Fubo Says It Ended 2021 With More Than 1 Million Subs
Fourth-quarter revenue expected to be up more than 100% to about $215 million
FuboTV said that it expect to report that it had more than 1.1 million subscribers at the end of the year, more than double where it finished last year.
The company also said it expected fourth-quarter total revenue to be between $215 million and $220 million, which would represent 105% to 109% growth.
Fubo released preliminary results before an appearance at the Needham Virtual Growth Conference this week.
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The company did not project how much its net loss for the quarter would be.
“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, fuboTV.
“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,” he said. “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.”
The company also said that fourth-quarter advertising revenue is expected to be more than $25 million, up 90%, and putting its annual run rate at $100 million.
Fubo also said subscriber acquisition cost would be at the low end of its target range and that churn is expected to improve in the quarter for the 13th straight quarter. ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.