In a display of growth and evidence that there’s a large market to be tapped for free speech companies, Rumble Inc, the up-and-coming video-sharing platform, disclosed its financial results for the first quarter of 2023. Showing a significant surge in user engagement and diversified content, Rumble’s first quarter revenue experienced a whopping 336% increase, soaring to $17.6 million, compared to the $4.0 million reported in the same period of 2022.
The company noted a 3% increase in the average estimated Minutes Watched Per Month (MWPM) to 10.8 billion, and an 82% rise in the number of hours of uploaded video content per day to 11,181. Average global Monthly Active Users (MAUs) also grew by 17% to 48 million, compared to the 41 million MAUs reported in the first quarter of the previous year.
Rumble has expanded its content portfolio with significant developments on its platform. These include the launch of a new interface for desktop, mobile web, Roku, and Android users, and the introduction of Supporter Badges and monthly subscriptions to enhance monetization opportunities for creators. In an unprecedented move, the company committed to a 100% creator revenue share for Supporter Badges through the end of 2023.
In addition to these developments, Rumble announced its exclusive management of comedian Steven Crowder’s content, including his popular “Mug Club” community. The company also unveiled its first-ever pay-per-view content with the exclusive release of Russell Brand’s comedy special “Brandemic.”
Rumble’s roster of exclusive content continued to expand, with major personalities such as Dave Rubin, Donald Trump Jr., and others, bolstering the Rumble Exclusives lineup. Notably, the company emerged victorious in a legal battle that stopped the enforcement of a New York law targeting constitutionally protected speech.
Significantly, Rumble also announced agreements for rights to three sports leagues, namely Street League Skateboarding (SLS), Nitro Rallycross (NRX), and Power Slap. This move represents a strategic entry into the sports content sphere.
Rumble’s Chairman and CEO, Chris Pavlovski, expressed his optimism about the company’s growth trajectory. “The addition of live sports and top streamers positions Rumble to become the home and future of live digital sports and culture,” Pavlovski said. He further emphasized Rumble’s commitment to fostering a robust platform for independent creators, stating, “Our growth is grounded in our commitment to our mission and, most importantly, our authenticity.”
As part of its growth strategy, Rumble continues to diversify its content and expand its influence. The company announced the acquisition of podcasting and live streaming platform Callin, and an online streaming partnership with the Republican National Committee (RNC) for the first debate of the Republican presidential primaries scheduled for August 2023.
Despite the significant growth in revenue, Rumble reported an increase in expenses across all areas, including cost of services (content, hosting, and others), general and administrative expenses, research and development, and sales and marketing. The increase in expenses is attributed to increased staffing-related costs and administrative expenses, along with increased programming and content costs.
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