A subscription video service that launched 14 months ago has been gaining ground, ending 2011 with 1.5 million paying customers, reports the Los Angeles Times’ Company Town blog.
The service is Hulu Plus, from Santa Monica, Calif.-based Hulu. The company also boosted revenue by 60% over 2010, ending 2011 with $420 million in revenue, the story notes. That was less than the $500 million projected by Hulu earlier, but the advertising market slowed in the third and fourth quarters, crimping its goals, the piece notes.
"Overall the Hulu ad business grew aggressively and Hulu Plus materially exceeded our plan," wrote Hulu Chief Executive Jason Kilar in a blog post Thursday.
Hulu plans to spend about $500 million on programming this year, the piece notes. Hulu continues to offer some content for free, with expanded programming available through the $7.99-a-month Hulu Plus service.