9:00 PDT 29.4.2021
Fox says Chung will “focus on identifying and developing new digital business opportunities across existing and new growth categories.”
Fox Corp. wants to turbocharge its digital business.
To help it squeeze into new business areas, the company has named Steve Chung its first head of growth. Fox says Chung will “focus on identifying and developing new digital business opportunities across existing and new growth categories.”
Chung will report to Fox CTO and President of Digital Paul Cheesbrough.
“Steve’s appointment in this role underscores our continued focus on investing in and developing growth-oriented digital businesses,” Cheesbrough said in a statement. “Steve’s business insight, digital expertise and industry experience make him the ideal person to identify new opportunities and improve our current initiatives.”
Unlike many of its entertainment industry counterparts such as Discovery Inc. and ViacomCBS, Fox Corp has chosen not to launch a broad-based subscription streaming service, preferring instead to enter the free, ad-supported streaming area with Tubi, and by launching more targeted offerings as Fox Nation and Fox Soul. That said, the company’s recent NFL rights agreement includes comprehensive digital rights, giving the company some opportunities to expand its streaming efforts.
However, the company has expanded into other digital businesses, including an acquisition of financial technology company Credible Labs, and a stake in the digital-first gaming company Fox Bet. These investments suggest that Fox is willing to look beyond the traditional entertainment sector in search of digital growth.
Chung had been digital chief of Fox TV stations since 2018, and before that was CEO of Frankly, a SaaS company based in San Francisco. He has also previously worked for Goldman Sachs and BRV Ventures.
Updated 9:30 a.m. with mention of Tubi and Fox Bet.