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Sunday, May 19, 2024

FuboTV’s Revenue and Losses Increase Over 40%

  • FuboTV saw major growth in revenue but a comparable increase in losses.
  • FuboTV closed its sportsbook and gaming division in October.
FuboTV
FuboTV

FuboTV saw both its subscriber count and losses grow as it works to carve out territory in North America’s sports landscape.

The sports-focused streamer — which bundles offerings from other networks to lure cord cutters — saw revenues grow 43% year-over-year to reach $224.8 million.

  • However, the company’s net losses also grew 44%, hitting $152.7 million in the quarter.
  • North America, responsible for 97.5% of Fubo’s revenues, saw its subscriber base grow 31% from a year ago to 1.2 million.
  • The company’s average revenue per user ticked up 2% to $71.52, with gains in subscriber ARPU canceling out losses in advertising ARPU.

Through its collection of local and national broadcasts, FuboTV shows more than 50,000 sporting events each year. It will broadcast all 64 World Cup matches in the U.S. through a partnership with Fox and Telemundo, which respectively hold the English and Spanish-language rights.

Canceled Bet

After initially working to build a sports betting offering into the viewing experience, FuboTV canceled its sportsbook and closed its gaming division in October.

“We still believe the integration of gaming and live sports streaming is powerful. As a result, we are exploring ways to optimize our user base in the gaming space without investing our own funds,” wrote FuboTV co-founder and CEO David Gandler and executive chairman Edgar Bronfman Jr. in a letter to shareholders.

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