FuboTV shared its Q1 financial results Tuesday, announcing that 43,000 new subscribers signed up for the live TV streaming service. That brings the total number of subscribers to over 590,000, a 105% increase year over year.
FuboTV also saw an increase in total revenue to $119.7 million, a 135% increase year over year, and an increase in advertising revenue to $12.6 million, a 206% increase year over year.
“The first quarter of 2021 was an inflection point for fuboTV,” said David Gandler, co-founder and CEO, fuboTV in a letter to shareholders. “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.”
In the shareholders letter, Edgar Bronfman Jr., executive chairman, fuboTV also commented that fuboTV has continued to set itself apart from the competition by offering “sports-focused programming, a tech-first and data-driven user experience” for subscribers. With a focus on offering more interactive features including sports betting, Bronfman says that fuboTV is setting itself up for success in the future by continuing to solidify its reputation as being a top streaming service for sports fans.