August 14, 2020
Sports-themed online TV service FuboTV Aug. 14 said it generated a net loss of $99.7 million on revenue of $44.2 million for the second quarter, ended June 30. Launched in 2015 as a soccer subscription streaming service, the platform rebooted as an all-sports service in 2017 and then to an online TV platform — with plans to become publicly traded.
Revenue increased 53% driven by subscriber growth; subscription revenue increased 51% year-over-year to $39.5 million. Advertising revenue increased 71% year-over-year to $4.3 million. FuboTV ended the period with 286,126 subs paying $55 monthly, up 47% year-over-year.
Total content hours streamed by fuboTV users (paid and free trial) increased 83% year-over-year to 98.6 million hours. Monthly active users watched 140 hours per month on average in the quarter, an increase of 54% year-over-year.
“We delivered strong second-quarter results,” co-founder/CEO David Gandler said in a statement. “Consumer engagement continued to be strong in Q2, despite a shutdown of most major league sports both in the U.S. and internationally, and we successfully ramped up advertising revenue.”
Gandler said he expects paid subscribers to reach upwards of 350,000, which would be an increase of 20% year-over-year.
“The growth of streaming is one of the most significant changes to television, and television advertising, in the last several decades,” Gandler said. “fuboTV is at the forefront of the streaming revolution and we are excited for existing and new investors to join us on this journey.”