FuboTV Adds 43K Subs, Ups Revenue by 135% in Q1 … but Still Loses Over $70 Million
Company attributes an 80% year-over-year spike in operational expenses to the cost of getting into the sports betting business
For fuboTV in the first quarter, almost all the metrics were up.
Unfortunately, that included operational expenses, which ticked up by 80%. The online video company attributed this increase to the cost of getting into the sports betting business.
FuboTV ended the first quarter with a $70.2 million loss.
The New York-based streaming company saw overall revenue increase by 135% to $119.2 million in Q1, with advertising revenue growing by 206% year over year to $12.5 million. Average monthly revenue per user increased by 28% to $69.09.
Also Read: fuboTV Launches Branded Content Studio
The subscriber base for fuboTV’s virtual pay TV service was up by 43,000 users in the quarter, with the service ending the first three months of 2021 with over 590,000 customers.
But operational expenses reached an all-time high of nearly $185 million, as fuboTV ingests online sports betting capabilities into its portfolio.
Company shares were up over 17% in after-hours trading on the New York Stock Exchange.
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Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!