The chief executive of Hulu said in a Monday blog post that he expects the Internet streaming TV service to generate 66 percent more revenue than last year and grow to 3 million paid subscribers by the end of the year.
Total revenue for this year is expected to top $695 million, Jason Kilar said at the privately held Los Angeles new media company’s website. The company now has more than 1,000 advertisers at its free and paid sites. At Hulu Plus, which costs $7.99 a month and adds more content and access by smart phones, game consoles and other devices, the number of paid subscribers has more than doubled, he said.
“Most entrepreneurs hope to have the good timing and the good fortune to find and ride (and ideally shape) one massive wave,” Kilar said in the blog post. “At Hulu, we are doubly fortunate in that we are at the crest of two massive waves that we believe will persist for the long term: the rise of online video advertising and the rise of online video subscription services.”
Hulu is owned by Walt Disney Co, News Corp. and Comcast NBC Universal, all of which stream their content on the site.