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Roku themselves have said that they are in the Ad business, not in the tech business, and they were getting around $40 per user a month (also in [0]). That is

• tecleandor 2y ago
  Seems like nowadays they're still around that number, although a bit smaller in 2023 ($39.92, down 4% YoY) [0]. They think it went down due to the growth of international users. Do they get less money per user because they can't legally do the same things in other markets or maybe advertisers pay less for data or reach to non US markets? What I see from their 4Q2023 report [1] is that they sell devices at a loss. Their gross revenue in "Devices" is negative $20K. And I guess that also includes any expense on advertising or promoting the devices, not only the hardware price. I can't find if there's any mention anywhere about what percentage of their platform revenue is advertising and what is subscriptions, but they say: We generate Platform revenue primarily from the sale of advertising (including direct and programmatic video advertising, M&E promotional spending, sponsorships, and related ad products and services), as well as streaming services distribution (including subscription and transactional revenue, the sale of Premium Subscriptions, and the sale of branded app buttons on remote controls). --- 0: https://www.hollywoodreporter.com/business/business-news/roku-80-million-active-accounts-earnings-1235826274/ 1: https://image.roku.com/c3VwcG9ydC1B/4Q23-Shareholder-Letter-Final.pdf