Sports-focused streaming service FuboTV announced record earnings in the company’s latest earnings report.
FuboTV generated $242 million in revenue in Q1 2022, a 102% increase year-over-year. The strong first quarter was driven by the company’s North American streaming business, which generated a record $236.7 million in revenue in Q1, a 98% increase compared to Q1 2021.
- It reported $22.8 million in advertising revenue in Q1, a 23% increase year-over-year.
- Total paid subscribers reached 1.1 million, up 81% compared to Q1 2021.
- It posted $5.5 million in revenue outside the U.S. and Canada.
The New York-based company, which is the only live TV streaming platform with every Nielsen-rated sports channel, expanded its presence in the European market during the first quarter.
Q1 marked FuboTV’s first full quarter of being operational in France following the acquisition of French streaming company Molotov SAS in December 2021 for $190 million. Molotov expands FuboTV’s global reach with operations in Burkina Faso, the Ivory Coast, Senegal, and Cameroon.
More than Streaming
FuboTV has made efforts to diversify its portfolio outside live TV streaming. In 2021, the company made its first investment in sports gambling with the acquisition of online sportsbook Vigtory.
The same year, Fubo Gaming, a subsidiary of FuboTV, launched Fubo Sportsbook in Arizona and Iowa. The online sports betting platform is the only owned-and-operated app in the U.S. that provides live sports viewing and wagering in a single ecosystem.