May 11, 2021
Sports-themed online TV platform FuboTV May 11 reported the strongest fiscal first quarter in its history, upping revenue 135% to $119.7 million, from $51 million in the previous-year period. Net loss increased 5% to $70.2 million, from $66.4 million.
Subscriptions across the U.S., Canada and Spain increased 105% to 590,430, from 287,000, including 43,000 net additions in the quarter. Advertising revenue skyrocketed 206% to $12.6 million, from $6.1 million.
In a shareholder letter, co-founder/CEO David Gandler and executive chairman Edgar Bronfman Jr. said pay-TV consumers have awoken to the concept of standalone live-streaming sports streaming. The $54.99 monthly platform features 100+ live TV channels, including 42 of the top
50 Nielsen-ranked networks across sports, news and entertainment.
The company is projecting 803,000 subs by the end of the year, including 603,000 subs through the end of the current fiscal quarter.
“Our differentiation in the marketplace — sports-focused programming, a tech-first and data-driven user experience and the planned integration of wagering and interactivity — firmly positions the company strongly for long-term growth,” Gandler and Bronfman wrote. The latter was CEO of Warner Music Group from 2004 to 2011, and chairman of Warner Music Group from 2011 to 2012.
“We believe the macro tailwinds are strong,” Gandler and Bronfman wrote.