Sports-focused streaming service FuboTV expects to report an impressive Q4 2021 following the release of preliminary results, which includes revenue and subscriber growth.
FuboTV projects revenue to range between $215 million and $220 million during the quarter, an increase between 105% and 109% compared to the same period the year prior.
The New York-based company expects full-year revenue to reach between $622 million and $627 million, an increase between 138% and 140% year-over-year. FuboTV projects paid subscribers to exceed 1.1 million at year-end, an uptick of more than 100% year-over-year.
Since raising $183 million in its IPO in October 2020, FuboTV continues to refine its strategy.
- The company made its first investment in sports gambling with the acquisition of Chicago-based online sportsbook Vigtory last March.
- It acquired exclusive streaming rights to the 2022 World Cup qualifying matches of the South America Football Confederation last April.
- Last November, the company acquired French TV streaming company Molotov SAS in a deal valued at $190 million.
FuboTV generated record revenue of $156.7 million in Q3 2021, a 156% increase compared to the same period the year prior. The results were driven by a spike in paid subscribers, which reached 944,605 during the quarter, a 108% uptick compared to Q3 2020.
CEO David Gandler told CNBC he believes that FuboTV can reach between 3 million and 5 million subscribers in the next five years.