FuboTV, a live streaming TV service, said it added 92,800 net subscribers in the fourth quarter to end 2020 with 547,880 paid subscribers total.
The company also reported $105.1 million in revenue for the fourth quarter, marking the first time its quarterly revenue has exceeded $100 million.
“Our goal for 2021 and beyond is to develop fuboTV into a new kind of media company that combines both innovative streaming video and sports wagering,” said Edgar Bronfman Jr., executive chairman at fuboTV, in a statement. “We intend to deliver leading sports, news and entertainment content to a growing subscriber base that transcends the industry's current virtual MVPD model and are excited about our ability to capitalize on the future market opportunity."
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FuboTV wants to grow its revenue through sports betting and the company has already announced plans to launch a sportsbook in 2021. The company has also made some acquisitions including Balto Sports, a startup that develops tools for users to organize and play fantasy sports games, and Vigtory, a sports betting and interactive gaming company, to boost gaming and interactivity on its platform.
However, while fuboTV works on expanding beyond streaming TV, the company is still losing money. It reported a net loss attributable to common stockholders of $167.8 million in the fourth quarter.
The loss can in part be attributed to the larger operating expenses that come long with growth. FuboTV said its fourth-quarter subscriber-related expenses totaled $89.9 million, an increase of $26.8 million year over year, and sales and marketing expenses totaled $29.6 million, an increase of $18.1 million year over year.
FuboTV said it’s also growing engagement and average revenue per user. ARPU per month during the fourth quarter was $69.19, up 17% year over. Subscription ARPU accounted for the majority at $60.72 but advertising ARPU per month was $8.47, an increase of 52% year over. The company also said that content hours streamed by fuboTV users (paid and trial) increased 66% year over year to 205.9 million and that monthly active users watched 127 hours per month on average.