fuboTV announced today its first quarterly results since merging with FaceBank in April 2020. In a letter to shareholders, fuboTV announced its Q2 revenue of $44.2 million, a 53% increase year over year, and 287,126 subscribers, a 47% increase year over year.
“We delivered strong second quarter results – revenues grew 53% year-over-year, fuboTV paid subscribers increased 47% and content hours streamed increased 83% year-over-year,” said David Gandler, co-founder and CEO, fuboTV. “Consumer engagement continued to be strong in Q2, despite a shutdown of most major league sports both in the U.S. and internationally, and we successfully ramped up advertising revenue.”
fuboTV also shared that its subscribers streamed 98.6 million hours of content throughout the quarter, including both those using a free trial and paid subscribers, a 54% increase from last year.
“We believe consumers will continue to choose streaming over traditional pay television, especially in the current economic climate because of its more personalized, premium viewing experience. Macro trends towards streaming, combined with our strong second quarter results and continued momentum, reinforce our confidence in our business and the vMVPD space. Looking ahead to Q3, with the gradual return of sports, we anticipate an increase in subscribers, viewership and that our portion of revenue derived from advertising will grow. At the close of Q3 we expect paid subscribers to reach 340,000 – 350,000, which will be an increase of 20% year-over-year. The growth of streaming is one of the most significant changes to television, and television advertising, in the last several decades. fuboTV is at the forefront of the streaming revolution and we are excited for existing and new investors to join us on this journey,” added Gandler.
As with broadband and cable providers who have reported in the past few weeks, fuboTV expressed that the pandemic continues to impact performance, saying “It is important to note that there continues to be uncertainty around the return of live sports, specifically college football and the NFL due to the ongoing pandemic. We have factored in ongoing uncertainty around the fall sports calendar in our subscriber guidance.”
Did you know we have a YouTube Channel? Every week we have a live Cord Cutting Q&A, and weekly Cord Cutting recap shows exclusively on our YouTube Channel!
Please follow us on Facebook and Twitter for more news, tips, and reviews. Need cord cutting tech support? Join our Cord Cutting Tech Support Facebook Group for help.