Fubo TV said it had a record quarter in adding subscribers and growing revenue, but lost more money than a year ago.
The net loss was $94.9 million, or 68 cents a share, compared to a loss of $72.9 million, or $2.08 a share, a year ago.
Revenue nearly tripled to $130.8 million.
Paid subscribers rose 138% to 681,721 and fuboTV customers streamed 245 hours of content during the quarter, up 148% from a year ago.
Average monthly revenue per user (ARPU) was up 30%, with a 62% increase in advertising ARPU.
“Our record second quarter reflects continued strong execution in support of our vision to define a new category of interactive sports and entertainment television. Within the quarter we made meaningful advancement towards our long-term growth and margin targets, while also capitalizing on the favorable trends we are seeing in the category," CEO David Gandler and executive chairman Edgar Bronfman Jr. said in the company’s letter to shareholders.
“Our second quarter results showcase the continued momentum in our business, with consumers choosing fuboTV over more expensive legacy pay TV services due to our innovative product experience and customer-friendly approach at an affordable price,” they said. “This shift, along with a heavy sports calendar, drove a healthy 91,291 net subscribers added in the quarter. As we have consistently highlighted, it is our view that there will be a major shift back to aggregation and bundling as the proliferation of SVOD services becomes increasingly burdensome and costly for consumers. Moreover, we continue to believe that consumers will ultimately favor a more personalized and interactive premium viewing experience.”
The company increased its full year revenue guidance to $560 million to $570 million, which would represent a 116% increase over 2020. It’s earlier guidance called for a 101% increase.
It also said it expects to have from 910,000 to 920,000 subscribers.
It raised its third quarter revenue estimate to a range of $140 million to $144 million and subscribers to between 810, 000 and 820,000.
Fubo TV said it is on schedule to launch the Fubo Sportsbook in the fourth quarter and previewed it for investors to show how it will update in real time with relevant best based on what the user is watching.
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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.