A 72% increase in Crave’s direct-to-consumer (DTC) subscribers was a large driver for Bell Media’s 3.8% operating revenue uptick in Q2.

The significant increase in subscription revenue offset a 3.1% decrease in advertising revenue, attributed to continued soft overall traditional broadcast TV advertiser demand for non-sports content and less advertising on audio from 45 radio station divestitures. Playback takes a deeper look at BCE’s Q2 2025 results and investor call below:

BCE Q2 revenue: $6.1 billion

Year-over-year (YOY) change: Up 1.3% from $6 billion

Reason for increase: A 17.4% increase in product revenues to $818 million from $697 million, driven by Bell AI Fabric and higher wireless device sales. It was partially offset by a 0.8% decrease in service revenue to $5.27 billion from $5.31 billion.

Bell Media revenue: $843 million

YOY change: Up 3.8% from $812 million

Reason for increase: An 8.1% increase in subscription revenue across the company’s DTC services such as Crave and its sports streamers. The F1 Canadian Grand Prix and Bell Media’s acquisition of Sphere Abacus also played a part in the segment’s revenue increase. Advertising revenue dropped 3.1%, driven by soft overall linear TV advertiser demand, primarily on conventional and entertainment specialty TV, and a drop in audio advertising from Bell Media’s selling of 45 radio stations.

Subscription increases: Crave saw a 29% increase in total subscriptions compared to last year to an approximate 4.1 million subscribers, driven by a 72% increase in DTC subscribers, which encompasses every channel except those that subscribe through a BDU. Sports DTC subscribers increased by 7%.

Bell Media digital revenue: Increased 9% in the quarter due to continued subscriber growth and higher digital advertising revenue through connected TV and Crave’s ad-supported tiers. Digital revenue now makes up 43% of total media revenues, said Mirko Bibic, BCE and Bell Canada president and CEO, during the investor call on Thursday (Aug. 7).

BCE adjusted EBITDA: $2.67 billion

YOY change: Down 0.9% from $2.7 billion

Reason for decrease: A decline in BCE’s Bell Communication and Technology Services (CTS) segment which saw an adjusted EBITDA drop of 1.6%, partially offset by Bell Media’s 7.8% adjusted EBITDA increase $235 million from $218 million. Bell Media’s adjusted EBITDA margin increased 1.1% to 27.9% from 26.8%.

Bibic on Bell Media’s results: “Bell Media has delivered a strong first half, and it’s because of our digital pivot and our focus on flagship franchises … While we expect Bell Media to generate positive revenue and EBITDA for the full year, segment results may be somewhat uneven due to industry dynamics and near-term macroeconomic headwinds that may impact advertiser demand in the second half of this year.”

On plans for digital transformation: “Driving [digital] performance was Crave, which grew direct streaming subscribers by 72% over last year, as well as continued growth in products such as Connected TV, Crave with ads and FAST channels. Investments to sustain the strategic shift are continuing with a major expansion of Crave to offer CTV and Noovo, entertainment content, news, select sports and a larger kids collection.”

On bundles and advertising: “We’ve got a new streaming bundle offer that includes Disney+, Crave and TSN for the Canadian market and integration of the Bell marketing platform into the Trade Desk, providing advertisers with seamless access to Bell’s premium first-party data and custom audience building capabilities.”

Ziply Fiber deal closure: Bell Canada closed its $5-billion acquisition of Ziply Fiber, a U.S. Pacific Northwest fibre internet provider, on Aug. 1. The purchase was supported by BCE’s sale of its 37.5% stake in Maple Leaf Sports & Entertainment to Rogers Communications for $4.7 billion. Ziply will continue to operate as a separate business unit, headquartered in Kirkland, Wash. Its results will be included in the Bell CTS segment.

Image courtesy of Bell Media