SAN JOSE, Calif. — During the pandemic, Roku reaped the benefits of the streaming boom, as consumers used its platform to stream movies and TV shows from services like Netflix and Disney+.
The San Jose-based company sold lots of ads on its platform and took in significant revenue from new streaming services seeking to connect with Roku's more than 65 million users. Roku also began investing in new original programs from its ad-supported streaming service, the Roku Channel, doubling its staff in Santa Monica in 2021.
But over the past year, some investors have grown wary of Roku's direction, as the company weathers a weaker advertising market and delves into non-TV-related products like video doorbells. Amid a broader rethinking of the streaming business model, Roku's stock price plunged more than 80% in 2022.
