fuboTV Closed Q4 and FY 2021 With Record 1.13 Million Subscribers; Expects to Exceed $1 Billion Revenue In 2022

NEW YORK– fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV streaming platform, today announced its financial results for the fourth quarter and full year ended December 31, 2021. The company also announced 2022 guidance, expecting to drive over $1 billion in total revenue this year.

fuboTV delivered record annual revenue of $638 million total revenue in 2021, including $1 million impact of the December 2021 acquisition of Molotov. Excluding Molotov, fuboTV’s total annual revenue was $637 million, an increase of 144% over 2020.

The company closed 2021 with 1.13 million total paid subscribers, up 106% from the prior year. fuboTV added 185,000 net subscribers in the fourth quarter.

fuboTV also achieved record year-over-year (YoY) growth during the fourth quarter of 2021, including:

  • $231 million total revenue, including $1 million impact of Molotov.
    • $230 million total revenue, up 119% YoY, excluding Molotov.
  • $26.1 million advertising revenue, including $0.2 million impact of Molotov.
    • $25.9 million revenue, up 98% YoY, excluding Molotov.
  • fuboTV customers streamed 404 million hours of content during the quarter, a 96% increase YoY.

These milestones exceeded the preliminary fourth quarter 2021 results announced on January 10, 2022: 1.1 million plus paid subscribers, $215-220 million total revenue and over $25 million in advertising revenue.

fuboTV also reported higher unit economics during the quarter and benefited from inherent operating leverage as its customer base scaled. Adjusted Contribution Margin (ACM) was positive 9.7% for full year 2021, an increase of 104 basis points (bps) YoY when compared to the company’s normalized full year 2020 ACM. Lower subscriber acquisition costs, strong marketing discipline and a lifted attach rate to 2.5 were all achieved, contributing to the company’s path towards profitability.

These results represent fuboTV’s growth only and exclude the operating performance of Molotov except where otherwise noted. Complete fourth quarter and full year 2021 results are detailed in fuboTV’s shareholder letter available on the company’s IR site.

fuboTV also released revenue and subscriber guidance for 2022, broken down by North America and Rest of World (ROW), including France (Molotov) and Spain. Within North America, the company forecasts first quarter 2022 revenue of $232 million-$237 million and full year 2022 revenue of $1.08 billion-$1.09 billion, which projects achieving the billion dollar mark for the first time. North America subscribers are expected to reach 1.028 million-1.033 million in the first quarter of 2022 and 1.500 million-1.510 million for the full year. Within ROW, the company forecasts first quarter 2022 revenue of $3 million-$6 million and full year 2022 revenue of $15 million-$20 million. ROW subscribers are expected to reach 235 thousand-240 thousand in the first quarter of 2022 and 270 thousand-280 thousand for the full year. Note that this guidance does not include any projected revenues from online sports wagering.

“fuboTV delivered a record fourth quarter and full year across a number of our key financial and operational metrics,” said David Gandler, co-founder and CEO, fuboTV. “Engagement continues to be strong as we add differentiated content to our offering and focus on innovating our product to meet consumer preferences and drive a premium experience. Our expansion into real-money wagering is underway with the launch of Fubo Sportsbook across two states with additional states expected to follow this year. This launch represents a differentiated and industry-first integration of streaming and a sports wagering product and we see ourselves in the very early innings of a massive opportunity.”

“Our fourth quarter closes out an extraordinary year defined by delivering triple-digit year-over-year growth in total revenues, advertising revenues and subscriber growth all while continuing to expand adjusted contribution margin,” said Edgar Bronfman Jr., executive chairman, fuboTV. “Within the year, we achieved several important milestones, representing meaningful advancements towards our mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content, interactivity and integrated wagering. Our progress over the course of 2021 further fortifies our position to continue to execute on that mission in 2022.”

Live Webcast

Gandler and CFO John Janedis will host a live video webcast today at 5:30 p.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 webcast. Participants should join the webcast 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, interactivity and integrated wagering, fuboTV Inc. (NYSE: FUBO) aims to transcend the industry’s current TV model. fuboTV Inc. operates in the U.S., Canada, Spain and, through its acquisition of Molotov, in France.

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. The company’s sports-first cable TV replacement product, fuboTV, offers U.S. subscribers more than 100 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 interact with fuboTV’s live streaming experience through predictive free-to-play games, which are integrated into select sports content.

Fubo Gaming Inc., a subsidiary of fuboTV Inc., launched Fubo Sportsbook, a next-generation mobile sportsbook purpose-built to integrate with fuboTV, in 2021.

Rob Malcolm
Rob Malcolm
Chief Product Officer at Imagine Communications

Rob Malcolm is Chief Product Officer, Imagine Communications. In this role, Rob oversees the strategic direction of the company’s market-leading Playout and Ad Tech solution portfolios. Before joining Imagine, Rob held the CMO/VP Marketing position at CLX Communications AB, a publicly listed Software/SaaS provider. At CLX, he was responsible for Global Marketing and Inside Sales for both their Operator and Enterprise Divisions. Before CLX, Rob was a long-time executive and the Product Line Manager for the core offering at Mblox Inc., the mobile messaging business that CLX acquired for $114M in 2016. Rob holds a BSc Engineering (Electronics) from the University of KwaZulu Natal in South Africa.

Imagine Communications

Imagine Communications empowers the media and entertainment industry through transformative innovation. Broadcasters, networks, video service providers and enterprises around the world rely on its optimized, futureproof, multiscreen video and revenue enablement solutions every day to support their mission-critical operations.

Today, nearly half of the world’s video channels traverse Imagine’s products, and its software solutions drive close to a third of global ad revenue. Through continuous innovation, Imagine is delivering the most advanced IP, cloud-enabled, software-defined network and workflow solutions in the industry.

Visit https://www.imaginecommunications.com for more information.

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