FuboTV released preliminary fourth-quarter results and said it expects it ended 2021 with more than 1.1 million paid subscribers, slightly ahead of its guidance.
The live streaming TV service had initially forecast between 1,060,000 and 1,070,000 subscribers by the end of the fourth quarter.
FuboTV also predicted that subscriber acquisition cost will approach the low end of the its target range of 1.0-1.5x monthly average revenue per user (ARPU) for the quarter, and that subscriber churn is expected to improve in the quarter by more than 200 basis points.
“fuboTV’s strong preliminary fourth quarter 2021 results close out a pivotal year where we made meaningful advancements against our mission to define a new category of interactive sports and entertainment television,” said David Gandler, co-founder and CEO of fuboTV, in a statement. “In the fourth quarter, we continued to deliver triple digit revenue growth, alongside operating leverage, through the efficient deployment of acquisition spend and the retention of high-quality customer cohorts. This was evidenced by continued improvements in subscriber churn year-over-year within the quarter. This wraps up a phenomenal year where we grew revenue by over 138% while advancing towards our path to profitability. We look forward to discussing our full fourth quarter and year-end 2021 results including Adjusted Contribution Margin, Adjusted EBITDA, EPS and cash flow on our forthcoming earnings call.”
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FuboTV said it anticipates its fourth quarter total revenue will come in between $215 million and $220 million, up 105%-109% year over year and slightly ahead of prior guidance targeting $205 million to $210 million. Full year total revenue is expected to be between $622 million and $627 million, up 138%-140% year over year and again slightly ahead of prior guidance.
FuboTV is maintaining positive subscriber growth as the company ramps up its international strategy through the recently completely acquisition of Molotov, a live streaming TV service based in France.
“While still early, our progress to date continues to reinforce our belief that the synergies of the combined companies will give us operating leverage to build a scalable global platform with minimal incremental spend,” said Gandler.