Fubo US subs up, ROW subs down
November 1, 2024
FuboTV, the sports-first live TV streaming platform, has reported its financial results for the third quarter ended September 30th 2024. The company, targeting positive Free Cash Flow in 2025, delivered continued top-line growth and bottom-line improvements, including year-over-year (YoY) improvements in Net Loss of $110.1 million and Adjusted EBITDA (AEBITDA) of $98.8 million for the trailing twelve months (TTM).
Fubo exceeded revenue guidance in North America, ending Q3 with $377 million (€346.9m) total revenue, up 21 per cent YoY. The company ended the period with 1.613 million subscribers, up 9 per cent YoY. Fubo’s average revenue per user (ARPU) expanded 2.5 per cent YoY to $85.64.
In the Rest of World (ROW), the Company delivered $8.9 million total revenue, up 6 per cent YoY, and 378,000 paid subscribers, down 8.1 per cent YoY. ARPU reached $7.50, up 7.5 per cent YoY. ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December 2021.
Fubo states its key metrics on a YoY basis given the seasonality of sports content.
Net Loss from continuing operations in the third quarter was $54.7 million, leading to an earnings per share (EPS) loss of $0.17. In the third quarter, AEBITDA was -$27.6 million, a $33.8 million improvement when compared to the third quarter of 2023. Fubo said this reduction was a result of its continued focus on efficient growth and cost control.
Fubo ended the quarter with $152.3 million in cash, cash equivalents and restricted cash on hand.
Fubo is projecting $426 million to $446 million total revenue for the US in Q4, representing 9 per cent YoY growth at the midpoint. For ROW, the company projects $8 million to $9 million total revenue, representing 0 per cent YoY growth at the midpoint.
“Fubo posted strong third quarter 2024 results, marked by continued expansion on the top-line and notable improvements on the bottom-line,” said David Gandler, co-founder and CEO, Fubo. “We continue to prioritise the delivery of a high-quality, innovative and frictionless experience for our users that includes personalisation across content and price. This is what streaming should be, and it’s what compelled us to file our antitrust lawsuit against Disney, Fox and Warner Bros Discovery. We continue our fight to ensure American consumers have the streaming experience they deserve.”
“Fubo’s third quarter of 2024 was notable for ongoing subscriber and revenue growth alongside improvements in key profitability metrics – all important markers that give us continued confidence in our 2025 profitability goal,” added Edgar Bronfman Jr, executive chairman, Fubo. “In addition, we are gratified by recent wins in our ongoing fight for a fair and competitive marketplace, including the granting of a preliminary injunction against the proposed sports streaming joint venture. The streaming industry remains under constant disruption which Fubo sees as an opportunity to build a distinctive sports entertainment streaming platform with consumer needs at its heart.”