fuboTV delivers record revenue
May 12, 2021
fuboTV, sports-first US TV streaming platform, has announced its Q1 results. The company closed the strongest first quarter in its history, delivering better-than-expected growth in subscribers (590,430, up 105 per cent year-over-year, including 43,000 net additions in the quarter), total revenue ($119.7 million, up 135 per cent year-over-year) and advertising revenue ($12.6 million, up 206 per cent year-over-year).
The quarter marked the first time fuboTV achieved sequential subscriber and revenue growth in any first quarter, despite seasonal trends. fuboTV also increased revenue and subscriber guidance for the full year 2021.
“The first quarter of 2021 was an inflection point for fuboTV,” said David Gandler, co-founder and CEO, fuboTV. “For the first time in any first quarter, we reported sequential revenue and subscriber growth, despite past seasonality trends. This tells us that consumers are increasingly cutting the cord. We believe they are choosing fuboTV, enticed by superior value, our year-round content offerings and a customer-centric, innovative consumer product experience relative to legacy pay-TV (cable / satellite / telco). We see this trend continuing to accelerate as more consumers discover they can cut the cord without losing access to the sports teams, live channels and content they love.”
“As the shift of viewing from traditional pay TV accelerates, our differentiation in the marketplace – sports-focused programming, a tech-first and data-driven user experience and the planned integration of wagering and interactivity – firmly positions the company strongly for long-term growth,” added Edgar Bronfman Jr., executive chairman, fuboTV. “We remain steadfast in our mission to provide the world’s most thrilling sports-first live TV experience with the greatest breadth of premium content, interactivity and integrated wagering.”