Sports streaming platform fuboTV has posted record-high Q4 revenue of $100 million as the company prepares to drive a foray into sports betting.
FuboTV Sees Record Q4 and 2020 Performance
FuboTV has posted its Q4 and full-year results covering the year ended on December 31, 2020. The company argued that Q4 had been its strongest so far, with quarterly revenue reaching $100 million and fuboTV rounding up the year with 547,880 subscribers. The Q4 results follow a sterling Q3 performance which drove similar results.
In Q4 alone, the company added 92,800 new subscribers, pointing to a growing interest in the streaming service. FuboTV CEO David Gandler said that the year had been the strongest the company has posted to date, with new forms of content quickly taking off and reaching new audiences.
Growth opportunities are on the cards for 2021, Gandler explained, with the company now pursuing innovation as well as further consumer acquisition. The company is particularly focusing on the expansion of its advertising business as well as the development of a dedicated sportsbook.
FuboTV is falling in line with what other media companies are doing. From Yahoo Sports to FOX Bet, media entities are embracing sports wagering as a source of complementary business products that bolster their main business.
Building on a Dedicated Sports Betting Product
FuboTV, traditionally a streaming platform, is going after a fully-fledged sports betting product, allowing consumers to benefit from a well-rounded solution that would eventually bring live feeds from the proprietary sportsbook into fuboTV’s streams.
“We intend to deliver leading sports, news, and entertainment content to a growing subscriber base that transcends the industry’s current virtual MVPD model and are excited about our ability to capitalize on the future market opportunity,” concluded fuboTV executive chairman Edgar Bronfman Jr.
The company is looking to acquire Vigtory in the first quarter of 2021 and consolidate its standing in the sports entertainment business by making a strong dash for interactive wagering.
FuboTV already has experience with providing audiences with sports betting data through an earlier partnership with FanDuel.