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Sunday, July 21, 2024
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Sports Fuel FuboTV’s $221.9M Quarter

  • FuboTV reported $221.9 million in second-quarter revenue.
  • The sports-focused streaming service logged a net loss of $116.3 million.

FuboTV reported $221.9 million in second-quarter revenue, a significant jump from the $130.9 million reported during the same period last year.

The sports-focused streaming service logged a net loss of $116.3 million — compared to the $94.9 million net loss reported in 2021 — but still saw promising numbers for the quarter.

  • Revenue for FuboTV’s North American streaming business grew 65% to $216.1 million. 
  • Ad revenue in North America increased 32% year-over-year to $21.7 million.
  • Paid subscribers in North America jumped 41% to 946,735. In the “Rest of World” (France, Spain), FuboTV ended the quarter with 347,000 paid subscribers — a 130% increase — and $5.8 million in total revenue — a 75% increase.

FuboTV’s shareholder letter stated that the company’s “subscriber count came under pressure primarily due to underperformance of specific sports content during a typically low-growth part of the year.”

During the quarter, FuboTV expanded its Latino offering with the renewal of UnivisionTelevisa’s networks. The renewal coincided with the beginning of the Liga MX soccer season.

New Offerings

On Thursday, FuboTV announced the expected launch of Fubo Sportsbook in two additional markets in the coming weeks, including New Jersey. The company currently has sportsbooks in Arizona and Iowa. FuboTV is also in internal and external discussions regarding the future, as it will no longer pursue wagering independently, and the division is under review.

FuboTV launched a “first-of-its-kind” gaming experience during the quarter, which allows FuboTV subscribers to interact with sports content, earn points, and engage with friends.

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