FuboTV Added 185,000 Subs in Q4, Ended 2021 With 1.13 Million

Online TV platform FuboTV Feb. 23 said it added 185,000 subscribers in the fourth quarter, to end the fiscal year (Dec. 31, 2021) with 1.13 million subscribers. The sport-themed streamer generated record annual revenue of $638 million total revenue, including $1 million from the 2021 acquisition of Molotov. Excluding Molotov, annual revenue increased 244% from $261 million in 2020. Paid subscriptions increased 206% from 548,500 subs in 2020.

FuboTV also reported higher unit economics during the quarter and benefited from inherent operating leverage as its customer base scaled. Adjusted Contribution Margin (ACM) was positive 9.7% for full year 2021, an increase of 104 basis points when compared to the company’s normalized full year 2020 ACM. Lower subscriber acquisition costs, strong marketing discipline and a lifted attach rate to 2.5 were all achieved, contributing to the company’s path towards profitability.

The streamer also released revenue and subscriber guidance for 2022, broken down by North America and Rest of World (ROW), including France (Molotov) and Spain. Within North America, the company forecasts first-quarter 2022 revenue of $232 million to $237 million and full-year 2022 revenue of $1.08 billion to $1.09 billion, which projects topping the $1 billion threshold for the first time.

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North America subscribers are expected to reach 1.028 million to 1.033 million in the first quarter of 2022, and 1.5 million to 1.51 million for the full year. Within ROW, the company forecasts first quarter 2022 revenue of $3 million to $6 million and full year 2022 revenue of $15 million to $20 million. ROW subscribers are expected to reach 235,000 to 240,000 in the first quarter of 2022 and 270,000 to 280,000 for the full year. Note that this guidance does not include any projected revenues from online sports wagering.

“Engagement continues to be strong as we add differentiated content to our offering and focus on innovating our product to meet consumer preferences,” David Gandler, co-founder/CEO, said in a statement.

Gandler said the brand’s expansion into real-money wagering remains ongoing with the launch of the Fubo Sportsbook across two states with additional states expected to follow this year.

“This launch represents a differentiated and industry-first integration of streaming and a sports wagering product, and we see ourselves in the very early innings of a massive opportunity,” he said.

FuboTV Ends 2020 With 548,000 Subscribers, $570.5 Million Loss

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.

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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.

LG Electronics Touts Record 2020 Sales, Profits

LG Electronics Jan. 29 announced record 2020 revenue of KRW 63.26 trillion ($56.45 billion) and record operating profit of KRW 3.20 trillion ($2.85 billion), an increase of 31.1% over 2019, and driven primarily by higher sales of OLED TVs and home appliances, among other products.

Sales in the fourth quarter (ended Dec. 31) of KRW 18.78 trillion ($16.76 billion) grew 16.9% from the same period of 2019 and were 11% higher than the previous quarter. Despite the impact of COVID-19, the quarter’s operating profit of KRW 650.20 billion ($580.19 million) increased significantly by 539% compared with the fourth quarter of 2019.

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While COVID-19 and slow economic recovery remain concerns for 2021, LG said it expects the global economy to normalize under the successful implementation of vaccinations.

LG Home Entertainment reported 2020 revenue of KRW 13.18 trillion ($11.76 billion) and operating profit of KRW 969.70 billion ($865.29 million), a 22.9% increase over the previous year. Sales in the quarter of KRW 4.28 trillion ($3.82 billion) were 7.9% higher than the fourth quarter of 2019 and up 16.7% from the previous quarter. Quarterly operating profit of KRW 204.50 billion ($182.48 million) reflected increased sales in North America and Europe.