Today the live TV streaming service Fubo reported its 1st quarter 2024 earnings that show it lost 61,000 subscribers in North America. This comes as Fubo reported losing 107,000 subscribers to end the 1st quarter of 2024. Fubo saw subscribers grow 26% year-over-year when looking at the same point last year Fubo also posted a 26% year-over-year revenue growth.
Fubo did lose subscribers for the second quarter in a row, but at a lower-than-expected number. In total Fubo reporters having 1.45 million subscribers down from the 1.511 million subscribers it ended the 1st quarter with.
“Fubo delivered excellent results in the second quarter of 2024, despite the Warner Bros. Discovery content drop, achieving our sixth consecutive quarter of year-over-year improvement in our global profitability metrics,” said David Gandler, co-founder and CEO, Fubo. “In North America, we exceeded guidance, growing North America revenue by 26% and subscribers by 24% year-over-year. We’re confident we can continue this success as we remain focused on delighting our users with more flexible bundle options as part of our Super Aggregation strategy, delivered to them through a single, frictionless app. We also continue to advocate for a fairer playing field in the media industry, benefiting Fubo, our competitors and, most importantly, the American consumer.”
This news comes as Fubo is suing Disney, Fox, and Warner over their new planned streaming service. The live streaming service is suing to block the joint venture, and alleges in a lawsuit that three media giants stole from the Fubo playbook and that this new venture is the latest attempt in a years-long campaign to block its business. This lawsuit will go to court today in the first but important court hearing.
In a statement about the lawsuit to Fubo said ” We continue to believe in the merits of our lawsuit, and thank those who have publicly supported us, such as DIRECTV and DISH. We remain steadfast in our fight to level the playing field of the sports streaming industry since, as alleged in our court filings, we believe the launch of the joint venture (a collaboration to introduce a sports-only streaming service) controlled by these parties could cause
irreparable harm to Fubo and to consumers. A win for Fubo is a big win for consumers, and we are encouraged by the Court’s recent decision to grant limited discovery and set an August 7, 2024 hearing date for our preliminary injunction motion, as well as the Court’s indication that it intends to
render a decision before the launch date of the JV. We are further encouraged by reports of the Department of Justice’s (DOJ) ongoing investigation and congressional inquiries into the joint venture. We believe customers deserve choice, fair pricing and innovative products, and this is only possible in a competitive streaming marketplace. Given the many unknowns related to the potential launch of the joint venture, including the outcome of the lawsuit and the DOJ’s reported investigation, our guidance 1 and our planned path to profitability do not reflect any potential impact of the joint venture launch to our business.”
Fubo’s subscribe losses come as it recently lost access to channels owned by Warner Bros. Discovery.