Fubo TV Inc. is well on track in terms of financial results during the second quarter of the year and the latest update published by the company has seen a significant increase in FuboTV’s North American streaming business, ad revenue, and paid subscribers.
FuboTV Reports on Strong Revenue and Subscriber Growth
FuboTV reported that its streaming business in the United States and Canada had generated $216.1 million in total revenue, up 65% year-over-year. Ad revenue resulted in $21.7 million, up 32%. Paid subscribers hit 946,735, up 41%. While the focus remained on North America, the company’s Rest of the World (France, Spain) results were still ahead of forecasts.
FuboTV saw $5.8 million in total revenue generated from its overseas platform operations with 347,000 paid subscribers reported during the quarter. Short-term investments and cash amounted to $378.8 million, placing the company in a strong position as it pivots towards the third quarter and the rest of the year.
The company is set to retain its momentum as it continues to grow its geographic footprint and focus on adding new customers across North America and Rest of the World. Commenting on these results, David Gandler, CEO and co-founder at FuboTV, said that the second quarter had seen strong growth in subscribers and revenue.
He detailed the results and said that the fact that the company had plenty of liquidity left on its hands gave it further wiggle room. Gandler added:
We are pleased to see improvements in our AEBITDA margins as we anticipate a return to growth in the back half of the year, and we remain confident in our path to our positive cash flow and AEBITDA targets in 2025.David Gandler, CEO and co-founder at FuboTV
Interactivity Remains Keyword for FuboTV as it Builds Up
FuboTV executive chairman Edgar Bronfman Jr also shared his thoughts on the current company model and how successful it has been so far. Essentially, FuboTV’s mission has been to build the world’s leading global live TV streaming platform, with a particular focus on premium content and interactivity.
Interactivity is a keyword for FuboTV which has been focusing exclusively on ensuring that its products engage with audiences and make them an active part of the action. Sports betting and the activity’s mass legalization in the United States and Canada have been particularly helpful to that end.
More announcements are coming, Bronfman Jr. assured as he said that further plans will be released during the company’s first Investor Day on August 16, 2022.