FuboTV managed to scale back its net losses in the fourth quarter while looking ahead to revenues totaling over $1 billion for 2022.
The company reported a net loss of $112 million on $231 million in revenue and $341 million in operating expenses during the final quarter of 2021. The net loss marked a 43% improvement compared to the $195 million in lost in the fourth quarter of 2020.
FuboTV posted a net loss of $383 million on $638 million in revenue during 2021, compared to net loss of $610 million on $261.5 million in revenue during 2020.
The company issued revenue and subscriber guidance for 2022, broken down by North America and Rest of World (ROW), which includes the recently acquired Molotov service in France and fuboTV’s operations in Spain.
Within North America, the company forecasts first quarter 2022 revenue of $232 million-$237 million and full year 2022 revenue of $1.08 billion-$1.09 billion, which would be the first time it exceeds $1 billion in annual revenue. North America subscribers are expected to reach 1.028 million-1.033 million in the first quarter of 2022 and 1.5 million-1.51 million for the full year.
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Within ROW, the company forecasts first quarter 2022 revenue of $3 million-$6 million and full year 2022 revenue of $15 million-$20 million. ROW subscribers are expected to reach 235,000-240,000 in the first quarter of 2022 and 270,000-280,000 for the full year.
The guidance does not include any projected revenues from online sports wagering.
“Our fourth quarter closes out an extraordinary year defined by delivering triple-digit year-over-year growth in total revenues, advertising revenues and subscriber growth all while continuing to expand adjusted contribution margin,” said Edgar Bronfman Jr., executive chairman of fuboTV, in a statement. “Within the year, we achieved several important milestones, representing meaningful advancements towards our mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content, interactivity and integrated wagering. Our progress over the course of 2021 further fortifies our position to continue to execute on that mission in 2022.”
As previously disclosed, fuboTV ended 2021 with 1.13 million total paid subscribers, up 106% year over year. The company now has 1.315 million global subscribers when factoring in the 185,626 Molotov subscribers it acquired in the fourth quarter.