After the sports-first live TV streaming platform posted a landmark 2021, and despite what it says was a challenging macro environment, fuboTV is claiming strong growth in subscribers and revenue for its first quarter of 2022.
For the quarter ended 31 March 2022, fuboTV’s North American (US and Canada) streaming business delivered what was described as a record $236.7 million in total revenue, an increase of 98% year-over-year. The company also claimed to have delivered solid year-over-year growth in advertising revenue, up 81% on a yearly basis to $22.8 million.
Total paid subscribers rose 81% compared with the end of Q1 2021 to 1.056 million. Given the seasonality of sports content fuboTV states its key metrics on a year-over-year basis. Subs at the end of the fourth quarter of 2021 totalled 1.13 million. The company’s Rest of World (France, Spain) streaming business ended the quarter ahead of expectations with approximately 305,000 total paid subscribers and $5.5 million in total revenue.
Commenting on fuboTV's first quarter results, co-founder and CEO David Gandler said the company had made a strong start to the year in the face of headwinds. “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,” he added.
“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, personaliaation and interactivity - including gaming,” adeded executive chairman, Edgar Bronfman “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 monetsation, accelerate our ad sales business and further strengthen our unit economics.”
Total paid subscribers rose 81% compared with the end of Q1 2021 to 1.056 million. Given the seasonality of sports content fuboTV states its key metrics on a year-over-year basis. Subs at the end of the fourth quarter of 2021 totalled 1.13 million. The company’s Rest of World (France, Spain) streaming business ended the quarter ahead of expectations with approximately 305,000 total paid subscribers and $5.5 million in total revenue.
Commenting on fuboTV's first quarter results, co-founder and CEO David Gandler said the company had made a strong start to the year in the face of headwinds. “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,” he added.
“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, personaliaation and interactivity - including gaming,” adeded executive chairman, Edgar Bronfman “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 monetsation, accelerate our ad sales business and further strengthen our unit economics.”
