Fubo TV has another big year. The company reporting its first-quarter results from 2021 more than doubled its overall subscribers from last year at the same time. With the new customers, total revenue grew accordingly showing gains of 135% to $119.7 million. The huge numbers come after a year where more people had time to think about what they watched and what they thought was worth the price.
fubo, which plans to jump headlong into sports betting through its apps during the 3rd quarter of 2021 has morphed from essentially a sports streaming service with an edge towards international soccer to a full-fledged TV service with 80+channels across the entire range of genres. As its reach has grown subscribers have followed. The service still has an interface that zooms in on sports by category and league while most TV services basically block everything into one category. Through its shareholder letter CEO David Gandler and Executive Chairman Edgar Bronfman Jr. expressed confidence that this is a sign of things to come.
“Although consumers have never had more choices, juggling an ever-expanding breadth of services will become costly and fractured. It is our view that consumers that care about sports and live TV will find greater value in aggregation and bundling where they can enjoy the best content, in a seamless, curated experience, personalized to their needs and at an affordable price. Our engagement”
Highlights
● Total revenue grew 135% YoY to $119.7 million
● Advertising revenue grew 206% YoY to $12.6 million
● Subscription revenue increased 131% YoY to $107.1 million
● fuboTV reached 590,430 subscribers, up 105% YoY and up 8% vs. Q4 2020
● Average Revenue Per User (ARPU) 1 per month increased 28% YoY to $69.09
● Advertising ARPU per month increased 57% YoY to $7.11
● Adjusted Contribution Margin was positive 5.3%, up 230 bps from 3.0% in Q1 2020
