FuboTV bets on sports wagering as it reaches 455K subscribers

FuboTV
(FuboTV)

Virtual MVPD fuboTV tucked a handful of announcements in with its quarterly earnings, including plans to expand into sports wagering.

The company plans to share more “tactical details as appropriate” but said it believes sports betting could become a significant new revenue stream. “We believe fuboTV has an opportunity to combine a sports wagering service with our leading live sports streaming package.”

FuboTV also said it has reached new content agreements with Epix and Starz, and will launch their premium entertainment channels on fuboTV before the end of the year.

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The company is also building off its partnership with Viasat to make its service available to stream live at no charge on U.S. flights equipped with Viasat satellite internet. Fubo Sports Network will now be available for free to JetBlue customers, who will also be able to sign up for a fuboTV subscription and begin streaming immediately.

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The flurry of announcements accompanied fuboTV’s third-quarter earnings, which were highlighted by the company reaching 455,000 paid subscribers, up 58% year over year. The new total puts fuboTV well ahead of its previously issued guidance that predicted the service would close out the fourth quarter with 410,000-420,000 paid subscribers.

FuboTV revenues totaled $61.2 million, a 47% increase year over year on a pro forma basis. While most of the total came from subscriptions, the company said its advertising revenues were up 153% year over year.

Despite metrics trending upward, fuboTV still reported a net loss of $274.1 million in the third quarter, which it said included non-cash goodwill and intangibles impairment charges of $236.7 million for the legacy FaceBank business. FuboTV and Facebank announced plans to merge earlier this year before fuboTV inc. went public.

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