fuboTV sees losses widen but delivers $236.7 in revenue
FuboTV’s North American (U.S. and Canada) streaming business delivered a record $236.7 million in total revenue in the first quarter, an increase of 98% year-over-year.
The company also delivered solid year-over-year growth in advertising revenue (up 81% to $22.8 million) and total paid subscribers (up 81% to 1,056,245). fuboTV states its key metrics on a year-over-year basis given the seasonality of sports content. First quarter loss was $140.8 million.
The company also announced results for its Rest of World (France, Spain) streaming business for the first time.fuboTV ended the quarter ahead of expectations with approximately 305,000 total paid subscribers and $5.5 million in total revenue.
“In our first quarter, against a challenging macro environment, fuboTV achieved strong growth in subscribers and revenue, with North American subscriber growth of 81% year-over-year,” said David Gandler, co-founder and CEO, fuboTV. “In a less robust advertising market, however, we experienced some pressure on adjusted contribution margin due to slower ad sales growth than we had initially expected, with ad revenue up 81% year-over-year. Importantly, we strengthened fuboTV’s balance sheet, ending the quarter with over $456 million in cash. This increased financial flexibility is expected to take us through 2023, and we are targeting positive cash flow and Adjusted EBITDA (AEBITDA) in 2025, with a relatively modest cash requirement anticipated in 2024.”
“We are committed to a business which replaces the decades-old basic cable package by giving consumers increased and improved content, ‘anytime anywhere’ access and mobility, increased choice and flexibility, personalization and interactivity – including gaming,” said Edgar Bronfman Jr., executive chairman, fuboTV. “Wagering remains an important pillar in our path to profitability and strategy to integrate interactivity into our live TV streaming experience. 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.”