Virtual MVPD fuboTV posted a net loss of $99.8 million during the second quarter as its subscriber count held mostly steady.
The company’s second-quarter revenues totaled $44.2 million, up 53% year over year on a pro forma basis. The company attributed the growth an increase in subscription Average Revenue Per User (ARPU), which rose 8% to $54.79, and growth of advertising sales. Subscription revenue rose 51% to $39.5 million and advertising revenue rose 71% to $4.3 million.
Despite the revenue gains, adjusted EBITDA was a loss of $41.9 million, $1.5 million more than one year ago. Total operating expenses in the period were $111.5 million.
FuboTV ended the quarter with 286,126 paid subscribers, down only slightly from the previous quarter and up 47% year over year. The company said total content hours streamed by fuboTV users (paid and free trial) increased 83% year over year to 98.6 million hours and monthly active users (MAUs) watched 140 hours per month on average in the quarter, up 54% year over year.
With the return of sports, fuboTV is anticipating an increase in subscription and advertising revenue along with more viewership during the third quarter.
“We believe this also sets up a unique interactive wagering opportunity for the company,” the company wrote in a letter to shareholders. “At the close of the third quarter, we anticipate strong paid subscriber growth and expect to have reached 340,000-350,000 total subscriptions, representing growth of over 20% year-over-year. While the advertising market is unsure given the pandemic, we expect that advertising will become a more meaningful part of our business moving forward, and a greater percentage of our overall revenue mix.”