Fubu TV Continues To Grow
At a time when the streaming world is awash with hand wringing over stalled growth and costs Fubo TV turned in another strong quarter seeing its cable replacement option grow subscribers in quarter 4 to an all-time high of 1.445 million subscribers in North America and 420,000 in the Rest of World. The numbers contributed to over 1 billion in global revenue.
While this does not put the service on top of Hulu with live TV or YouTube TV, it shows that the offering is continuing to build a healthy audience with an option that offers both general entertainment channels and a one-of-a-kind breakdown of sports options available from multiple leagues across the world.
In North America (NA), Fubo achieved $984 million in total revenue (up 55% year-over-year), including $100 million in advertising revenue, and reached 1.445 million subscribers (up 29% year-over-year). Fubo’s fourth quarter revenue in NA was $312.1 million (up 36% year-over-year) while ad revenue was $33.6 million during the quarter (up 30% year-over-year).
“Fubo’s fourth quarter results represent a strong finish to 2022 and an inflection point for our company supported by two very important milestones: we surpassed $1 billion in total annual revenue and $100 million in ad sales annual revenue for the first time,” said David Gandler, co-founder and CEO, Fubo. “The fourth quarter also marked our lowest level of quarterly cash usage in Fubo’s time as a publicly-traded company and we achieved positive gross profit. Over the course of 2022 we undertook bold measures to position our business for today’s challenging macroeconomic environment. We furthermore believe that Fubo’s model will prove to be resilient, profitable and poised to continue to deliver a truly differentiated consumer experience while providing our media partners with a growing distribution platform.”