FuboTV, the US-based streaming service, has revealed its Q2 financial results in which the company confirmed plans to launch its sports betting platform this year.
For the period ending June 30, 2021, the sports streaming service saw year-on-year revenue grow by 196% to $130.9m. This increase in total revenue combined with improvement to revenue from advertising, which grew by 281% to $16.5m.
The company’s user base also increased significantly in Q2 of 2021. Paid subscribers reached 681,721, increasing by 91,291 from the previous quarter. Furthermore, the company as a whole saw a 138% year-on-year growth.
On these results, company CEO, David Gandler said: “FuboTV delivered a strong second quarter of 2021 across all of our key financial and operational metrics: subscribers, total revenue and advertising revenue.”
These positive results see the company poised to launch its sports betting offering later this year as it continues to develop technology to increase user engagement with live statistics and data.
“Our Fubo Sportsbook with real-money wagering remains on track for a fourth-quarter launch as we intend to further combine interactivity with streaming video,” continued Gandler. “Our plans are to launch a holistic and personalized user experience as evidenced by our sportsbook.”
FuboTV announced its intention to enter the sports betting market in January through the acquisition of sports wagering company Vigtory. FuboTV has also been working to develop a loyalty feature that allows users to earn rewards toward things like sports merchandise and tickets to live games.
In a statement the company said: “We believe online sports wagering is a highly complementary business to our sports-first live TV streaming platform.”
