CuriosityStream is a factual entertainment media company that operates two core businesses: a subscription streaming service and a content licensing operation. The streaming service offers roughly 14,000 programs spanning science, history, nature, technology, and society, accessible directly via CuriosityStream's apps or through platform partners like Amazon, Apple, and Roku, as well as MVPDs like Comcast and Dish. Subscribers pay a monthly or annual fee, and distribution partners pay license fees for the subscribers they bring to the service. While subscriptions remain the largest revenue stream, CuriosityStream has increasingly shifted focus toward content licensing — selling rights to its library to traditional broadcasters and, more recently and rapidly, to AI developers who license large volumes of video, audio, scripts, and metadata to train multimodal AI models. CuriosityStream claims to control rights to nearly 3M hours of video from over 200 content partners, which it argues is differentiated from freely available internet content by its scale, rights clarity, production quality, and structured metadata. Because much of the AI library is acquired on a revenue-share basis rather than outright purchase, incremental licensing revenue carries attractive economics. Licensing revenue grew from roughly $8M to $33M in FY25, driven almost entirely by AI training deals. CuriosityStream operates debt-free, pays a quarterly dividend, and has an active share repurchase program.