Today, live TV streaming platform fuboTV shared its Q1 2020 Shareholder Letter, based on financials from FaceBank Group, which acquired the streaming service in March. The letter includes “unaudited financial results and recent business updates” on fuboTV’s revenue and subscriber activity.
In Q1 of 2020, which ended on March 31, 2020, fuboTV saw revenues of $51 million, a 78% increase year over year. Revenue was driven by subscription revenue, which brought in $46.4 million.
Subscriber numbers were at 287,316 by the end of the quarter, an increase of 37% year over year, but a 28,473 subscriber loss from the numbers reported for the end of 2019. fuboTV also noted an increase in time spent using the service. Monthly active users watched 120 hours per month on average for the quarter, an increase of 52% year over year.
“We believe fuboTV is at the forefront of the streaming revolution and has a significant advantage not only over peers in the vMVPD space but also over traditional cable television,” fuboTV CEO David Gandler wrote in the letter.
Gandler expressed an optimistic outlook going forward, despite the pandemic and subsequent lack of live sports, a category fuboTV is known for in the streaming space.
“fuboTV had an extremely productive Q1, despite a complete shutdown of sports, and we have made several significant recent announcements that highlight the competitive strength of our company and further differentiate us in the marketplace,” he wrote. “While we expect that the COVID-19 pandemic will have lasting effects on consumer behavior and live television viewing, vMVPDs are also a more affordable alternative to pay TV, which, we believe, in this current economic climate, further accelerates adoption. We believe we are well positioned as a leader in the industry.”
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