Roku, Inc. (ROKU): A Bull Case Theory 

We came across a bullish thesis on Roku, Inc. on Accrued Interest’s Substack by Simeon McMillan. In this article, we will summarize the bulls’ thesis on ROKU. Roku, Inc.’s share was trading at $107.55 as of January 14th. ROKU’s forward P/E was 93.46 according to Yahoo Finance.

Roku ($ROKU) has emerged as a notable share gainer in the U.S. streaming landscape, ranking fifth overall with a 2.9% share, underscoring the platform’s accelerating momentum. After being overlooked previously, Roku’s recent performance highlights why it is becoming increasingly difficult to ignore. The company delivered a striking 53% year-over-year increase in viewership, translating into a full 1.0 percentage point gain in share.

While this growth is coming off a relatively smaller base compared to dominant incumbents, it remains highly significant in an industry where most streaming platforms have struggled to post meaningful gains. Outside of YouTube, few services have demonstrated viewership growth of this magnitude, reinforcing Roku’s differentiated trajectory within the streaming ecosystem.

Further validating this momentum, Nielsen highlighted Roku’s strong demographic penetration, calling out a 20% year-over-year increase in viewership among the key 25–34 age cohort. Although Nielsen did not attribute this growth to specific programming or content releases, the data points to a structural shift in viewing habits rather than a one-off content-driven spike. This demographic expansion pushed Roku to a new all-time high in platform engagement, signaling increasing relevance among younger, digitally native audiences that advertisers value most.

Collectively, these trends position Roku as a clear beneficiary of the ongoing transition away from legacy media toward digital-first platforms. As traditional media providers continue to lose share, Roku is steadily establishing itself as a core distribution layer for streaming consumption. The combination of rapid viewership growth, improving share, and deeper penetration in younger demographics reinforces Roku’s role as a rising new-media competitor that is structurally taking ground from legacy players rather than merely participating in a cyclical rebound.

Previously, we covered a bullish thesis on Roku, Inc. (ROKU) by LongYield in May 2025, which highlighted the company’s accelerating Platform revenue growth, improving profitability trajectory, and expanding advertising and subscription ecosystem. ROKU’s stock price has appreciated by approximately 78% since our coverage as the thesis played out. Simeon McMillan shares a similar but emphasizes viewership share gains and demographic momentum.

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Disclosure: None.