fuboTV announces Q1 results as company sets its sights on sports betting market
The company’s quarterly revenue of $236.7m marked a record for the streaming service.
The period ending March 31, 2022 was a positive one for fuboTV, a sports streaming service with designs on the gaming market.
The company reported total revenues of $236.7m during Q1, a record for the brand and a 98% year-on-year increase.
“In our first quarter, against a challenging macro environment, fuboTV achieved strong growth in subscribers and revenue, with North American subscriber growth of 81% year-over-year,” said David Gandler, Co-Founder and CEO, fuboTV.
“Importantly, we strengthened fuboTV’s balance sheet, ending the quarter with over $456m in cash. This increased financial flexibility is expected to take us through 2023, and we are targeting positive cash flow and adjusted EBITDA in 2025, with a relatively modest cash requirement anticipated in 2024.”
The company’s user base has also increased in the past three months, up 81% to 1,056,245.
This report comes amid growing attempts from Fubo to enter the gaming market. Recently, the brand announced that it will launch a service known as Fubo Bet, in order to capitalize on the ever-growing sports betting market in the United States.
Edgar Bronfman Jr., Executive Chairman at fuboTV, made it clear to highlight this plan in his statement.
He said: “We are committed to a business which replaces the decades-old basic cable package by giving consumers increased and improved content, ‘anytime anywhere’ access and mobility, increased choice and flexibility, personalization and interactivity – including gaming.
“Wagering remains an important pillar in our path to profitability and strategy to integrate interactivity into our live TV streaming experience. While striving to be the most compelling destination for cord cutters, fuboTV has started to enact a series of approaches to increase monetization, accelerate our ad sales business and further strengthen our unit economics.”
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