Oprah Winfrey
Getty Images for Global Citizen
Oprah Winfrey Network, also known as OWN, was added on January 6 to Hulu + Live TV. The addition of carriage for any cable network is almost unheard of in this environment of cord cutting and cord shaving. Hulu + Live TV has just over 4 million subscribers, so the addition of OWN is significantfor the financial health of the channnel.
OWN launched in 2011, taking over a channel called Discovery Health which was almost fully distributed with over 75 million subscribers. However, that network was free to most cable and satellite operators and wasn’t making much money.
Following the relaunch, OWN lost $226 million in its first two years due to investing significantly in original programming. New shows at the channel’s launch included Gayle King Live!, Oprah’s Next Chapter, Visionaries: Inside the Creative Mind, Why Not? With Shania Twain and Your OWN Show: Oprah’s Search for the Next TV Star.
The channel turned profitable in 2013 and has remained so ever since (see table). However, like nearly every other cable network, the channel has been losing subscribers as viewers migrate to watching content online. Since 2013, average subscribers have declined from 81 million to just over 64 million in 2021.
Oprah Winfrey Network (OWN) Economics, 2013-2021
S&P Global Market Intelligence
Although Oprah Winfrey still remains CEO of the network, she has cashed out of most of her equity in what started out as a 50/50 joint venture between Discovery Communications and Winfrey’s Harpo Studios. Discovery bought a 24.5% stake from Harpo in 2017 and another 20.5% in 2020, with Harpo retaining a 5% stake.
