FuboTV released second-quarter earnings Tuesday, recording $130.9 million in revenue, a 196% increase year-over-year. Total paid subscribers rose 138% to 682,000 and ad revenue jumped 281% to $16.5 million.
On the strength of those numbers, the sports-focused streaming service raised its full-year outlook to $560-$570 million in revenue.
The uptick comes as the 6-year-old company continues to refine its strategy.
- In April, fuboTV acquired exclusive streaming rights to the 2022 World Cup qualifying matches of the South American Football Confederation.
- Last month, fuboTV decided to stop carrying several A+E Networks channels as a “cost-cutting” measure. Last year, it dropped multiple Turner Networks channels in favor of ESPN streaming rights.
- The provider announced its acquisition of online sportsbook Vigotry in January after purchasing Balto Sports in December.
FuboTV plans to launch its own sportsbook by the end of the year, tweeting a first look on Tuesday. In July, it secured market access for the sportsbook in Pennsylvania, adding to access in Indiana, New Jersey, and Iowa.
According to the platform’s shareholder letter, the service foresees a shift back to “aggregation and bundling as the proliferation of SVOD becomes increasingly burdensome and costly for consumers.”