Today Fubo reported their 2nd quarter 2023 earnings and posted an addition of 310,000 subscribers in just three months. In total, Fubo has 1.477 million subscribers in North America, up from 1,167,000 subscribers at the end of the 2nd quarter of 2023. This comes as Fubo lost over 100,000 subscribers in the 2nd quarter of 2023.
This is great news for Fubo, as for the first time in 2023, they have added subscribers. The recent start of the NFL and college football seasons likely helped. As did its partnership with Spectrum to offer discounted Fubo plans to Spectrum customers during their ESPN blackout and contract fight with Disney.
In total, revenues were up year over year, but revenues were up 43% compared to the 3rd quarter of 2022.
“Fubo’s strong third quarter exceeded guidance in North America, highlighted by an all-time high in paid subscribers as well as double digit year-over-year revenue growth,” said David Gandler, co-founder and CEO, Fubo. “As we progress toward our 2025 positive cash flow goal, we are confident that a return to content aggregation and bundling – which we long predicted – is now a reality. Fubo’s aim is to be a super aggregator, offering consumers premium content delivered through an intuitive and personalized streaming experience, at multiple price points, all in a single app.”
“Fubo’s third quarter marked continued improvements across our key performance metrics, including subscriber growth, gross margin, ARPU expansion and advertising revenue growth,” said Edgar Bronfman Jr., executive chairman, Fubo. “Looking ahead, as we raise full year 2023 guidance, we remain confident in the value proposition of our business model and believe we are well positioned to further benefit from industry trends, including the growing number of consumers subscribing to vMVPD services and the significant increase in CTV advertising.”
Fubo also saw revenues for the average users grow 17% year over year to $83.51 per users in the 3rd quarter.
Fubo reported total revenues were up 43% year over year to $313 million in North America. In total, though, the net loss for the 3rd quarter of 2023 was $21 million.