FuboTV, the live sports streaming service, has raised its full-year 2023 revenue projection after posting a significant increase in income and subscribers for the second quarter (Q2), ending June 30, 2023. 

For its primary North American business, the platform achieved $305 million in revenue, up 41% year-over-year (YoY) from $216.1 million in 2022, and almost 1.2 million paid subscribers, up 23% YoY.

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The company delivered ad revenue in North America of $22.8 million in Q2, up 5% YoY which it said marks “an expected return to growth despite a challenged advertising market.”

In the rest of the world (ROW), the company also posted double-digit YoY growth with total revenue reaching $8.2 million, up 40% YoY, while paid subscribers reached 394,000, a rise of 14%. ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December 2021.   

Compared to the prior year, Fubo reduced net loss by $41 million while it also delivered a second-quarter adjusted earnings before interest, taxation, depreciation, and amortization improvement of $40 million.

Fubo closed the quarter with $299.7 million in cash, cash equivalents, and restricted cash.

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Looking ahead to the third quarter in North America, Fubo is projecting between 1.33 million and 1.35 million paid subscribers, representing 9% YoY growth at the midpoint of the year, and revenue between $272.5 million and $277.5 million, representing a 25% increase.  

The streaming service is also raising its previously stated full-year 2023 guidance for North America as it projects 1.57 million to 1.59 million paid subscribers, representing a 9% rise, and revenue of $1.26 billion to $1.28 billion, up 29%.

David Gandler, Fubo co-founder and chief executive, said: “We are encouraged with our execution in the first half of the year, including posting year-over-year double-digit revenue and subscriber growth in the second quarter, while meaningfully reducing our net loss by $41 million.

“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 and more than 125 FAST channels.”