FuboTV has filed for an IPO on the New York Stock Exchange. The sports streaming service will issue 15 million common stock shares, looking to raise up to $165 million.
Its subscriber base has steadily grown since launching in 2015. Shares are expected to be between $9-$11.
Americans are dropping cable at a rapid clip, with accounts down 22.8% from 2014’s peak. By 2024, it’s expected more than a third of those still tethered will cut the cord.
FuboTV Second Quarter Earnings:
$39.5 million in subscription revenue (up 51% year-over-year)
$4.3 million in advertising revenue (up 71%)
$99.8 million net loss
$54.79 average revenue per user
286,126 paid subscribers (up 47%)
98.6 million hours streamed (up 83%)