This Sports-First Live TV Streaming Platform Now has More than 1 Million Paid Subscribers in North America
Having an access to a stable internet connectivity and high-definition smart phone or TV has many benefits. One of them is watching your favorite events on Live TV Streaming channels. In recent years, the number of subscribers registering with live TV streaming platforms has increased significantly, even as trends in live video commerce channels continue to influence audience behavior (mostly ardent fans and internet savvy shoppers). We can expect further rise in the number of internet TV subscribers as we head into the future. fuboTV’s recent Q1 2022 results highlight the point we are making here.
fuboTV and its Rise in the Live TV Streaming Market
In Q1 2022, fuboTV’s North American (U.S. and Canada) live TV streaming business delivered a record $236.7 million in total revenue in the first quarter, an increase of 98% year-over-year. The company also delivered solid year-over-year growth in advertising revenue (up 81% to $22.8 million) and total paid subscribers (up 81% to 1,056,245). fuboTV states its key metrics on a year-over-year basis given the seasonality of sports content.
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“In our first quarter, against a challenging macro environment, fuboTV achieved strong growth in subscribers and revenue, with North American subscriber growth of 81% year-over-year,” said David Gandler, co-founder and CEO, fuboTV. “In a less robust advertising market, however, we experienced some pressure on adjusted contribution margin due to slower ad sales growth than we had initially expected, with ad revenue up 81% year-over-year. Importantly, we strengthened fuboTV’s balance sheet, ending the quarter with over $456 million in cash. This increased financial flexibility is expected to take us through 2023, and we are targeting positive cash flow and Adjusted EBITDA (AEBITDA) in 2025, with a relatively modest cash requirement anticipated in 2024.”
“We are committed to a business which replaces the decades-old basic cable package by giving consumers increased and improved content, ‘anytime anywhere’ access and mobility, increased choice and flexibility, personalization and interactivity – including gaming,” said Edgar Bronfman Jr., executive chairman, fuboTV.
Edgar added, “Wagering remains an important pillar in our path to profitability and strategy to integrate interactivity into our live TV streaming experience. While striving to be the most compelling destination for cord cutters, fuboTV has started to enact a series of approaches to increase monetization, accelerate our ad sales business and further strengthen our unit economics.”
fuboTV ended the quarter ahead of expectations with approximately 305,000 total paid subscribers and $5.5 million in total revenue.
Leveraging its proprietary data and technology platform optimized for live TV and sports viewership
fuboTV extensively leverages data analytics and business intelligence to optimize live TV streaming experience. It aims to turn passive viewers into active participants and define a new category of interactive sports and entertainment television. The company’s sports-first cable TV replacement product, fuboTV, offers U.S. subscribers more than 100 live sports, news and entertainment networks and is the only live TV streaming platform with every Nielsen-rated sports channel (source: Nielsen Total Viewers, 2021). Subscribers can interact with fuboTV’s live streaming experience through predictive free-to-play games, which are integrated into select sports content.
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Fubo Gaming Inc., a subsidiary of fuboTV Inc., launched Fubo Sportsbook, a next-generation mobile sportsbook purpose-built to integrate with fuboTV, in 2021.
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