Virtual MVPD fuboTV has raised its third-quarter subscriber growth forecast thanks to the NFL and other live sports generating an increase in demand.
The service now expects to end the current quarter with 370,000 to 380,000 subscribers, a 28% increase year over year and up from the 340,000-350,000 total subscriptions it previously predicted.
“The current quarter has been very strong for fuboTV with double digit revenue and subscription growth year-over-year as well as improvement in retention - all achieved during the ongoing pandemic,” said fuboTV CEO David Gandler in a statement. “With the leading live sports package in the market, we are encouraged that the major sports leagues have found ways to navigate the pandemic. The NFL has a great example with Major League Baseball on how to handle COVID-19, and we’re excited for the season. The start of the NFL season and the expectation of a heavy fall sports calendar is driving engagement, ad revenue and higher CPMs, giving us additional confidence to forecast a strong third quarter for fuboTV. Looking ahead, we are focused on driving revenue growth by increasing subscription and ad sales and improving engagement.”
The company is predicting revenues for the third quarter to be $50 million to $54 million, a 38% increase year over year.
FuboTV is also providing subscriber and revenue forecasts for the fourth quarter, 2020 and 2021. Revenues for the fourth quarter are expected to be $68 million to $75 million, up 68% year over year, and the company expects to end the fourth quarter with 410,000-420,000 paid subscribers.
For all of 2020, fuboTV is forecasting total revenue in the $220 million to $231 million range and for 2021, the company expects revenue will land in the $400 million to $420 million range.
“FuboTV continues on the path of solid growth with double digital revenue and subscriber increases year-over-year. We are confident in the continued strength of our business as consumers look towards a streaming platform that offers the broad sports, news and entertainment programming of cable TV but with personalized product features and at a lower cost,” wrote Gandler in a letter to shareholders.