Fubo Ups Q1 Online TV Subs 22% to 1.28 Million, Eyes 2025 Profitability

Sports-themed online TV platform Fubo topped 1.28 million paid subscribers in the first quarter (ended March 31), up 22% from 1.05 million subs in the previous-year quarter.

The company, which includes French-based SVOD streaming service Molotov TV, and 100+ free ad-supported streaming TV (FAST) channels, said the latter produced 13 million viewership hours, representing an
ongoing driver of continued margin expansion.

Molotov added 74,000 subs to end the period with 379,000 subs, up 24% from 305,000 subs in the prior-year period.

“Our subscriber growth came in ahead of guidance and was accompanied by lower-than-expected churn, which we believe reaffirms the pricing power and strong appeal of our sports-first offering,” co-founder/CEO David Gandler wrote in a the shareholder letter.

Revenue increased more than 34% to $344.4 million, from $242.3 million in the prior-year period. Net loss narrowed 35% to $83.4 million, from $128.4 million a year ago.

“We are pleased with Fubo’s execution to start 2023 and our increased North America guidance for the year reflects our confidence in our continued leadership in streaming,” Gandler said. “In addition, we remain confident in our path to generate positive cash flow in 2025. While the macro uncertainty continues, the second quarter has started well, with customer engagement ongoing and advertising accelerating sequentially.”

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FuboTV Rebranding as Fubo, Hires Ryan Reynolds to Co-Produce New Ad Campaign

Sports-themed streaming platform FuboTV March 21 announced it is rebranding as Fubo, backed by a new brand ad campaign co-produced by actor/investor Ryan Reynolds’ Maximum Effort production company.

The nationwide marketing campaign stars NBA Hall of Famer Kevin Garnett and former NFL quarterback Mark Sanchez touting Fubo, which added 251,000 subscribers in the most recent fiscal period ended Dec. 31, 2022.

Launching amid the World Baseball Classic and the start of the Major League Baseball season, Fubo’s new branding campaign is framed by the line, “If Sports Fans Built a Streaming Service.” The multiplatform campaign includes a series of 15-second and 30-second spots and digital display ads.

“Fubo has grown in size and scope, with multiple brands under our global umbrella, since we launched our core cable TV replacement product in 2015,” co-founder/CEO David Gandler said in a statement.

Reynolds, who co-owns the professional Wrexham AFC soccer club in Wales, and recently sold his co-owned Mint Mobile telecommunications service to T-Mobile for $1.35 billion, contends Fubo has successfully bridged the live sports divide between cable and streaming.

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“While cable fights cord-cutters and streaming services fight the cash content war, Fubo is building an experience and suite of services that can win,” Reynolds said in a statement.

The co-production with Maximum Effort includes the forthcoming launch of the Maximum Effort Channel, a linear network on Fubo, as part of an exclusive first-look deal for unscripted TV series as well as a blind scripted deal.

“In a time with seemingly endless options, our new brand campaign shows what sets Fubo apart,” Pamela Duckworth, head of Fubo Networks and originals at Fubo, said in a statement. “We worked hand-in-hand with Maximum Effort to bring this concept to life and I’m extremely proud of the content we’re creating together.”

FuboTV Ups 2022 Revenue, Subscribers and Fiscal Loss

Sports-themed online television platform FuboTV on Feb. 27 announced that in its fiscal-year 2022 (ended Dec. 31), it generated revenue of more than $1 billion, up 58% from revenue of $638.4 million in fiscal 2021. The platform ended last year with 1.45 million subscribers, an increase of almost 29% from 1.122 million subscribers at the end of 2021.

Subscription data includes French-based live sports streaming platform subsidiary Molotov, which ended the year with 420,000 subscribers. With the platform’s key competitor ceasing operations, Fubo has high hopes for Molotov’s 2023 prospects.

“We believe this new media landscape in France will bring us significant opportunities to further enhance our unit economics and efficiently scale our subscriber base,” Fubo co-founder/CEO David Gandler said in a statement.

With increased revenue, unfortunately, also came increased costs, upping FuboTV’s fiscal year net loss past $411 million, compared with a net loss of $328 million at the end of 2021.

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Bright spots included Fubo’s North American advertising revenue, which increased 37% to more than $100 million, from $73 million in 2021. In the fourth quarter, ad revenue spiked 30% to $33.6 million, from $25.8 million in the previous-year quarter.

“In 2023, we are focused on increasing our ad inventory with the continued launch of new free ad-supported television (FAST) channels,” Gandler said. “Our product teams are also working on improving consumer discovery of our FAST channels to give our customers a greater diversity of content, while also expanding our ad inventory.”

FuboTV Says It Was Hit by Criminal Cyber Attack During France/Morocco World Cup Soccer Match

During the Dec. 14 Qatar World Cup semifinal soccer match between France and Morocco, FuboTV said many of its 1.43 million subscribers could not access their accounts to stream the game, which was won by France. The online sports TV streaming platform said the problem had nothing to do with bandwidth or technology issues.

“We were instead the target of a criminal cyber attack,” the company said in a statement.

Fubo said it has reported the incident to law enforcement and have engaged Mandiant, an industry incident response firm, to assist with the continuing investigation and response.

“Our primary focus currently is on ensuring that the incident is fully contained and that there is no threat of further disruption for any of our customers,” the company said, adding that it was working with outside cybersecurity experts to prevent any similar incident from recurring in the future.

Morocco plays Croatia in the third-place match on Dec. 17, while France plays Argentina in the championship match on Dec. 18.

FuboTV Increases North American Subs 31% to 1.23 Million

Online sports-themed streaming platform FuboTV  Nov. 4 reported it ended the third quarter (ended Sept. 30) with more than 1.23 million North American subscribers, up 31% from 939,000 subs in the previous-year period. The service closed the quarter with $219.2 million in North American revenue, an increase of 40% year-over-year from $156.6 million, while ad revenue was $22.5 million, up 21% year-over year from $18.6 million.

The company said the quarter’s net loss increased 44% to $152.7 million from a net loss of $105.9 million in the prior-year period. The increase was due in part to a non-cash impairment charge of $35.5 million pertaining to management’s decision to close the Fubo Gaming business and cease operation of its owned-and-operated Fubo Sportsbook.

Outside North America, the company generated $5.8 million in revenue and 358,000 total paid subscribers. European streaming operations include Molotov, the French live TV streaming service acquired in December 2021.

“Fubo remains committed to profitably scaling a global live TV streaming platform differentiated by the breadth of premium content and interactivity,” CEO David Gandler and executive chairman Edgar Bronfman Jr. wrote in the shareholder letter.

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FuboTV Ups Q3 Paid Subs, Exiting Online Sports Wagering Business

Online sports-themed TV streaming platform FuboTV announced preliminary third-quarter (ended Sept. 30) fiscal results. The company is expected to close the quarter with North American revenue of at least $210 million, a 34% increase from $156.7 million in the previous-year period. Rest of World (ROW) revenue outside North America, which includes French online TV platform Molotov, topped a projected $5.5 million.

Paid North American subscribers are expected to exceed 1.22 million, an increase of more than 27% from 960,000 last year. Paid ROW subs are expected to reach about 350,000. Prior third quarter paid subscriber guidance was 1.13 million-1.15 million for North America and 340,000-360,000 for ROW.

The company expects to post a negative $100 million of pre-tax earnings in the quarter. Cash and cash equivalents at the end of the quarter are expected to be at least $300 million.

Separately, FuboTV announced it is closing its Fubo Gaming subsidiary and cease operation of its owned-and-operated Fubo Sportsbook, effective immediately.

“We’re pleased with this expected performance, and our progress toward achieving our positive cash flow target in 2025,” co-founder/CEO David Gandler said in a statement. “

Gandler said that continuing with Fubo Gaming and Fubo Sportsbook in the challenging macroeconomic environment would impact the company’s ability to reach longer-term profitability goals.

“Therefore, we have made the difficult decision to exit the online sports wagering business,” he said. “We look forward to providing more color, as well as discussing our full third-quarter 2022 results and full-year outlook, on our Nov. 4 earnings call.”

Fubo Sports Network Expands Programming With Original Shows

Fubo Sports Networkthe live, free ad-supported TV network from FuboTV, Aug. 30 unveiled its fall 2022 schedule, including two new original series and two returning shows featuring athletes R.J. Hampton, T.J. Houshmandzadeh, Orlando Scandrick, Gilbert Arenas and Terrell Owens.

Continuing its mission to bring the “voice of the athlete” to fans, Fubo Sports Network has greenlit several new series, including “Airing It Out With Housh and Scandrick,” a football-focused talk show hosted by former Pro Bowl wide receiver T.J. Houshmandzadeh and 12-year NFL vet Orlando Scandrick.

The series will kick off with a preview episode on Sept. 6 at 7 p.m. ET/PT followed by the official series premiere on Sept. 12 at noon ET / 9 a.m. PT. For the first time, Fubo Sports Network will stream episodes live on its YouTube channel every Monday, prior to airing them on Fubo Sports Network’s linear channel each Tuesday at 7 p.m. ET/PT.

Ahead of the 2022-23 NBA season this October, Fubo Sports Network will premiere a new series from Orlando Magic point guard R.J. Hampton. Starting Oct. 23 at 8 p.m. ET/PT, “The Young Person Basketball Podcast with R.J. Hampton” will give viewers an inside look at what it’s like to be a pro baller. Guests will include teammates Cole Anthony and number one overall pick in the NBA draft Paolo Banchero, plus former NBA champion turned sports agent Mike Miller.

Fubo Sports Network’s fall lineup also includes new seasons of returning original shows, “Getcha Popcorn Ready with T.O. and Hatch,” hosted by former NFL wide receiver Terrell Owens and Matthew Hachette and “No Chill with Gilbert Arenas,” hosted by former NBA player Gilbert Arenas and former UCLA basketball player Josiah Johnson.

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“Our roster of Fubo Sports Network originals continues to grow as we bring the voice of the athlete to audiences wherever they consume content,” Pamela Duckworth, head of Fubo Sports Network and original programming for FuboTV, said in a statement.

Pamela Duckworth, head of original programming

Duckworth contends that as the line between athletes in the game and behind the mic blurs, Fubo is building a space for sports stars turned content creators to share their first-hand experiences and insights.

“I am grateful to have R.J., Housh and Orlando join us,” she said.

Fubo Sports Network said its viewership has increased 140% year-over-year (July 2021 through June 2022), generating more than 6.4 million hours viewed on YouTube, plus millions of podcast downloads and impressions across Instagram, TikTok, Twitch and Twitter.

The Fubo Sports Network is free on the network’s YouTube channel as well as on LG Channels, Samsung TV Plus, The Roku Channel, Vizio Channels, Sports on Tubi, Plex, Hisense Smart TVs, Xumo and anywhere podcasts are found. Fubo Sports Network is also available as part of FuboTV’s subscription packages featuring 100+ leading sports, news and entertainment channels.

In addition to the four original series fans can find live soccer, MMA and other sports, along with documentaries and more on Fubo Sports Network’s linear channel with even more fresh content on Instagram, TikTok, Twitch, Twitter and YouTube.

FuboTV Inks First-Look Deal With Ryan Reynolds for Unscripted Content

FuboTV Aug. 8 announced it has inked a multiyear deal with actor Ryan Reynolds’ Maximum Effort Productions, a production company co-founded by Reynolds and George Dewey in 2018.

As part of the deal for unscripted TV series, Maximum Effort will launch a branded linear channel on FuboTV, and will also have a “blind” scripted deal with FuboTV. Maximum Effort Productions has been granted creative control over the channel’s content. Since launching, Reynolds’ production company includes a track record of theatrical and streaming success, which includes the “Deadpool” movies, Free Guy, The Adam Project (for Netflix) and the upcoming unscripted soccer show “Welcome to Wrexham.”

All advertising sales for the Maximum Effort channel will be managed by FuboTV.

Wrexham co-chairmen Rob McElhenney and Ryan Reynolds during a press conference at the Racecourse Ground, Wrexham on Thursday Oct. 28, 2021.

Reynolds’ company has a separate three-year first-look production deal with Paramount Pictures announced in May 2021 for feature film projects.

“Maximum Effort’s mission is to bring people together in fun and unexpected ways and we think today’s announcement with Fubo will help do just that,” Reynolds said in a statement.

David Gandler, co-founder/CEO of FuboTV, said the deal underscores Reynolds’ track record across sports (as owner of the Wrexham soccer club with “It’s Always Sunny in Philadelphia” star Rob McElhenney), advertising, content and marketing.

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“We plan to leverage Ryan and George’s expertise, creativity and advertiser relationships to underwrite network programming through innovative marketing partnerships that leverage [our] data capabilities and interactive technology stack,” Gandler said in a statement.

Under the terms of the agreement, Maximum Effort will receive equity from FuboTV as consideration for the deal as described in FuboTV’s 8-K filing.

FuboTV Puts Online Sports Betting Business Under ‘Strategic Review’

FuboTV, the sports-themed online television service, is putting the brakes on its aggressive plans to enter online sports betting alone. The platform in November 2021 launched a branded Sportsbook, the first online TV streaming service app in the U.S.

Then came fiscal reality. Subscriber churn, which has seen FuboTV’s paid sub count fall below one million from 1.1 million subs at the end of 2021, coincided with reported scant consumer interest in the betting platform in Iowa and Arizona — two states that have approved use of the app.

“In light of a rapidly-evolving macro-economic environment, we believe it is important to be even more capital efficient than originally scoped,” co-founder/CEO David Gandler and CFO John Janedis wrote in the Aug. 4 shareholder letter. “We are taking steps to de-risk our business and have made the decision to no longer go down the wagering path independently.”

At the same time, FuboTV’s North American (U.S. and Canada) streaming business delivered double-digit year-over-year growth in total revenue (up 65% to $216.1 million), ad revenue (up 32% to $21.7 million) and paid subscribers (up 41% to 946,735) during the second quarter (ended June 30), compared with the previous-year period.

“We continue to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for customers,” Gandler and Janedis wrote. “However, as we have evaluated how best to scale these capabilities in today’s market, we have concluded that we will no longer pursue this opportunity on our own.”

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Fox Nation SVOD Expands to FuboTV

Fox News Media July 21 announced it has expanded distribution of its direct-to-consumer subscription streaming service Fox Nation across live-TV streaming platform FuboTV.

FuboTV subscribers now have the option to add Fox Nation ($5.99 a month/$64.99 a year) to their subscription. Featuring nearly 5,000 hours of original content, Fox Nation’s range of programming includes original series (“Tucker Carlson Today,” “Tucker Carlson Originals,” “Duck Family Treasure,” “Cops,” “Crime Stories With Nancy Grace,” and “What Made America Great With Brian Kilmeade”), curated programming featuring original and acquired content (the upcoming Yellowstone: One-Fifty hosted by Kevin Costner, Grateful Nation, Keep the Faith, Clint Eastwood: American Outlaw, Fox Justice, All American Christmas).

FuboTV subs will also have access to Fox News Channel’s (FNC) popular primetime shows on demand the next day with “Fox News Primetime All the Time,” as well as signature opinion programming such as “The Dan Bongino Show” and “Piers Morgan Uncensored.”

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“We’re delighted to partner with FuboTV … as part of their growing content offering and bring our loyal audience more ways to access the wide variety of signature content,” Jason Klarman, president of Fox Nation said in a statement.

Fox Nation subs on FuboTV can access the service via the FuboTV app on connected TV, mobile and tablet devices as well as on the Web at https://fubo.tv.