Subs soar as fuboTV scores record revenues in Q1 2021 | Major Businesses | Business | News | Rapid TV News
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After its pivot in late 2020 to seek out a new revenue stream from sports betting, sports-first live TV streaming platform fuboTV has closed what it says is the strongest first quarter in its history, delivering better-than-expected growth in subscribers, total revenue and ad revenue.
fuboTV Platform 24March 2020
For the quarter ended 31 March 2021, total revenues soared 135% compared with Q1 2020 to $119.7 million, with huge increase, 206% year-on-year in advertising revenue to $12.6 million. Driving these revenues was a 105% annual improvement in subscriptions, with the 43,000 net additions leading to a total 590,430.

The company had a number of highlights in the quarter, not least its furthering its stated ambition to expand its business into online sports wagering through acquiring sports betting and interactive gaming company Vigtory.

The first quarter 2021 results have been seen by fuboTV as an inflection point for the company, marking the first time that it had achieved sequential subscriber and revenue growth in any first quarter, despite seasonal trends. This was regarded as an indication in that consumers were increasingly cutting the cord.

“As the shift of viewing from traditional pay-TV accelerates, our differentiation in the marketplace - sports-focused programming, a tech-first and data-driven user experience and the planned integration of wagering and interactivity - firmly positions the company strongly for long-term growth,” commented fuboTV executive chairman Edgar Bronfman Jr. “We remain steadfast in our mission to provide the world’s most thrilling sports-first live TV experience with the greatest breadth of premium content, interactivity and integrated wagering.”