FuboTV has announced impressive first-quarter results for its North American operations, surpassing expectations across key metrics. The company reported a significant 24% increase in revenues, reaching USD 394 million and subscriber numbers surged by 18%, reaching 1.511 million. Concurrently, the company reported a 21% rise in advertising revenue compared to the previous year. Notably, the average revenue per user (ARPU) experienced a notable uptick of 20%, reaching USD 84.54.
FuboTV’s Rest of the World revenues experienced a moderate increase of 7% to USD 8.4 million in the first quarter, including the French live TV streaming service Molotov. The number of paid subscribers within this segment increased by 5% to 397,000. Furthermore, the average revenue per user (ARPU) showed growth, advancing by 7% to USD 7.00.
Additionally, the company’s adjusted EBITDA compared to a loss of USD 58.9 million in the previous period reportedly narrowed to USD 41.1 million. Similarly, the net loss from continuing operations also decreased from USD 83.4 million, or USD 0.37 per share to USD 56.3 million, or USD 0.19 per share. Furthermore, according to Fubo, it improved its operating cash flow and free cash flow and maintained a robust balance sheet and healthy liquidity position, thereby helping it to end the quarter with USD 175 million in cash, cash equivalents, and restricted cash.
The sports streaming platform, led by CEO David Gandler, said that compared to the latter half of the year, the first quarter typically witnesses a lighter schedule of live sports. Notably, major events such as college football, NFL seasons, and the latter part of the MLB season typically drive higher viewer engagement and demand.
Furthermore, to potentially impede the launch of a sports streaming joint venture announced by the media conglomerates The Walt Disney Co., Fox Corp., and Warner Bros. Discovery, FuboTV has initiated legal action against them.
The company said in a shareholders letter, “We continue to believe in the merits of our lawsuit, and thank those who have publicly supported us, such as DirecTV and Dish. We remain steadfast in our fight to level the playing field of the sports streaming industry since, as alleged in our court filings, we believe the launch of the joint venture (a collaboration to introduce a sports-only streaming service) controlled by these parties could cause irreparable harm to Fubo and to consumers.”