Active accounts at Roku increased by approximately 14 million in 2020 alone, and the streaming company boasted a 55% year-over-year increase in streaming hours.
CEO Anthony Wood said in a press release, "I'm excited that more than 50 million households now turn to Roku for their TV viewing. The world is moving to streaming, and we look forward to continuing to help viewers, advertisers, content publishers, and TV manufacturers succeed in the Streaming Decade."
Roku now estimates that nearly one-third of US households have cut traditional pay-TV.
Even better for the streaming giant, a new survey from The Trade Desk of 2,600 U.S. consumers found some 67% of US Households either never had pay TV, have cut the cord, or are planning on cutting the cord.
In The Trade Desk's report, Chief Strategy Officer Brian Stempeck said of the streaming outlook, "with only a quarter of young adults having any long-term interest in traditional cable TV, in a few years we won't be talking about linear or cable TV at all. It will all be online and streaming."
Stempeck continued, "For broadcasters and advertisers, it's now all about how quickly they can pivot to where the eyeballs are moving, and many of them are already investing heavily in order to succeed in a world of connected TV."
This news comes three weeks after Roku announced a deal with HBO that will allow users to access HBO Max through the Roku Channel Store.
Shares of Roku are up approximately 148% over the past year. That's compared to 18% for the S&P 500 and 45.35% for the Invesco QQQ ETF that tracks the Nasdaq 100.
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