NEW YORK—fuboTV, the streaming service that focuses primarily on sports content, reported a loss of $274.1 million in the third quarter of 2020, despite what it calls its best quarter ever in gains of subscribers and revenue.
A large part of the company’s losses came from a $236.7 million non-cash impairment charge for the acquisition of FaceBank, which fuboTV acquired in March.
fuboTV sought to portray Q3 as a win overall, though, reporting that it had 455,000 subscribers at the end of the quarter, an increase of 58% year-over-year. It also reported $61.2 million in revenue, a 47% increase year-over-year; subscription revenue accounted for $53.4 million of that (a 64% increase), with advertising making up the remaining $7.5 million (153% increase).
Total streaming hours also saw a boost, per fuboTV, with 133.3 million hours streamed in Q3 (paid and free trial).
In its announcement, fuboTV also shared that it will be expanding into online sports wagering, which will serve as an additional revenue stream and help add new subscribers. No official details on how online sports wagering will be combined with the streaming service were provided.
Also, fuboTV announced new content agreements with Epix and Starz, which are expected to become available on the platform before the end of the year.
fuboTV’s estimates that its fourth quarter revenues will come in between $80-$85 million, which would represent a 51-60% increase year-over-year. For the full year, fuboTV now projects revenue to be between $244-$248 million (65% increase year-over-year). It also expects to end the year with 500,000-510,000 subscribers. Projections for full year 2021 are expected to build off these numbers, with the company estimating a yearly revenue of $415-$435 million.
“Our successful public offering in October demonstrated confidence in fuboTV’s strategy, and investor excitement has continued to grow,” said Edgar Bronfman Jr., executive chairman for fuboTV. “We believe fuboTV sits firmly at the intersection of three megatrends: the secular decline of traditional TV viewership, the shift of TV ad dollars to connected TVs and online sports wagering, a market we intend to enter. As a result, we believe our growth opportunities are numerous. Our optimism in the future of fuboTV and the live TV streaming business has never been stronger.”
More information is available on fubotTV’s investor website.
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