FuboTV revenue rises 78 per cent in Q1

US sports-focused streaming service and channel aggregator fuboTV posted a 78-per-cent increase in overall revenues during its fiscal first quarter, thanks to spikes in subscriptions, advertising sales, and viewing time.

Revenue totaled $51m for the three months ended March 31, with the vast majority coming through subscriptions, which climbed 74 per cent to $46.4m. Meanwhile, ad sales climbed 120 per cent to $4.1m.

Paid subscribers were up 37 per cent to 287,316 compared to the same period a year ago, while monthly active users watched 120 hours per month on average in the quarter, a 52 per cent rise year-on-year. Total users, however, are down 9 per cent relative to end of the 2019, when fuboTV then reported nearly 316,000 users.

Late last month, fuboTV reached a multiyear distribution deal with Disney Media Networks that will place a wide range of channels on the streaming service.

Beginning this summer, fuboTV’s base package will include ESPN, ESPN2, ESPN3, and in-market access to the college-focused ACC Network and SEC Network. Higher-tier fuboTV subscribers will gain out-of-market access to the ACC Network and SEC Network, along with ESPNU, ESPNews, and ESPN Deportes.

The deal represents a key programming acquisition for fuboTV following its merger earlier this year with virtual entertainment company FaceBank Group.

Since its founding in 2015 as a soccer streaming service, fuboTV has developed into a live television streaming platform encompassing a variety of genres.

The platform, meanwhile, has also secured more than $20m in funding from Credit Suisse, selling 2.16m shares of its common stock at a price of $9.25 per share. The company said a statement announcing the stock sale it “intends to continue to raise capital to support growth strategies and fund operation.”