US sports-focused OTT streaming service and internet TV platform Fubo TV has published its financial result for the calendar year 2024, ending the period with record revenue and the most paid subscribers it has ever had.
Fubo posted $1.59 billion in revenue, up 19% from the $1.37 billion it generated across 2023, complemented by a 4% year-on-year increase in paid subscribers, which now total over 1.67 million.
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Of this, $433.8 million in revenue came in the fourth quarter of the year (October to December), which also saw an all-time high revenue-per-customer figure of $87.90.
This allowed Fubo to cut its annual net loss substantially. In total, the business lost $177.8 million, down from the $293 million it lost across 2023.
Speaking on the business’ financial results, Fubo executive chair Edgar Bronfman Jr. said: “2024 was another solid year for Fubo, highlighted by record achievements on the top and bottom lines, demonstrating further progress towards our 2025 profitability goal.
“Record revenue and subscriber growth in North America, as well as the achievement of more than a $100 million improvement each in Adjusted EBITDA and Free Cash Flow for the second consecutive year, are particular standouts of the prior year. We enter 2025 with pride in our results, meaningful improvements across nearly every aspect of our business and excitement about our momentum.”
2024 was a rollercoaster year for Fubo that began with the launch of a lawsuit against media giants Disney, Warner Bros. Discovery, and Fox over its now curtailed streaming joint venture Venu Sports, and ended with the company dropping that lawsuit after it was purchased by Disney and merged with its Hulu service.
The effect of that final sale agreement, which sees Disney own approximately 70% of the Fubo business, will be better illustrated under the first full year of the partnership in 2025.
In merging Fubo with its Hulu + Live TV business, however, Disney has given the streamer an even greater subscriber base to draw from, although they will continue to be available to customers as separate entities for now.
As part of the settlement of the Venu Sports lawsuit, Disney, Fox, and WBD will make an aggregate cash payment to Fubo of $220 million. Disney has also committed to provide a $145 million term loan to Fubo in 2026.
Additionally, a termination fee of $130 million will be payable to Fubo under certain circumstances, including if the transaction fails to close due to the failure to obtain requisite regulatory approvals on the terms and conditions outlined in the definitive agreement.
Elsewhere in 2024 Fubo also acquired a minority stake in the Bare Knuckle Fight Club combat sports promotion, and signed a range of business expanding carriage deals with the likes of Mid-Atlantic Sports Network, YES Network, and Chicago Sports Network to bolster its regional sports offerings.
