While the vMVPD sector has been struggling a bit of late amid price hikes, Fubo TV has managed to thrive. That company continued its strong run in the second quarter, adding 91,000 subscribers to bring its total to 681,721.
The company, in its earnings release, touted “triple digit year-over-year growth in total paid subscribers,” as well as advertising revenue, with engagement also hitting an all-time high.
The company had reported 547,880 paid subscribers, representing a 73 percent year-over-year gain, as of the end of the first quarter. Fubo TV had 316,000 subscribers at the end of 2019, and 210,000 at the end of 2018, the company said three months ago.
"Our record second quarter reflects continued strong execution in support of our vision to define a new category of interactive sports and entertainment television. Within the quarter we made meaningful advancement towards our long-term growth and margin targets, while also capitalizing on the favorable trends we are seeing in the category,” the company said in its shareholder letter.
The letter also indicated that the company is taking advantage of the cord-cutting phenomenon.
“Our second quarter results showcase the continued momentum in our business, with consumers choosing fuboTV over more expensive legacy pay TV services due to our innovative product experience and customer-friendly approach at an affordable price,” the company said.
That performance, per Investors Business Daily, beat analyst estimates and sent the company’s stock rising after the announcement.
“fuboTV delivered a strong second quarter of 2021 across all of our key financial and operational metrics: subscribers, total revenue and advertising revenue,” David Gandler, the co-founder and CEO of fuboTV said in the earnings release.
The company is also diving into the sports industry’s full-on embrace of gambling,
“Engagement also reached record highs as we added exclusive sports streaming rights with CONMEBOL and began beta testing predictive, free-to-play gaming integrated into our streaming platform ahead of our expected launch this fall. Our Fubo Sportsbook with real-money wagering remains on track for a fourth quarter launch as we intend to further combine interactivity with streaming video. Our plans to launch a holistic and personalized user experience is evidenced by our sportsbook, which we’re excited to preview on our earnings call this afternoon.”
Investors Business Daily also quoted one analyst who saw FuboTV as a potential acquisition target.
“We are very pleased with fuboTV’s performance in the first half of 2021 and believe that we are well positioned to continue to execute on our long-term financial and operating goals, all while delivering a differentiated and world-class experience to the consumer,” Edgar Bronfman Jr., executive chairman, fuboTV, said in the earnings release. “Our second quarter results showcase the continued momentum in our business, with consumers choosing fuboTV over more expensive legacy pay TV services due to our innovative product experience and customer-friendly approach at an affordable price.”
Stephen Silver, a technology writer for the National Interest, is a journalist, essayist and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.