US sports-focused streaming service FuboTV has posted strong year-on-year (YoY) revenue growth for the second quarter (Q2) of the year and promising signs for the future of its US business.
The streamer pulled in $382.7 million in the US over the three months ended June 30, a growth of 26% on the equivalent period in 2023, with paid subscribers up 24% to 1.45 million over the same period.
All this helped to narrow Fubo’s quarterly net loss down to $25.8 million from $54.2 million in 2023, a $28.4 million decrease which according to Fubo was powered by “operating leverage and efficiencies throughout the business.”
With this in mind, Fubo has increased its projections for the remainder of the year, forecasting as many as 1.75 million paid subscribers and 1.59 billion in total revenue by the end of the year.
Edgar Bronfman Jr., FuboTV executive chair stated on the new expectations: “Fubo continues to make marked progress in scaling our strong core business while achieving our broader strategic goals.
“We're carefully balancing our 2025 profitability target while strategically and cost-effectively investing in subscriber growth, cutting-edge technology, new product features, and engaging content. We have raised our full-year 2024 guidance in North America, which reflects our continued confidence in our sports entertainment streaming business.”
In all, Q2 marks Fubo’s sixth consecutive quarter of year-on-year growth, with the company’s chief executive and co-founder David Gandler adding: “Fubo delivered excellent results in the second quarter of 2024, despite the Warner Bros. Discovery content drop.
“We're confident we can continue this success as we remain focused on delighting our users with more flexible bundle options as part of our super aggregation strategy, delivered to them through a single, frictionless app.”
As a caveat, Fubo did say that its statements and projections do not reflect the seemingly inevitable negative impact the launch of the upcoming sports streaming joint venture Venu Sports may have.
The service was formed by US media giants Disney, Fox Corp, and Warner Bros. Discovery (WBD) and Fubo has in the past stated that Venu will cover over 50% of sports broadcasts in the US and has repeatedly argued that it is as such in violation of antitrust law.
Back in May, a coalition of broadcasters, network carriers, and pressure groups, led by Fubo, co-signed a letter to US politicians demanding hearings into the future of pay-TV sports competition in the country.
The letter, published by the OTT service, called on members of Congress from the Senate Commerce Committee, Senate Judiciary Committee, House Energy and Commerce Committee, and the House Judiciary Committee, to hold hearings about pay-TV competitiveness.
