fuboTV, the US sports-first live TV streaming platform, has announced its unaudited financial results for the third quarter ended September 30th 2020.
The company, which closed its public offering on October 13th, delivered the strongest quarter in its history and exceeded previously raised guidance with solid growth in revenue, subscription and viewership.
Q3 2020 highlights include:
- $61.2 million (€51.8m) revenue, a 47 per cent increase year-over-year on a pro forma basis.
- 455,555 paid subscribers, an increase of 58 per cent year-over-year.
- Monthly active users (MAUs) watched 121 hours per month on average in the quarter, an increase of 20 per cent year-over-year.
Additionally, the company is making several announcements including its intent to expand into online sports wagering, the completion of new content agreements with Epix and Starz and an in-flight streaming partnership with JetBlue.
“Q3 was the strongest quarter in fuboTV’s history, exceeding targets in all of our key metrics: subscription revenue grew 64 per cent year-over-year, ad revenue grew 153 per cent year-over-year and we ended the quarter with an all-time high of 455,000 paid subscribers,” said David Gandler, co-founder and CEO, fuboTV. “A heavy sports calendar, busy news cycle and Hollywood’s fall entertainment season delivered many viewing options for consumers. We continued to grow fuboTV’s premium, personal viewing experience with the launch of new product features and new programming including Disney Media Networks (ABC, ESPN, many more), MLB Network, NBC News Now and more.”
Added Edgar Bronfman Jr, executive chairman, fuboTV, added: “Our successful public offering in October demonstrated confidence in fuboTV’s strategy, and investor excitement has continued to grow. We believe fuboTV sits firmly at the intersection of three megatrends: the secular decline of traditional TV viewership, the shift of TV ad dollars to connected TVs and online sports wagering, a market which we intend to enter. As a result, we believe our growth opportunities are numerous. Our optimism in the future of fuboTV and the live TV streaming business has never been stronger.”