November 04, 2022-NEW YORK-FuboTV Inc. the leading sports-first live TV streaming platform, today announced its financial results for the third quarter ended September 30, 2022.
Revenue and subscriber growth for Fubo’s global streaming business was strong during the quarter, with North America (NA) revenue and subscriber growth coming in ahead of forecast. FuboTV closed the quarter with $219.2 million in revenue for NA, an increase of 40% year-over-year, while ad revenue was $22.5 million, up 21% year-over year. NA paid subscribers reached a record high of 1,231,000, an increase of 31% year-over-year.
In the Rest of World (ROW), the company delivered $5.8 million in revenue and 358,000 total paid subscribers. ROW includes Molotov, the French live TV streaming service acquired by FuboTV in December 2021.
FuboTV ended the quarter with $307.4 million in cash and cash equivalents, restricted cash and short-term investments, and is confident in its current liquidity position. Additionally, FuboTV achieved a sequential improvement in Operating Cash Flow and year-over-year improvement in Adjusted EBITDA (AEBITDA) Margin.
Complete third quarter 2022 results are detailed in FuboTV’s shareholder letter available on the company’s IR site.
“Our third quarter was marked by meaningful advancements against our long-term plan of continued growth with improved profitability along the way,” said David Gandler, co-founder and CEO, FuboTV. “Revenue and subscriber growth for our global streaming business was solid with North American subscribers reaching a record high of 1,231,000. As our premium offering continues to drive an ever greater number of consumers to our platform, our differentiated product experience, and broad content portfolio keep them engaged – with this quarter representing an all-time low for subscriber churn. We are more bullish than ever on our model as consumers gravitate towards aggregated streaming platforms that offer popular content presented to them through a custom and personalized experience.”
“We’re very pleased with Fubo’s third quarter performance demonstrated by double-digit year-over-year growth in North America across several of our KPIs: subscribers, total revenue, and ad revenue,” said Edgar Bronfman Jr., executive chairman, FuboTV. “As consumers continue to become disillusioned with the many expensive and content-limited streaming services in the market, and those streaming services turn to other monetization levers like advertising, we are excited about our unique positioning in the marketplace. We believe our dual subscription and advertising model provides value for shareholders while our aggregation of premium sports, news, and entertainment content is an affordable option for consumers.”
Live Webcast
Gandler and CFO John Janedis will host a live conference call today at 8:30 a.m. ET to deliver brief remarks followed by Q&A. The live webcast will be available on the Events page of FuboTV’s investor relations website. An archived replay will be available on FuboTV’s website following the call. Participants should join the call 10 minutes in advance to ensure that they are connected prior to the event.
About FuboTV
With a mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content and interactivity, FuboTV Inc. (NYSE: FUBO) aims to transcend the industry’s current TV model. FuboTV Inc. operates in the U.S., Canada, France, and Spain.
Leveraging its proprietary data and technology platform optimized for live TV and sports viewership, FuboTV Inc. aims to turn passive viewers into active participants and define a new category of interactive sports and entertainment television. In the U.S., the company’s sports-first cable TV replacement product, FuboTV, aggregates more than 125 live sports, news, and entertainment networks and is the only live TV streaming platform with every Nielsen-rated sports channel (source: Nielsen Total Viewers, 2021). Subscribers can engage with the content they are watching on FuboTV through interactive product features like FanView, an in-video experience showcasing live game, team, and player stats and scores in real time. Fubo was also the first virtual MVPD to enable simultaneous viewing on up to four screens (Multiview on Apple TV) as well the first to stream in 4K HDR.
Ranked #1 in Customer Satisfaction among Live TV Streaming Providers by J.D. Power (2022), FuboTV has been called “a force in sports streaming” by Forbes, “the best streaming service for sports aficionados” by Tom’s Guide and was heralded by CNET for its “ease of use.” Learn more at https://fubo.tv
