July 8, 2020
Streaming service fuboTV posted revenue for the first quarter of $51 million, a 78% increase compared with the first quarter of the prior year, driven by growth in subscribers, subscription average revenue per user and advertising sales, according to unaudited results from owner FaceBank.
Facebank completed its merger with fubuTV April 1.
Subscription revenue in the first quarter ended March 31 increased 74% year over year to $46.4 million. Advertising revenue in the first quarter increased 120% year over year to $4.1 million. Total streaming hours by fuboTV users (paid and free trial) in the first quarter increased 120% year over year to 107.2 million hours.
Monthly active users watched 120 hours per month on average in the quarter, an increase of 52% year over year.
Paid subscribers at quarter’s end totaled 287,316, an increase of 37% year over year. Average revenue per user per month was $54.16, an increase of 25% year over year.
“We believe fuboTV is at the forefront of the streaming revolution and has a significant advantage not only over peers in the vMVPD space but also over traditional cable television,” wrote fuboTV CEO David Gandler in a letter to shareholders. “We offer cord-cutters a total cable TV replacement with top Nielsen-ranked sports, news and entertainment channels. What sets fuboTV apart is our internally built tech stack that keeps us innovating ahead of the industry. With premium features like 4K streaming, personalized live TV recommendations and recent app updates that integrate live video into the product experience, we believe a fuboTV subscription offers consumers the best value of any other live TV streaming platform. We believe consumers will continue to choose streaming over traditional pay television because of this more personalized, premium viewing experience that is also less expensive.”
The company has added $46 million in equity funding from institutional and private investors since closing the merger, including $20 million on July 2 from Credit Suisse Capital through a common stock issuance at $9.25 per share.