The results were driven by growth across all major revenue streams in both geographies.

TelevisaUnivision announced financial results for the first quarter ended March 31, 2023.

The company’s total revenue grew 6% to US$1.1 billion, driven by growth across all major revenue streams in both geographies.

Total advertising revenue grew 6%, which was led by Mexico advertising growth of 14% that was driven by record volume in its 2023 Upfront as well as a benefit from foreign exchange rates. US advertising revenue grew 2%, or 5% excluding political and advocacy, driven primarily by demand for ViX.

Global subscription and licensing revenue grew 7%, driven primarily by the launch of ViX’s premium subscription tier.

Engagement on ViX continued to grow, with 26% growth in total streaming hours per user over the course of the quarter.

The company’s flagship network in Mexico, Las Estrellas, continued leading the free-to-air market with its highest Q1 share in the last seven years.

Lastly, streaming losses improved sequentially as the company continued to make progress toward profitability.

“I’m very happy with the start of 2023 from both an operational and financial perspective. We grew revenue across all lines of business and all geographies. In the U.S., ad sales continues to outpace the market, reflecting growing advertiser appreciation of the power and value of our audience as they shift share away from overspent general market,” said Wade Davis, Chief Executive Officer of TelevisaUnivision.

“Having just closed a record Upfront in Mexico, we are excited to carry our momentum into the coming U.S. Upfront. ViX continues to be an engine of growth and I am very pleased with the significant increases in engagement and consumption on the platform as well as the continued narrowing of losses as we progress towards profitability.”