Sports-themed online TV service FuboTV Jan. 10 announced preliminary fourth-quarter (ended Dec. 31, 2021) financial results, including revenue and subscriber growth, ahead of its participation at this week’s 24th Annual Needham Virtual Growth Conference investor event.
Both revenue and subscriber metrics are projected to exceed previously issued guidance resulting in a record quarter and year for FuboTV.
Total Q4 revenue is expected to be between $215 million — $220 million, an increase of more than 100% year-over-year. Prior guidance was from $205 million to 210 million for the quarter.
Full-year 2021 total revenue is expected to be between $622 million and 627 million, an increase of more than 138%. Prior guidance was from $612 million to $617 million.
Advertising revenue topped $25 million, an increase in excess of 90%, crossing an annual run rate of $100 million. Paid subscribers at year’s end are expected to exceed 1.1 million, an increase of more than 100% year-over-year. Prior guidance was around 1 million. FuboTV expects to end the quarter with more than $375 million of cash, cash equivalents and restricted cash.
“[Our] strong preliminary fourth-quarter results close out a pivotal year where we made meaningful advancements against our mission to define a new category of interactive sports and entertainment television,” co-founder/CEO David Gandler said in a statement.
Gandler cited improvements in subscriber churn for generating “triple-digit” revenue growth, increased operating leverage and efficiencies.
“This wraps up a phenomenal year,” he said.
Gandler added that the company remains “very pleased” with the ongoing integration of Molotov, the Paris-based live TV streaming platform acquired in December.
“While still early, our progress to date continues to reinforce our belief that the synergies of the combined companies will give us operating leverage to build a scalable global platform with minimal incremental spend,” he said.