fuboTV unveils record year as Q4 revs exceed $100MN | Major Businesses | Business | News | Rapid TV News
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After a year in which it announced a massive pivot to expand its business into online sports wagering, sports-first live TV streaming platform fuboTV has revealed its strongest year to date.
fuboTV Platform 24March 2020
For the twelve-month period ended 31 December 2020, the company's revenue rocket 83% year-on-year to $268.8 million, driven by subscription revenue increasing 73% on an annual basis to $230.7 million. Advertising revenue soared 133% YoY to $29.0 million. fuboTV ended the year with 547,880 subscribers, up 73% YoY, and boosted considerably in the second half of the year when it put on 261,754 net subscriber additions. Average revenue per user (ARPU) per month increased 17% YoY to $62.84, while the total content hours streamed by customer grew 82% YoY to 544.9 million hours, on average 7.2 hours per day, a rate that was 11.8% higher than that a year ago.

The company added in the yearly results that it had benefited from the tailwinds carrying streaming firms in 2020, especially in the fourth quarter of the year where the company achieved net subscriber additions of 92,800, an increase of 237% year-over-year.

Looking forward to 2021, fuboTV co-founder and CEO David Gandler said that the company would remain focused on continued innovation and are excited about growth opportunities for 2021, including the ongoing expansion of its advertising business and the development of its sportsbook after executing a binding letter of intent to acquire sports betting and interactive gaming company Vigtory.

“Our goal for 2021 and beyond is to develop fuboTV into a new kind of media company that combines both innovative streaming video and sports wagering,” added fuboTV executive chairman Edgar Bronfman. “We intend to deliver leading sports, news and entertainment content to a growing subscriber base that transcends the industry's current virtual MVPD model, and are excited about our ability to capitalise on the future market opportunity."