FuboTV Lost Almost 74,000 Streaming Subs in Q1

FuboTV, the sports-themed subscription streaming video service, lost 73,700 subscribers in the ended the first quarter (ended March 31). The streamer ended the period with 1.056 million subs, down from 1.13 million at the end of 2021. The tally was up 81% from a subscriber base of 582,000 during the previous-year period.

Calling the quarter a “challenging macro environment,” CEO David Gandler said the platform achieved strong growth in subscribers and revenue when compared to Q1 2021. Indeed, the company upped its cash reserves to $453 million.

Michael Pachter, media analyst with Wedbush Securities in Los Angeles, concurred, saying the streaming platform remains a strong long-term investment.

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“We think FuboTV is focusing on the right things,” Pachter wrote in a May 5 note. “Subscriber growth is continuing at a rapid pace, the company chose to increase price to better cushion itself against content cost escalation, and marketing spending is trending in the right direction as FuboTV is laser focused on the lifetime value of customers acquired, rather than growing its subscribers at any cost.”

Meanwhile, FuboTV continues to pursue a stake in the growing online sports gambling market. The company recently launched Fubo Sportsbook, an app that affords sports viewers the option to meld a sports wagering platform with live TV.

“Wagering remains an important pillar in our path to profitability and strategy to integrate interactivity into our live TV streaming experience,” Edgar Bronfman Jr., executive chairman of FuboTV, said in a statement. “While striving to be the most compelling destination for cord cutters, fuboTV has started to enact a series of approaches to increase monetization, accelerate our ad sales business and further strengthen our unit economics.”

Vizio Bows Promos on Apple TV+, Discovery+ and Fubo TV Subs

Vizio has announced exclusive subscription discounts on Apple TV+, Discovery+ and FubuTV.

The Apple TV+ promo is a three-month trial for new subscribers. The offer will be presented on the Vizio home screen through promotional banners with the opportunity to start redemption from the home screen. The offer is available April 25 through May 30.

New Discovery+ subscribers will get access to an exclusive 30-day promotional trial following the purchase and registration of a new Vizio TV. The promo offer will be shared to the new owner’s email address with a link to redeem the trial. The offer is available April 22 through Oct. 22.

New FuboTV subscribers can get 20% off the first month of their subscription until April 15. Vizio smart-TV owners can access the offer through the Vizio home screen.

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“Vizio’s mission is to bring the best possible entertainment experience to the millions of people that use our products every day. Working with our content partners to extend discounts on their subscription services so that Vizio audiences can access premium programming helps us deliver on that mission,” Liz Buhn, senior director of partner marketing at Vizio, said in a statement. 

Magnite: 68% of Connected-TV Viewers Engage With Commercials

The ongoing consumer migration toward televisions connected to the internet finds that 68% of CTV viewers use at least one live streaming video device, while also engaging with the commercials. Citing a proprietary study, “CTV Live Streaming: TV’s Next Big Moment,” Magnite Research found that a majority of survey respondents are gravitating toward living TV streaming.

The survey was fielded online within the United States from Dec. 23-30, 2021, among 1,500 adults between the ages of 18 and 64 who watch at least seven hours of television per week.

“We commissioned this study to better understand how people access and interact with this [streamed] content,” Sean Buckley, chief revenue officer at Magnite, said in a statement.

Buckley said the data suggests that engagement with live video content extends to the advertising that airs alongside it.

“With more audiences tuning into live-TV via streaming, it’s another indicator that advertisers should be actively exploring this channel,” he said.

While 22% of cable subscribers surveyed in the study said they plan to cancel their pay-TV service within the next six months, 44% said they would cancel if they could access live sports and events through streaming.

Magnite contends the feedback shows that greater awareness and education around live streaming content may spur more cable subscribers to adopt streaming services in place of or in addition to their existing cable service.

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Indeed, respondents who stream live sports showed higher levels of acceptance for advertising. Nearly half of live sports streamers (49%) agreed with the statement: “TV ads are an important part of my TV watching experience,” and 62% of live sports streamers said they had discovered new products as a result of watching ads on streaming services.

“CTV is a premium viewing experience with highly engaged audiences that can’t be reached via traditional linear and pay-TV,” added Diana Horowitz, SVP of advertising sales at FuboTV, a sports-themed online TV platform. “Historically live sports kept audiences tied to their cable subscriptions. That’s no longer the case with … marquee events and regional sports networks widely available on CTV platforms.”

Horowitz said 90% of FuboTV viewers watch live content, and 93% of sports content on the platform is viewed live. Other data contends that live sports streamers are likely to watch multiple ad-supported services with an average of 3.6 sports apps.

Sports fans prefer to watch live over watching on demand — 70% of live sports programming is watched in real time. About 67% sports streamers pay more attention to ads that match their lifestyle and interests.

FuboTV Names John Janedis New CFO

Online television platform FuboTV Feb.3 announced it has named John Janedis as its new CFO effective Feb. 7.

Janedis will be based in FuboTV’s New York City headquarters and report directly to CEO David Gandler. He replaces Simone Nardi who, as previously announced, will depart the company to pursue new opportunities.

Janedis brings more than two decades of experience leading equity research, investor relations, capital markets and M&A for some of the world’s preeminent financial institutions. As CFO, Janedis will lead all financial operations and strategy for fuboTV with a particular emphasis on directing the company’s future financial roadmap.

“John is a seasoned financial leader in the media space who will be a critical partner as we craft Fubo’s strategic and financial plan for this year and beyond,” CEO David Gandler said in a statement.

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Janedis most recently was managing director, senior equity research analyst, at Wolfe Research, focusing on the media, cable and telecommunications industries. From 2018 to 2020, Janedis was SVP of capital markets, treasurer and investor relations at TEGNA Inc., where he advised on key strategic and capital market decisions, M&A and growth initiatives.

As managing director, senior equity research analyst at Jefferies, a role he held from 2014 to 2018, Janedis authored research on more than 30 media, cable and telecom companies with a specialty in advertising, streaming, direct to consumer and other distribution platforms.

FuboTV Sub-Licensing European Soccer via Fox Sports

Global live soccer continues to be a magnet for U.S. streaming platforms.

Online TV platform FuboTV Jan. 24 became the latest domestic streamer to announce it has secured exclusive U.S. rights through a six-year sublicense with Fox Sports to stream select matches from Union of European Football Associations (UEFA). The distribution deal kicks off with the UEFA Nations League in June. Terms of the deal were not disclosed.

Through its deal with Fox, FuboTV will be the exclusive home to a package of selected UEFA National Team Football matches through 2028. Fubo will have exclusive rights to stream select matches featuring the top European national teams, including Italy, France, England, Germany, Spain, Portugal and the Netherlands. The company’s coverage includes select matches within the following events in all languages (except Spanish and Portuguese):

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  • UEFA Nations League
  • European Qualifiers to UEFA Euro 2024 and 2028
  • European Qualifiers to FIFA World Cup 2026
  • Friendly Matches played by European nations controlled by UEFA
  • UEFA Euro2024 (5 Matches)
  • UEFA Euro2028 (5 Matches)

 

“Soccer has always been integral to FuboTV’s DNA,” David Gandler, co-founder/CEO of the online service said in a statement. “Today’s announcement marks an important milestone for the company as we work to differentiate our sports-first content portfolio and reinvent interactive sports and entertainment television.”

FuboTV’s UEFA coverage will stream on Fubo Sports Network, which is available as part of Fubo’s base plan of 100+ sports, news and entertainment channels. Select UEFA matches and all re-broadcasts will stream on Fubo Sports Network and its distribution partners, including Hisense Smart TVs, LG Channels, Sports on Tubi, Plex, Samsung TV Plus, The Roku Channel, Vizio Channels and Comcast-owned ad-supported platform Xumo.

FuboTV Acquires Exclusive Premier League Soccer Rights in Canada

FuboTV, the sports-themed online TV streaming service, Jan. 13 announced it would be the exclusive home to the Premier League, England’s top professional soccer league, in the Canadian market for the next three seasons beginning in 2022-23. Financial terms of the deal were not disclosed.

The streaming platform will carry all 380 Premier League matches each season and shoulder programming on its growing Canadian platform through the 2024-25 season. All content will stream live on FuboTV and its linear channel, Fubo Sports Network.

The deal follows a similar Canadian distribution agreement FuboTV inked for Italian Serie A and Coppa Italia rights, underscoring the platform’s aggressive push for top-tier soccer programming. In addition to exclusive rights, FuboTV streams more than a dozen popular sports and entertainment channels including OneSoccer and Paramount Network, home to one of TV’s hottest dramas, “Yellowstone.”

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“This deal allows us to bring yet another top-notch property to FuboTV, further differentiating our content offering, and giving Canadians another reason to cut the cord for exciting, exclusive sports content,” David Gandler, co-founder/CEO of FuboTV, said in a statement.

For Paul Molnar, chief media officer of the Premier League, the distribution rights underscore the league’s global appeal — and growing streaming interest in live sports.

“We look forward to working together to bring the excitement of the Premier League to both new and existing fans,” Molnar said.

In addition to its soccer rights in Canada, FuboTV has exclusive streaming rights to the Qatar World Cup 2022 Qualifying matches of the South American Football Confederation (CONMEBOL) in the United States.

American over-the-top video’s love affair with soccer began in 2019 when Amazon Prime Video inked Premier League distribution rights for select matches — in the U.K. Prime Video is also the official regional digital broadcast partner for the Seattle Sounders FC of Major League Soccer.

Perhaps no streamer has been more aggressive acquiring foreign soccer rights than Paramount+. The erstwhile CBS All Access SVOD has quietly acquired soccer streaming rights from around the world for distribution in the U.S.

Paramount+ has rights to the UEFA Champions League, NWSL, Europa League, Serie A, Concacaf Nations League, men’s and women’s CONCACAF World Cup qualifiers, UEFA Conference League, Brasileirāo, Coppa Italia, Supercoppa Italiana, Copa de la Liga Profesional, the Supercopa Argentina, as well as the Asian Football Confederation.

“This is exactly the kind of programming that turns new subscribers into lifelong fans,” said George Cheeks, CEO of the CBS Entertainment Group. “We are making soccer a core pillar of sports exclusively available on Paramount+.”

FuboTV Says It Ended 2021 With 1.1 Million Subscribers

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.

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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.

Fubo TV Launches Second National Sportsbook in Arizona

With the legal and ethical lines between live sports and gambling obliterated, media companies are scrambling to rollout new businesses for sports-themed wagering on streaming platforms.

One such company is FuboTV, the online television platform, which just launched its second national sportsbook in Arizona. Sports enthusiasts 21 years of age and older in the state can now place wagers on live professional and collegiate sporting events, including the upcoming bowl games and professional football championship game, using the mobile app or on the Fubo Sportsbook website.

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The launch in Arizona, in partnership with the Ak-Chin Indian Community, expands Fubo’s gambling presence following last month’s launch in Iowa. The Fubo Sportsbook aims to be more than just a gambling platform. By integrating with FuboTV, the mobile sportsbook app offers myriad experiences, including Watching Now, which leverages first-party user data into betting recommendations based upon what they are streaming.

Fubo said it plans to update the app, launching additional features that it claims will further integrate wagering onto the platform, to create a more immersive and personalized experience.

“We are honored to partner with our first Native American tribe, the Ak-Chin Indian Community,” Scott Butera, president of Fubo Gaming, said in a statement. “In less than a year of establishing Fubo Gaming, we brought our sports betting platform to passionate sports communities across two states and look forward to continuing introducing our unique product to many more consumers.”

Fubo has also obtained market access agreements in four other states, including Pennsylvania via The Cordish Companies, Indiana and New Jersey via Caesars Entertainment, and Iowa via Casino Queen. Fubo Gaming expects to announce the launch of Fubo Sportsbook in additional markets, subject to requisite regulatory approvals.

Fubo earlier this year announced gambling partnerships with NASCAR, and the New York Jets (NFL) and, as an “authorized gaming operator” with the NBA, including a multiyear agreement with the Cleveland Cavaliers.

FuboTV Tops 1 Million Subscribers, Acquires French Online TV Service Molotov SAS

Online TV streaming platform FuboTV Nov. 9 announced it reached 1 million paid subscribers through the third quarter (ended Sept. 30), since launching in 2015. The service ended the previous-year period with 288,000 paid subs.

New York City-based FuboTV also announced it is acquiring French-based online TV service Molotov SAS.

The company upped total revenue 156% to $156.7 million, with advertising revenue up 147% to $18.6 million from the previous-year period. Net loss increased 61% to $106 million, from $56 million last year.

Viewership hours reached a record high of 284 million hours, up 113% year-over-year. The platform added 262,884 net subscribers during the quarter.

FuboTV is eyeing future growth on the 76 million existing pay-TV subscribers who continue their bundle agreements largely for live sports access.

With the September launch on Vizio’s SmartCast platform, FuboTV is now available on all major CTV platforms. These include Android TV, Apple TV, FireTV, Hisense Smart TVs (with the Vidaa operating system), LG Smart TV, Roku, Samsung Smart TV and Xbox One, in addition to Vizio SmartCast.

“The record third-quarter 2021 results again showcase consistent strong execution in support of our company mission and continued traction towards our long-term growth and margin targets,” co-founder/CEO David Gandler said in a statement.

Edgar Bronfman Jr., executive chairman of FuboTV, said the subscriber milestone represents “an exciting inflection point” in the business, with “tremendous” implications for revenue growth and profitability, particularly given the continued strength of the advertising business.

“There is so much more to come as we track towards defining a new category of interactive sports and entertainment television,” Bronfman said.

FuboTV Adds NASCAR to Pending Sportsbook

Fubo Sportsbook, the pending mobile sportsbook from online streaming platform FuboTV, has signed a partnership agreement with NASCAR to become an “authorized gaming operator” for the stockcar governing body. Fubo Sportsbook and NASCAR will collaborate to provide racing fans with a unique wagering experience.

The launch of Fubo Sportsbook (in Q4 2021) is an industry-first integration of sports wagering and live TV streaming, and is subject to requisite regulatory approvals as the line between professional sports and betting becomes even fuzzier.

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The deal marks Fubo’s first partnership in auto racing and marks its third major marketing deal in the professional sports industry following pacts with the New York Jets (NFL) and Cleveland Cavaliers (NBA).

“We’re eager to partner with NASCAR, a league with a rich history and passionate followers,” Sam Rattner, chief operating officer of Fubo Gaming, said in a statement. “Fubo Sportsbook is continuing to expand its marketing footprint, propelling us toward our goal of reaching sports enthusiasts across the country.”

Fubo Sportsbook will be promoted by NASCAR through a multi-channel marketing campaign bolstered by at-track assets, in-app use of NASCAR-owned track, series and event marks and logos, in addition to the distribution of assets across NASCAR’s digital and social platforms and events.

“Fubo Sportsbook provides us with an opportunity to further expand NASCAR’s reach through a unique sports betting experience,” said Joseph Solosky, managing director of sports betting, NASCAR. “Whether it’s the casual viewer or die-hard race fan, Fubo Sportsbook’s innovative approach to sports wagering brings a more exciting experience for our audience as they’re able to interact with the sport in new ways.”