Rumble (RUM) Q2 2025: ARPU Jumps 24% as Cloud and Crypto Wallet Drive Strategic Shift
Rumble’s Q2 marked a strategic inflection, with ARPU up sharply and ecosystem partnerships multiplying. The company’s move toward cloud, AI, and crypto-powered monetization signals a bolder growth mandate, while operational discipline yielded improved profitability. With the Rumble Wallet and aggressive creator onboarding on deck, investor focus shifts to international expansion and the durability of new revenue streams.
Summary
- Monetization Engine Accelerates: Subscription and tipping gains fueled robust ARPU growth and improved loss trajectory.
- Partnership Flywheel Engaged: Strategic alliances with Tether, Cumulus, and Moonpay are broadening both platform reach and monetization levers.
- Growth Mandate Recast: With Tether’s backing and cloud momentum, Rumble is prioritizing aggressive expansion over near-term profitability.
Performance Analysis
Rumble’s Q2 revenue grew 12% year-over-year, driven by a $1.7 million increase in audience monetization (subscriptions, licensing, and tipping) and a $0.9 million gain from cloud and other initiatives. The company maintained 51 million monthly engaged users (MEUs), marking its eighth consecutive quarter above 50 million—even after the departure of its largest creator, Dan Bongino. This resilience in user engagement, especially outside of an election year, underpins the platform’s stickiness and creator network effect.
ARPU (average revenue per user) surged 24% sequentially, reflecting successful execution in premium subscriptions and mid-roll ad monetization. Cost discipline was evident as cost of services fell 26% year-over-year, due mainly to the expiration of costly programming deals. This drove an $8.2 million improvement in adjusted EBITDA loss. Liquidity remains robust at $306.4 million, including $283.8 million in cash and $22.6 million in Bitcoin, providing ample runway for investment as Rumble pivots to growth mode.
- Audience Monetization Mix Shift: Subscriptions and tipping now outpace advertising as primary growth drivers.
- Cloud and AI Underpinning: Cloud business traction contributed nearly $1 million in new revenue, signaling early momentum in enterprise and government channels.
- Cost Structure Reset: Expiring content deals provided immediate margin relief, supporting improved EBITDA trajectory.
Management signaled a deliberate deprioritization of near-term EBITDA break-even in favor of investing in new product launches and international expansion, leveraging its strengthened balance sheet and Tether partnership.
Executive Commentary
"Rumble is embarking on new frontiers, backed by what I believe to be one of the most innovative and forward-thinking companies in the world, Tether. This is driving a completely new mandate for Rumble."
Chris Pavlovsky, Founder, Chairman & CEO
"With the incredible backing from Tether and significant resources at our disposal, we believe we have the opportunity to evaluate investing in aggressive growth."
Brandon, Chief Financial Officer
Strategic Positioning
1. Ecosystem Partnerships as Growth Catalyst
Rumble is shifting from isolation to ecosystem-building, highlighted by its new multi-pronged partnership with Cumulus Media (radio, podcast, and sales integration), an AI advertising and tech integration deal, and the expanding alliance with Tether. These partnerships are designed to unlock new ad inventory, premium content, and cross-platform user acquisition, creating a foundation for durable growth.
2. Crypto-Enabled Monetization and Rumble Wallet Launch
The imminent launch of Rumble Wallet—a non-custodial crypto wallet for tipping and creator payments—marks a strategic bet on decentralized monetization. With Tether and Moonpay integrations, Rumble aims to make crypto-native tipping mainstream, both as a creator incentive and as a lever to drive international platform adoption. The wallet will be promoted by both Rumble’s own creators and through paid off-platform campaigns, targeting net new audiences globally.
3. Cloud and AI as Underappreciated Growth Vectors
Rumble’s cloud business, though still nascent, is gaining traction with enterprise and government RFPs, positioning the company as a challenger to hyperscalers like Amazon and Google. The contemplated acquisition of Northern Data would further expand Rumble’s AI and GPU-as-a-service capabilities, deepening its infrastructure moat. Management sees this as a cornerstone for future high-margin, recurring revenue streams.
4. Creator Acquisition and Multi-Platform Strategy
Rumble Studio, the company’s multi-streaming tool, is central to onboarding new creators by enabling simultaneous streaming to Rumble and other platforms. The company’s creator recruitment strategy is now tied to wallet promotion, with creators incentivized to join and promote Rumble Wallet for direct revenue, rather than requiring exclusivity. This approach is designed to broaden the content base and amplify wallet adoption.
Key Considerations
This quarter’s results reflect a critical pivot in Rumble’s business model, with management signaling a willingness to trade near-term profitability for ecosystem scale and international reach. The interplay between crypto, cloud, and content partnerships will determine whether Rumble can break out from niche status and capture broader digital media and infrastructure market share.
Key Considerations:
- International Expansion Potential: Rumble Wallet is positioned as the company’s first major push to drive non-US user and creator growth.
- Advertising Remains Core: Despite the crypto and cloud narrative, management reaffirmed advertising as a high priority, with new SSP (supply-side platform) partnerships expected to lift CPMs and inventory liquidity.
- Cloud Business Optionality: Ongoing government and enterprise RFPs could unlock step-change growth, but timelines and competitive intensity remain uncertain.
- Capital Deployment Flexibility: With $306 million in liquidity, Rumble has the runway to pursue acquisitions, invest in creators, and fund international campaigns without near-term dilution risk.
Risks
Rumble’s aggressive pivot toward crypto and cloud carries execution, regulatory, and competitive risks. The success of Rumble Wallet depends on user adoption in a volatile crypto environment, and partnership-driven growth may face delays or integration hurdles. Advertising market cyclicality and the expiration of legacy content deals could create revenue volatility if new monetization levers do not scale quickly. The contemplated Northern Data deal introduces integration and strategic risk, especially as the company stretches beyond its core video platform roots.
Forward Outlook
For Q3 2025, Rumble guided to:
- Launch of Rumble Wallet as a catalyst for both creator and international user growth
- Expansion of advertising partnerships and further ARPU gains, especially as CPMs rise into Q4
For full-year 2025, management did not provide formal guidance but emphasized:
- Continued investment in aggressive growth initiatives, deprioritizing near-term EBITDA break-even
Management highlighted several factors that will shape the second half:
- Ramp of creator onboarding and wallet-driven engagement, both on and off platform
- Potential step-change in cloud and AI revenue as RFPs convert and partnerships deepen
Takeaways
Rumble’s Q2 sets the stage for a high-velocity growth phase, with monetization engines firing and new partnerships expanding TAM. The company’s willingness to invest ahead of profitability, especially with Tether’s backing, signals a break from its prior cautious approach.
- Monetization Diversification: Subscription, tipping, and cloud now rival advertising as core revenue streams, reducing cyclicality risk.
- Strategic Partnerships Drive Optionality: Cumulus, Moonpay, and Tether alliances provide new content, distribution, and financial infrastructure levers.
- Execution on International and Cloud Growth: Investor focus should remain on wallet adoption, creator onboarding, and the conversion of cloud RFPs to revenue as critical forward catalysts.
Conclusion
Rumble’s Q2 was a turning point, with ARPU growth, cost discipline, and a bold shift toward crypto and cloud-driven monetization. The company’s next chapter hinges on the successful rollout of Rumble Wallet, deepening partnerships, and the ability to convert cloud and AI opportunities into material revenue streams. Investors should watch for evidence of international traction and the scaling of new monetization channels.
Industry Read-Through
Rumble’s strategic pivot highlights a broader trend in digital media: platforms are racing to diversify revenue beyond advertising through subscriptions, tipping, and direct creator payments. The integration of crypto wallets into creator ecosystems could become a new industry standard, especially for platforms seeking global reach and alternative monetization. Rumble’s push into cloud and AI infrastructure underscores the blurring lines between media and compute, suggesting that future competitive advantage will depend on owning both distribution and infrastructure. Rivals in streaming, social media, and cloud should monitor Rumble’s approach to ecosystem partnerships and decentralized monetization for potential disruption signals.