FuboTV’s U.S. subscribers at an all-time high
FuboTV, the leading live sports television streaming platform, announced its financial results for the third quarter ended September 30, 2022.
Revenue and subscriber growth for Fubo’s global streaming business was strong in the quarter, with revenue and subscriber growth in North America (NA) above expectations. FuboTV closed the quarter with $219.2 million (€224.1 million) in revenue for NA, a 40% year-over-year increase, while advertising revenue was 22, $5 million, up 21% year over year. NA’s paid subscribers hit an all-time high of 1,231,000, a 31% year-over-year increase.
In the rest of the world (ROW), the company generated $5.8 million in revenue and 358,000 total paid subscribers. ROW includes Molotov, the French live TV streaming service acquired by FuboTV in December 2021.
FuboTV ended the quarter with $307.4 million in cash and cash equivalents, restricted cash and short-term investments, and is confident in its current liquidity position. Additionally, FuboTV achieved sequential improvement in operating cash flow and year-over-year improvement in Adjusted EBITDA (AEBITDA) margin.
“Our third quarter was marked by significant progress against our long-term plan for continued growth with improved profitability along the way,” said David Gandler, co-founder and CEO of FuboTV. “Revenue and subscriber growth in our global streaming business was solid, with North American subscribers hitting a record high of 1,231,000. -form, our differentiated product experience and broad content portfolio keep them engaged – this quarter representing a record level of subscriber churn.We are more optimistic than ever on our model as consumers turn to aggregated streaming platforms that offer popular content presented to them through a personalized and personalized experience.
“We are very pleased with Fubo’s performance in the third quarter, demonstrated by double-digit year-over-year growth in North America on several of our KPIs: subscribers, total revenue and advertising revenue,” added Edgar. Bronfman Jr., executive chairman of FuboTV. . “As consumers continue to be disappointed with the many expensive and content-limited streaming services on the market, and as these streaming services turn to other monetization levers like advertising, we are excited about our positioning. unique in the market.We believe our dual subscription and advertising model delivers shareholder value, while our aggregation of premium sports, news and entertainment content is an affordable option for consumers.