After the merger of fuboTV and FaceBank Group, the company has released its first letter to shareholders, with details about subscriber numbers and finances for the first quarter.
fuboTV launched in January 2015 with a vision to be streaming destination for sports fans, saying “come for the sports, stay for the entertainment.” The service is available on mobile, web and connected TVs, via Amazon Fire TV, Roku, Apple TV and more. Since launching, fuboTV has become “a total cable replacement” with sports, news, and entertainment. The service has become more personalized on all devices and is now available on smart TVs and, soon, game consoles.
In its Q1 letter, fuboTV reported a 96% increase in revenue year over year to $146.5 million, citing an increase in subscribers, more ad sales, and improvements in user engagement.
fuboTV grew to 315,789 subscribers by the end of 2019. In total, paid subscribers and those using a free trial of the service streamed 289.7 million hours of content, a 10% increase year over year.
The sports-centric streaming service took a hit from the pause in live sporting events. However, the library of on-demand sports content on fuboTV has helped to fill the gap. fubo Sports Network has expanded its lineup to include more sports content, including interesting news and inspiring stories.
“We are already seeing the return of sports without spectators in some countries, and professional sports leagues as well as collegiate programs in the U.S. are beginning to outline their plans publicly. We believe that this trend will continue which will tap into pent-up demand for consumers to view their favorite teams and leagues through streaming platforms,” fuboTV said in its letter to shareholders.
Moving forward, the streaming service will focus on three key areas: enhancing its content portfolio, personalizing the streaming experience, and expanding internationally.
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