The first quarter ends on a record-high note for FuboTV, which has been able to add new subscribers and generate a significant uptick in revenue.
Revenue and Subscriptions Increase for FuboTV
FuboTV has performed well through the first quarter of the year ended on March 31, 2021, posting consistent financial results over the period. The company marked the strongest quarterly results in its history, with total revenue reaching $119.7 million, up 135% year-over-year.
The TV streaming platform saw 43,000 net additions during the period and managed to generate $12.6 million through advertisement revenue, up 206% year-over-year. Q12021 results follow the record full-year results for the platform in 2020.
FuboTV delivered its first sequential subscriber and revenue growth in “any first quarter” even though the pandemic is still ongoing, offering certain limitations to entertainment and sports. Commenting on these results, FuboTV CEO and co-founder David Gandler welcomed the first-quarter results and argued that they signaled a better outlook for the company in the coming months.
“For the first time in any first quarter, we reported sequential revenue and subscriber growth, despite past seasonality trends. This tells us that consumers are increasingly cutting the cord,” Gandler said.
Integrating Premium Content Solutions
In elaborating on the platform’s success, Gandler explained that consumers were enticed by the platform’s “superior value” and better “year-round content offerings.” Gandler touted a customer-centric approach that FuboTV has adopted as the only way forward.
Speaking about the increasing numbers of subscriptions, Gandler simply noted that he believed that consumers would continue to pile on FuboTV and continue to explore the products the platform has on offer.
FuboTV executive chairman Edgar Bronfman said that the company remained steadfast in its mission to deliver a world-class TV sports viewing experience with a particular focus on premium programming that helps sports fans get the experience they desire, including interactivity and better-integrated wagering solutions.
Bronfman too saw a shift from traditional pay-TV towards sports-focused programming with a tech-first and data-drive user experience. Speaking of integrated solutions, FuboTV teamed up with Bigotry to seek more opportunities to improve the sports betting and viewing experience at the same time.