Free. Popular. Unprofitable

FAST services are heralded for stratospherically high subscriber totals. Tubi has 80 million monthly active users, Roku’s got 85.5 million — Samsung is even at 88 million. So how come none of them are turning a profit? Elaine Low, Richard Rushfield and Sean McNulty evaluate free TV’s struggle (and how paid streaming compares). Plus: What Harris or Trump would mean for industry M&A; and NBCUniversal’s mysterious “study” of whether to spin off its cable networks. Transcript here. For more entertainment news, subscribe to The Ankler or apply to The Ladder, a new members-only hub for early career entertainment professionals. Learn more about your ad choices. Visit megaphone.fm/adchoices