Business News

FuboTV expects a record-breaking quarter

In the most recent quarter, FuboTV, a sports-oriented streaming service, expects to announce record revenue and membership growth.

The New York-based firm forecasts fourth-quarter revenue to be in the region of $215 million to $220 million, up more than 100 percent from the same period the previous year.

FuboTV estimates overall revenue to be between $622 million and $627 million for the entire year, up at least 138 percent from the previous year.

The company’s earnings were better than expected. It was predicted that its Q4 revenue would be in the region of $205 million to $210 million, with total revenue falling somewhere between $612 million and $617 million.

FuboTV’s advertising income for the fourth quarter is likely to top $25 million, up 90 percent from the same period last year.

The advertising revenue of fuboTV in 2021 exceeded $100 million.

The company is also anticipated to reveal that its paid customer base has surpassed 1.1 million, which is up 100 percent from the same time last year.

FuboTV is forecast to have more than $375 million in cash, cash equivalents, and restricted cash by the conclusion of the quarter.

“FuboTV’s outstanding preliminary fourth-quarter 2021 results bring to a conclusion a pivotal year in which we achieved significant progress toward our aim of defining a new category of interactive sports and entertainment television,” stated David Gandler, co-founder and CEO of fuboTV.

The New York-based startup went public in October 2020, after being founded in 2016.
REUTERS

“Through the smart use of acquisition expenditure and the retention of high-quality customer cohorts, we continued to produce triple-digit revenue growth and operating leverage in the fourth quarter.”

Since its launch in 2016, fuboTV has made headway in a crowded live streaming market that includes YouTubeTV, Hulu Live TV, Sling TV, DirecTV Stream, and Philo.

Gandler stated to CNBC last summer that his objective for fuboTV is to reach 5 million users by 2026.

On Thursday, fuboTV’s stock dropped 7%. FuboTV was trading at $13.60 per share at Wall Street’s closing bell.

FuboTV’s first public offering (IPO) in October 2020 raised $183 million. It has adopted an aggressive investment strategy since then.

It bought Victory, a Chicago-based online sportsbook, in March of last year. The following month, it purchased exclusive streaming rights to the South American Football Confederation’s 2022 World Cup qualification matches.

FuboTV paid $190 million for Molotov SAS, a French streaming provider, in November.

The Professional Fighters League, a season-based MMA organization, announced last month that its PFL Challenger Series would be streamed on fuboTV starting next month.