FuboTV reports record revenue and subs
February 27, 2023
FuboTV, the sports-first live TV streaming platform, has announced its financial results for the fourth quarter and full year ended December 31st 2022, delivering record highs in annual revenue and subscribers across its global business and exceeding previously announced forecasts. Notably, the company surpassed $1 billion (€0.95bn) in global annual revenue for the first time.
In North America (NA), Fubo achieved $984 million in total revenue (up 55 per cent year-over-year), including $100 million in advertising revenue, and reached 1.445 million subscribers (up 29 per cent year-over-year). Fubo’s fourth quarter revenue in NA was $312.1 million (up 36 per cent year-over-year) while ad revenue was $33.6 million during the quarter (up 30 per cent year-over-year).
In the Rest of World (ROW), the company delivered $7.2 million in revenue and 420,000 total paid subscribers (up 117 per cent year-over-year) during the fourth quarter. ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December 2021.
Fubo ended the fourth quarter with $343.2 million in cash, cash equivalents and restricted cash. The company said it remains confident in its current liquidity position. The company also drove a 1,127 basis points (bps) year-over-year improvement in Net Loss Margin and a 814 basis points (bps) year-over-year improvement in fourth quarter Adjusted EBITDA (AEBITDA) margin for continuing operations. Additionally, Fubo achieved the most favourable quarterly cash usage since becoming a publicly traded company in October 2020.
“Fubo’s fourth quarter results represent a strong finish to 2022 and an inflection point for our company supported by two very important milestones: we surpassed $1 billion in total annual revenue and $100 million in ad sales annual revenue for the first time,” said David Gandler, co-founder and CEO, Fubo. “The fourth quarter also marked our lowest level of quarterly cash usage in Fubo’s time as a publicly-traded company and we achieved positive gross profit. Over the course of 2022 we undertook bold measures to position our business for today’s challenging macroeconomic environment. We furthermore believe that Fubo’s model will prove to be resilient, profitable and poised to continue to deliver a truly differentiated consumer experience while providing our media partners with a growing distribution platform.”
“Fubo delivered a record fourth quarter and full year across a number of our key financial and operational metrics,” said Edgar Bronfman Jr, executive chairman, Fubo. “In 2022, we added differentiated content, including Bally Sports’ expansive portfolio of regional sports networks, aimed at driving subscriber growth and doubling-down on our sports-first positioning. We believe our continued subscriber growth gives us real leverage in partner negotiations and we are more closely examining which content aligns with our profitability goals. Additionally, we believe our Unified Platform initiative, which will integrate Molotov’s team and technology, will drive further innovation enabling us to deliver a premium experience that surprises and delights our customers. We remain very excited about the opportunity in front of us.”