Sports-themed online TV service FuboTV reported a base of 548,000 subscribers for the fourth-quarter and fiscal-year ended Dec. 31, 2020. That was up 73% from 316,000 subs during the previous-year period. The platform gained 92,800 subs in the quarter.
Revenue in the quarter topped $105.1 million, up 98% from the previous-year period. Subscription revenue increased 91% to $91.4 million. while advertising revenue increased 157% to $13.1 million.
At the same time, FuboTV continues to hemorrhage money, losing $570.5 million in the fiscal year, compared with a loss of $34.9 million in the previous-year period. Revenue topped $217.7 million compared to revenue of $4.2 million in 2019.
Much of the loss was due to content acquisition infrastructure costs, including purchase of online sports wagering software. FuboTV plans to launch online sports gambling in the fourth quarter.
“Our goal for 2021 and beyond is to develop fuboTV into a new kind of media company that combines both innovative streaming video and sports wagering,” Edgar Bronfman Jr., executive chairman of FuboTV, said in a statement.
The platform plans to launch free-to-play predictive games in the third quarter (first to fuboTV subs and later to all consumers) and an online sportsbook in the fourth quarter.
“Ultimately, we intend to integrate fubo Sportsbook into fuboTV’s live TV streaming platform for a seamless viewing and wagering experience,” co-founder/CEO David Gandler and Bronfman wrote in the shareholder letter.