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.
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.