FuboTV Q3 beats revs forecast, hits record high for NA streaming
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Editor
| 07 November 2022
As flagged a few weeks ago, sports-first live TV streaming platform FuboTV has posted a strong third quarter despite announcing that it was to close its sports gambling service.
fubo sports network logo 20Oct2022
For the third quarter ended 30 September 2022, revenue and subscriber growth for Fubo’s global streaming business was strong during the quarter, with North America (NA) revenue and subscriber growth coming in ahead of forecast. The company closed the quarter with $219.2 million in revenue for NA, an increase of 40% year-over-year, while ad revenue was $22.5 million, up 21% year-over year. Paid subscribers in the NA region reached a record high of 1.231 million, an increase of 31% year-on-year.

In the Rest of World (ROW), the company delivered $5.8 million in revenue and 358,000 total paid subscribers. ROW includes Molotov, the French live TV streaming service acquired by FuboTV in December 2021.

“Our third quarter was marked by meaningful advancements against our long-term plan of continued growth with improved profitability along the way,” said David Gandler, co-founder and CEO, FuboTV commenting on the third quarter results. “As our premium offering continues to drive an ever-greater number of consumers to our platform, our differentiated product experience and broad content portfolio keep them engaged - with this quarter representing an all-time low for subscriber churn. We are more bullish than ever on our model as consumers gravitate towards aggregated streaming platforms that offer popular content presented to them through a custom and personalised experience.”

FuboTV ended the quarter with $307.4 million in cash and cash equivalents, restricted cash and short-term investments, and is confident in its current liquidity position. However, in October 2021, following what it called a strategic review as part of its plan to focus on profitability goals, FuboTV announced that it would close its Fubo Gaming subsidiary and cease operations of Fubo Sportsbook effective immediately.