Sports-focused over-the-top (OTT) streaming platform Fubo TV has published its fourth quarter (Q4) and year-end financial results for the calendar year 2023, headlined by a 13% growth in revenue year-on-year (YoY) in North America.
Fubo generated in the region of $1.5 billion of revenue across 2023, a 13% growth on 2022’s yearly figure.
$402 million of this came in Q4 of 2023, which gained 29% YoY on Q4 2022 and ended with a record 1.618 million subscribers on the platform, and an all-time high average revenue per user of $86.65, up 13% YoY.
In total, the company made a total net loss of close to $71 million for 2023, down almost $25 million on the $95.9 million loss it made in 2022, powered by the company’s efforts to increase operating leverage by growing revenue.
Speaking on the results, Fubo chief executive David Gandler stated that he felt confident the company would reach its goals of achieving positive cash flow by 2025.
A point Gandler stressed, however, was the effect of what Fubo sees as “anti-competitive” practices in the sports streaming industry and how the company has thrived despite them.
Gandler said: “These results are especially impressive given the years-long challenges Fubo has faced as a result of what we believe have been anticompetitive practices by The Walt Disney Company, Fox Corp., and Warner Bros. Discovery.”
Earlier in February, the company filed a lawsuit against US media giants Disney, WBD, and Fox Corporation in an attempt to block the trio’s plans to launch a joint sports streaming package.
In the lawsuit, Fubo alleged that Disney, Fox, and WBD, as well as Disney-owned ESPN and Hulu, have “engaged in a years-long campaign to block Fubo’s sports-first streaming business resulting in significant harm to both Fubo and consumers.”
Following the 2023 results, Gandler continued: “As evident in the antitrust lawsuit we filed against these parties last month, their proposed sports streaming joint venture is only the latest example of the pernicious practices they have inflicted to suppress our business and harm consumers.”
“We are asking for an opportunity to compete fairly as a business, and to offer consumers a streaming option that gives them the channels they want, and at a fair price. Going forward, despite these challenges… investors should expect Fubo to continue to execute well against our stated business objectives.”
At the end of January, FuboTV acquired a minority stake in US-based boxing promotion Bare Knuckle Fighting Championship (BKFC), with the platform expanding its coverage of the competition.
