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Roku wants to be the next big smart TV software platform

Photo illustration: Axios visuals

Coming off of a stellar first earnings report as a public company, Roku CEO Anthony Wood says the future of Roku is smart TV software, not its connected TV hardware product that it's most commonly known for. Per eMarketer, more Americans use Roku's connected TV device than any other similar device, like Chromecast, Amazon Fire TV or Apple TV.

Why it matters: Just as mobile hardware companies like LG and Samsung eventually migrated off of their own software platforms to market leaders' like Android and iOS, the smart TV industry is going through the same evolution. Roku is priming itself to be the next big software platform for smart TVs. The shift creates new revenue streams for Roku that can be scaled very quickly, including software licensing and digital TV advertising.