FuboTV has appointed three leaders to new positions across content strategy, partnerships and business development at the virtual MVPD.
FuboTV executive Ben Grad was named to the newly created role of SVP, head of strategic partnerships and operations. Grad will report to fuboTV co-founder and CEO David Gandler. He’ll be responsible for developing external partnerships and internal cross-functional initiatives, across both streaming and online wagering segments to help drive new revenue and speed up FuboTV’s road to profitability.
“Ben’s understanding of FuboTV’s business, combined with his expertise and track record as a media executive, will be invaluable as we transition from a start-up to a growth-oriented media and technology company,” said Gandler. “We look forward to the impact Ben can have in this broader strategic role as FuboTV targets profitability in 2025.”
FuboTV ended the first quarter with 1.056 million streaming subscribers in North America. While revenue of $242 million was up significantly year over year, it recorded a net loss of about $141 million for the period. In one move to drive adoption of products that generate higher revenue per user (ARPU), the live TV streaming service dropped its lowest cost plan and effective May 1 migrated existing users to its Pro plan, which costs about $5 more per month. FuboTV previously forecast full year 2022 revenue of over $1 billion, which would be a first for the company.
As FuboTV looks to grow its business, it’s also made two new executive hires. Grad has been with FuboTV since 2017 and was most recently SVP of content strategy and acquisition, a role newly held by Todd Mathers. In his new position at FuboTV overseeing content strategy, acquisition and licensing, Mathers will report to Chief Business Officer Henry Ahn.
Mathers joins FuboTV from Verizon, where he was in charge of content acquisition on all consumer platforms across wireless, 5G, fixed wireless, Fios, and broadband, as well as affiliate relations and pricing and packaging. Mathers comes from the telecom world where, before joining Verizon in 2021, he spent 22 years at AT&T and DirecTV, including role of SVP programming and content. At AT&T Mathers developed and launched digital products including streaming platforms Watch TV, DirecTV Now and AT&T TV.
In a final appointment to bolster the executive team, FuboTV has tapped Andrew Steinberg as VP of business development. He’s tasked with managing and growing distribution of the platform’s networks and to create new business opportunities with partners such as Amazon Fire, Apple, Google, Roku, and Samsung TV. Steinberg comes to FuboTV from Goldin, a trading card and collectibles marketplace. Prior that the held senior roles at Discovery, Scripps Networks Interactive, Paramount Pictures, Tegna, and Premion.
“Todd and Andrew have demonstrably helped expand and diversify the revenue streams of some of the world’s most renowned media businesses,” said Ahn in a statement. “We are excited to tap into their expertise to grow our sports entertainment content experience across multiple platforms, while managing costs for consumers and providing value for our shareholders. I am thrilled to welcome Todd and Andrew to FuboTV.”
Sports-centric FuboTV has expanded its offering to more than 100 live sports, news and entertainment networks. It’s recently launched free ad-supported TV (FAST) channels on the platform including Fox Weather, Revry, Revry News, Tastemade en Espanol, and Tastemade Travel, and as part of its content strategy plans to add more, executives said during Q1 earnings.
“We believe these channels will enable us to grow profitable ad revenue as they bring premium programming to our customers with minimal expected content costs,” the company said in a letter to shareholders.