After Shutting Down Gaming, FuboTV Reports Record Year

FuboTV, which calls itself a “sports-first cable TV replacement product” in the U.S., surpassed $1 billion in global annual revenue for the first time in 2022.

In North America, revenue increased 55% year-over-year for the full year to $984 million, with advertising revenue reaching $100 million — also a record. Subscribers jumped 29% year-over-year to a record 1.45 million.

For the rest of the world, revenue reached $7.2 million and subscribers increased 117% year-over-year to 420,000.

“In 2022, we added differentiated content, including Bally Sports’ expansive portfolio of regional sports networks, aimed at driving subscriber growth and doubling down on our sport-first positioning,” said Edgar Bronfman Jr., executive chairman at Fubo.

Fourth-quarter revenue increased 38% year-over-year to $319.3 million. In North America, fourth-quarter revenue jumped 36% year-over-year to $312.1 million, with advertising revenue up 30% year-over-year to $33.6 million.

FuboTV reported a Q4 net loss of $95.9 million.

During the quarter, FuboTV closed its Fubo Gaming subsidiary and operations of its Fubo Sportsbook, which launched in 2021. Fubo had revealed in August it would no longer pursue independent wagering.

FuboTV claimed that “while multiple parties expressed interest in the business, none of these opportunities would have allowed Fubo to lower its funding requirements and generate sufficient returns to shareholders.”