Streaming pay-TV provider FuboTV reported its second quarter results, showing a gain of 91.000 subscribers compared with the year-ago quarter, far better than Wall Street analysts’ 12.000 subscribers’ expectations. The service, which launched as a sports-focused offering in 2015 but has since added general entertainment, now has 682.000 total subscribers.
Moreover, total revenue nearly tripled to a record $130.9 million and adjusted losses of 38 cents a share came in more than a dime lower than forecasts. Advertising revenue leaped 281% to $16.5 million. At the same time, the company revealed that FuboTV customers streamed 245 hours of content during the period, up 148% from a year ago.
The streaming pay-TV provider now estimates it will end 2021 with 915.000 subscribers, which would be a 67% improvement over 2020 levels. Furthermore, it has outlined ambitions to integrate sports betting into the pay-TV platform, reducing friction for avid sports fans inclined to wager as they stream live sports.
“Our record second quarter reflects continued strong execution in support of our vision to define a new category of interactive sports and entertainment television. Within the quarter we made meaningful advancement towards our long-term growth and margin targets, while also capitalizing on the favorable trends we are seeing in the category," said CEO David Gandler and Executive Chairman Edgar Bronfman Jr. in the company’s letter to shareholders.
“Our second quarter results showcase the continued momentum in our business, with consumers choosing FuboTV over more expensive legacy pay TV services due to our innovative product experience and customer-friendly approach at an affordable price. This shift, along with a heavy sports calendar, drove a healthy 91.291 net subscribers added in the quarter. As we have consistently highlighted, it is our view that there will be a major shift back to aggregation and bundling as the proliferation of SVOD services becomes increasingly burdensome and costly for consumers. Moreover, we continue to believe that consumers will ultimately favor a more personalized and interactive premium viewing experience,” they added.