Live TV Streaming Service Delivers Double Digit Revenue, Subscription and Viewership Growth Year-Over-Year
NEW YORK–(BUSINESS WIRE)– fuboTV Inc. (OTCQB: FUBO), previously FaceBank Group, Inc., today has filed Form 8K to include the unaudited financial results of the combined company for the second quarter ended June 30, 2020. These are the first quarterly results reported since FaceBank’s merger with fuboTV Inc. which was completed in April 2020.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200813005707/en/
Second Quarter Financial Highlights
- Revenues for the second quarter 2020 were $44.2 million, a 53% increase year-over-year on a pro forma basis. This growth was driven by continued subscriber growth, an increase in subscription Average Revenue Per User (ARPU) and growth of advertising sales:
- Subscription revenue increased 51% year-over-year to $39.5 million.
- Advertising revenue increased 71% year-over-year to $4.3 million.
- Paid subscribers at quarter end totaled 286,126, an increase of 47% year-over-year.
- Average Revenue Per User (ARPU) per month was $54.79, up 8% year-over-year.
- Total content hours streamed by fuboTV users (paid and free trial) increased 83% year-over-year to 98.6 million hours.
- Monthly active users (MAUs) watched 140 hours per month on average in the quarter, an increase of 54% year-over-year.
(Note: The company states its key metrics on a year-over-year basis, given the seasonality of sports content. As the legacy FaceBank business reported no revenue in the second quarter of 2019 and 2020, the comparisons to prior year shown in this document refer to the pro forma 2019 results of the consolidated legacy fuboTV and FaceBank business, unless otherwise stated).
“We delivered strong second quarter results – revenues grew 53% year-over-year, fuboTV paid subscribers increased 47% and content hours streamed increased 83% year-over-year,” said David Gandler, co-founder and CEO, fuboTV. “Consumer engagement continued to be strong in Q2, despite a shutdown of most major league sports both in the U.S. and internationally, and we successfully ramped up advertising revenue.”
“We believe consumers will continue to choose streaming over traditional pay television, especially in the current economic climate because of its more personalized, premium viewing experience. Macro trends towards streaming, combined with our strong second quarter results and continued momentum, reinforce our confidence in otur business and the vMVPD space. Looking ahead to Q3, with the gradual return of sports, we anticipate an increase in subscribers, viewership and that our portion of revenue derived from advertising will grow. At the close of Q3 we expect paid subscribers to reach 340,000 – 350,000, which will be an increase of 20% year-over-year. The growth of streaming is one of the most significant changes to television, and television advertising, in the last several decades. fuboTV is at the forefront of the streaming revolution and we are excited for existing and new investors to join us on this journey,” added Gandler.
In a letter released to shareholders today, Gandler described in greater detail the results of the recently completed second quarter and the business. The complete shareholder letter is below.