FuboTV reports strong growth in revenue, despite loss of subscribers

Sport streaming platform FuboTV delivered solid results for the second quarter with revenue up 41% at $305 million in revenue, however saw a loss of over 100,000 subscribers compared to Q1.

According to the streamer’s latest Q2 report, subscribers fell to 1,167,000 paid subscribers, however was up by 23% compared to last year’s second quarter.

Fubo reported it reduced net loss by $41 million and gross its margin to 7%, which marks a step closer toward its 2025 positive free cash flow goal.

The streaming service had an Adjusted EBITDA (AEBITDA) improvement of $40 million and a free cash flow improvement of $9 million, compared to the second quarter of 2022.

Fubo predicts the platform’s subscribers will increase by another 9% reaching 1,347,000 paid subscribers by Q3, and growth of revenue from $272.5 million to $277.5 million.

David Gandler, co-founder and CEO, Fubo said, “With an improving ad sales backdrop we remain on track to achieve our 2025 positive free cash flow target. We are as excited and as confident as ever about the opportunities ahead to leverage our resources on the back of key strategic additions to our platform, including over 35 regional sports networks (RSNs) and more than 125 FAST channels, as well as the Maximum Effort Channel in partnership with Ryan Reynolds and Maximum Effort.”

“Significant in Fubo’s strong second quarter results was our year-over-year revenue and subscriber growth in North America, which came in ahead of guidance,” said Edgar Bronfman Jr., executive chairman, Fubo. “This growth reaffirms the pricing power and strong appeal of our aggregated, sports-first content offering. As we significantly progress our path to profitability, Fubo is poised to continue to benefit from the ongoing market dynamics driving a decline in cable TV alongside the growing appeal of CTV. We are confident we are on the right path to achieve our 2025 profitability goal and create exceptional value for our shareholders.”