NEW YORK—The first quarter 2021 results are in for fuboTV, which saw the sports-focused live streaming platform hit new highs in subscriptions and revenues. However, fuboTV still posted a net loss for the quarter.
fuboTV added a total net of 43,000 subscribers in Q1 2021, bringing its total up to 590,430; this represents a 105% year-over-year increase from Q1 2020. Unsurprisingly, the number of hours that content was streamed also saw a big uptick, growing 113% year-over-year to 228 million hours for the quarter.
In terms of revenue, fuboTV reported that it earned $119.7 million, which is a 135% increase year-over-year. The service’s advertising revenue accounted for $12.6 million of that, a 206% year-over-year rise.
fuboTV says that Q1 2021 is the first time that it achieved sequential subscriber and revenue growth in any first quarter.
Despite that, fuboTV still posted a $70.2 million net loss in the quarter. That is not preventing fuboTV CEO and co-founder David Gandler from seeing the positive, however.
“The first quarter of 2021 was an inflection point for fuboTV,” said Gandler. “For the first time in any first quarter, we reported sequential revenue and subscriber growth, despite past seasonality trends. This tells us that consumers are increasingly cutting the cord. We believe they are choosing fuboTV, enticed by superior value, our year-round content offerings and a customer-centric, innovative consumer product experience relative to legacy pay-TV (cable / satellite / telco). We see this trend continuing to accelerate as more consumers discover they can cut the cord without losing access to the sports teams, live channels and content they love.”
Looking ahead, fuboTV projects that it will generate between $120-$122 million in revenue in Q2 2021 and see its total number of subscribers reach between 600,000-605,000. For the entire fiscal year 2021, it estimates total revenue of $520-$530 million and a total subscription base of 830,000-850,000.
For more information, see fuboTV’s full Q1 2021 financial report.
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