FuboTV US subs at record high
November 4, 2022
FuboTV, the sports-first live TV streaming platform, has announced its financial results for the third quarter ended September 30th 2022.
Revenue and subscriber growth for Fubo’s global streaming business was strong during the quarter, with North America (NA) revenue and subscriber growth coming in ahead of forecast. FuboTV closed the quarter with $219.2 million (€224.1m) in revenue for NA, an increase of 40 per cent year-over-year, while ad revenue was $22.5 million, up 21 per cent year-over year. NA paid subscribers reached a record high of 1,231,000, an increase of 31 per cent year-over-year.
In the Rest of World (ROW), the company delivered $5.8 million in revenue and 358,000 total paid subscribers. ROW includes Molotov, the French live TV streaming service acquired by FuboTV in December 2021.
FuboTV ended the quarter with $307.4 million in cash and cash equivalents, restricted cash and short-term investments, and is confident in its current liquidity position. Additionally, FuboTV achieved a sequential improvement in Operating Cash Flow and year-over-year improvement in Adjusted EBITDA (AEBITDA) Margin.
“Our third quarter was marked by meaningful advancements against our long-term plan of continued growth with improved profitability along the way,” said David Gandler, co-founder and CEO, FuboTV. “Revenue and subscriber growth for our global streaming business was solid with North American subscribers reaching a record high of 1,231,000. As our premium offering continues to drive an ever greater number of consumers to our platform, our differentiated product experience and broad content portfolio keep them engaged – with this quarter representing an all-time low for subscriber churn. We are more bullish than ever on our model as consumers gravitate towards aggregated streaming platforms that offer popular content presented to them through a custom and personalized experience.”
“We’re very pleased with Fubo’s third quarter performance demonstrated by double-digit year-over-year growth in North America across several of our KPIs: subscribers, total revenue and ad revenue,” added Edgar Bronfman Jr., executive chairman, FuboTV. “As consumers continue to become disillusioned with the many expensive and content-limited streaming services in the market, and those streaming services turn to other monetisation levers like advertising, we are excited about our unique positioning in the marketplace. We believe our dual subscription and advertising model provides value for shareholders while our aggregation of premium sports, news and entertainment content is an affordable option for consumers.”