Here are a few analogies for Rumble:

• A YouTube competitor.
• A blend of YouTube and Patreon for creators.

• Rumble.com: A video sharing platform enabling users to subscribe to channels, access video on-demand, and live content.
• Locals.com: A subscription platform facilitating engagement between creators and subscribers through VOD, podcasts, live chat, polls, and community discussions.
• Rumble Advertising Center (RAC): An online advertising management exchange.

Major Customers of Rumble (RUM)

Rumble operates a multi-sided platform, serving distinct categories of customers:

1. Creators: These are individuals or entities who use Rumble's platforms (rumble.com and locals.com) to host, distribute, and potentially monetize their video content, podcasts, and community discussions. They leverage Rumble's tools to build an audience and engage with subscribers. On Locals.com, creators also set up and manage subscription-based communities.
2. Subscribers/Viewers: These are individuals who consume content on rumble.com and locals.com. On locals.com, they are direct customers as they pay subscription fees to access exclusive content and communities offered by creators. On rumble.com, they represent the audience that attracts advertisers to the platform.
3. Advertisers: These are businesses or individuals who purchase advertising space through the Rumble Advertising Center (RAC) to reach the audience across Rumble's various platforms.

• Amazon.com, Inc. (AMZN)

Chris Pavlovski - Founder, Chairman, and Chief Executive Officer

Chris Pavlovski is the Founder, Chairman, and Chief Executive Officer of Rumble. He is a three-time entrepreneur with over 20 years of experience in online marketing and advertising. Prior to founding Rumble in 2013, Mr. Pavlovski founded and served as CEO of Jolted Media Group. He also served as the director of marketing for NASA's Next Giant Leap from 2009 through 2012. In 2011, Mr. Pavlovski founded Cosmic Development, an IT and software services firm which grew to over 150 employees. Early in his career, he worked as a network administrator at Microsoft. Mr. Pavlovski was a regional finalist for the Ernst & Young Entrepreneur of the Year Award in 2010. Under his leadership, Rumble secured investment from high-profile backers Peter Thiel and J.D. Vance in 2021.

Brandon Alexandroff - Chief Financial Officer

Brandon Alexandroff has served as the Chief Financial Officer of Rumble since February 2016. He is a financial executive with over 20 years of experience in the media, telecom, and technology sectors. Before joining Rumble, Mr. Alexandroff was a co-founder and Vice President of Finance at Mobilicity, a Canadian consumer wireless business, from 2008 through 2015. From 2003 through 2008, he was a co-founder and Director of Finance and Investor Relations at XM Satellite Radio Canada, where he played a role in the company going public on the Toronto Stock Exchange. Mr. Alexandroff began his career as an investment banking analyst at Donaldson, Lufkin & Jenrette.

Wojciech Hlibowicki - Chief Technology Officer

Wojciech Hlibowicki has been the Chief Technology Officer of Rumble since the company's inception in 2013.

Tyler Hughes - Chief Operating Officer

Tyler Hughes has served as the Chief Operating Officer of Rumble since August 2021. Prior to joining Rumble, Dr. Hughes spent approximately a decade in the pharmaceutical industry with Bayer AG, where his roles included Medical Advisor, Director of Strategy and Operations, and Chief of Staff to the SVP of Commercial Operations in the Americas Region.

Maurice F. Edelson - General Counsel and Corporate Secretary

Maurice F. Edelson was appointed General Counsel and Corporate Secretary of Rumble, effective March 2, 2026. He brings over 25 years of legal, strategic, and business experience within the media, arts, and entertainment industries, including previous senior roles at WWE and Time Inc.

• Risk of intense competition from established and well-resourced video sharing platforms and social media companies for users, creators, and advertisers.
• Risks associated with content moderation policies and brand safety, potentially impacting the ability to attract and retain advertisers or facing regulatory scrutiny.
• Dependence on attracting and retaining a critical mass of creators and their audiences to provide compelling content and drive user engagement and platform growth.

The emergence and increasing sophistication of decentralized, blockchain-based video sharing and social media platforms. These platforms inherently offer a higher degree of censorship resistance and often incorporate novel creator monetization models (e.g., direct crypto payments, NFTs) that could offer creators more control and revenue streams than traditional ad-sharing or subscription models on centralized platforms. Should these decentralized alternatives overcome current scalability and user experience challenges, they could attract a significant portion of Rumble's core audience by offering an even more robust and independent environment, thereby challenging Rumble's position as a "free speech" alternative.

Video Sharing Platforms (rumble.com - VOD and Live Content)

• Online Video Platform Market: The global online video platform market was valued at approximately USD 12.05 billion in 2024 and is projected to reach USD 49.12 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.26% from 2025 to 2032. North America held a significant market share of over 37.9% in 2024.
• Live Streaming Market: The global live streaming market was estimated at around USD 107.69 billion in 2024 and is projected to grow to approximately USD 564.16 billion by 2034, at a CAGR of roughly 23% between 2025 and 2034. North America dominated the global live streaming market in 2023 with a revenue share of 32.60%.

Subscription Platform for Creators and Subscribers (locals.com)

• Creator Economy Market: The global creator economy market size was estimated at USD 205.25 billion in 2024 and is projected to reach USD 1,345.54 billion by 2033, growing at a CAGR of 23.3% from 2025 to 2033. North America held the largest revenue share of 34.2% in the global creator economy market in 2024. The U.S. Creator Economy Market size was exhibited at USD 69.80 billion in 2025 and is projected to be worth around USD 671.13 billion by 2035.

Online Advertising Management Exchange (Rumble Advertising Center - RAC)

• Digital Advertising Market: The global digital ad spending market size was approximately USD 650.00 billion in 2025 and is expected to exceed around USD 1,593 billion by 2035, growing at a CAGR of 9.38% from 2026 to 2035. North America led the global digital advertising market in 2022 by generating the highest revenue share.

• Advertising Monetization Growth: Rumble anticipates significant revenue growth from an intensified focus on brand advertising. The company is actively rebuilding its sales team and integrating new advertising products. A key catalyst for this growth is a $100 million advertising commitment from Tether, structured as $50 million per year over two years, which will also advance Rumble Wallet integration and new advertising solutions. Furthermore, Rumble Shorts is projected to become a significant platform for video advertisements, with monetization expected to commence after an initial user engagement growth phase.
• International Expansion and User Base Growth: Rumble expects to drive revenue growth through continued international expansion, which has already contributed to an increase in monthly active users (MAUs). In the fourth quarter of 2025, global MAUs reached 52 million, marking an 11% sequential increase, primarily due to initial investments in international markets. While average revenue per user (ARPU) in international markets is currently lower, the expansion broadens the platform's overall reach and potential for future monetization.
• Growth of New Products and Monetization Features: The introduction and scaling of new products and monetization tools are expected to contribute to revenue. Rumble Shorts, a short-form video feature, has shown rapid adoption, surpassing one million unique video views in a single day, and is planned for heavy marketing. The Rumble Wallet, which enables tipping in various cryptocurrencies, also fuels platform growth and monetization opportunities for creators. Additionally, continued growth in Rumble Premium and Locals subscriptions, along with licensing and tipping, are contributing to audience monetization revenue.
• Expansion into Cloud and AI Services: A significant driver of future revenue growth is Rumble's strategic entry into the cloud and AI services market through its pending acquisition of Northern Data. This acquisition is considered a meaningful catalyst, enabling Rumble to scale its GPU cloud offering to meet strong customer demand for AI workloads. Northern Data's GPU utilization is anticipated to reach approximately 85% by the end of the first quarter of 2026.

Capital Allocation Decisions for Rumble (RUM)

Share Repurchases

• Rumble completed a tender offer on February 4, 2025, repurchasing 70,000,000 shares of its Class A common stock at $7.50 per share, totaling $525 million. This was part of a transaction agreement with Tether Investments.

Share Issuance

• Rumble's business combination with CF VI, a special purpose acquisition company, was completed on September 16, 2022, providing approximately $400 million in gross proceeds before transaction expenses, which included a related PIPE investment.
• In February 2025, Tether purchased 103,333,333 shares of Rumble's Class A Common Stock at $7.50 per share, resulting in gross proceeds of $775 million to Rumble.
• As part of the proposed acquisition of Northern Data, Rumble will issue newly issued Class A shares to Northern Data shareholders in an all-stock transaction. Northern Data shareholders are expected to receive 2.0281 newly issued Class A shares of Rumble per Northern Data share.

Inbound Investments

• Rumble received a strategic investment of $775 million from Tether, a digital assets company, in December 2024. This investment involved Tether purchasing 103,333,333 shares of Class A Common Stock at $7.50 per share. Rumble plans to use $250 million of these proceeds for growth initiatives.

Outbound Investments

• Rumble announced its intent to acquire the German AI cloud company Northern Data AG in an all-stock deal valued at approximately $767 million. The deal is expected to close in the second quarter of 2026. This acquisition will provide Rumble with approximately 22,400 Nvidia GPUs and expand its cloud and AI infrastructure.

Capital Expenditures

• Rumble's platform investments have included cloud infrastructure, creator programs, and regional expansion, which have increased operational costs.
• The acquisition of Northern Data is expected to significantly expand Rumble Cloud's compute footprint, providing approximately 22,400 NVIDIA GPUs and a globally distributed data center network to accelerate international growth and AI innovation.
• In connection with the Northern Data acquisition, Tether has made an initial GPU services purchase commitment of up to $150 million over a two-year period, following the closing of the acquisition.