Hulu released a blog post detailing its year-end review of performance in 2013, and it’s turned out to be a successful one for the media streaming company.
By the end of 2013, Hulu will reach $1 billion in revenue, up from $700 million in 2012. The company has also seen a surge in paying subscribers for Hulu Plus, shooting up from more than 3 million last year to 5 million by the end of this year.
While Hulu has been successful in working with streaming devices like Google’s (S GOOG) Chromecast, the company has also managed to forge stronger partnerships with next-generation gaming consoles like Xbox One and PlayStation 4. It’s clearly serving a demand, as the company reports that more than half of its Hulu Plus users access content on streaming devices. And those users stayed with Hulu for long sessions — the company reports that users streamed more than 1 billion videos each quarter.
Hulu’s success comes at a time when video streaming is just hitting its stride. The company’s deals with networks as well as its production of original content means that cord-cutting and committing to streaming are becoming a more viable option than ever. But 2014 will be a test — especially as cable companies like Time Warner attempt to bring users back into cable’s fold.