FuboTV reported another quarter of record revenue, as well as diminished year over year losses, Q3. The live streaming company also reported the reaching of a key milestone since the quarter ended--the 1 million subscriber threshold.
And that's still not all. FuboTV also announced two new acquisitions, including the purchase of French live-streaming company Molotov.
We'll start with the financial components:
FuboTV reported 156% year over year revenue growth in the quarter to $156.7 million, solidly beating analysts' consensus forecasts of around $144 million.
Subscribers were up 108% year over year in the third quarter, reaching 944,605 at the end of September and since surpassing 1 million.
Average revenue per user was up 10% to $74.54, with advertising revenue--an important difference maker in the moribund virtual MVPD market in which fubTV primarily operates--up 147% to $18.6 million.
Also notable, fubTV's reported a 61% year-over-year decline in net losses, bleeding out $105.9 million in Q3.
UPDATED 11/10/2021: As for investors, they responded the same, rationale way they always do to a positive earnings report about a streaming company--they hammered the stock. As of Wednesday morning, FuboTV is down 20% on the Nasdaq since the start of Tuesday trading. Although, it should be noted that although fuboTV beat analysts' forecasts, it did miss its own Q3 guidance.
As for the acquisitions, fuboTV announced a cash and stock deal valued at around $190 million for Molotov SAS, which it calls France's No. live streaming company with 4 million subscribers.
Molotov will continue to operate out of Paris under co-founder JeanDavid Blanc, its co-founder.
“Molotov has set the benchmark for ad-supported and subscription streaming platforms in Europe,” said David Gandler, co-founder and CEO of fuboTV, in a statement. “We believe this strategic asset will help accelerate our goal of achieving global scale and operating leverage as we continue to improve and innovate on our live, interactive streaming TV experience for sports fans and their families.”
Gandler added: “In August, we launched an At-The-Market (ATM) stock offering program to provide the flexibility to raise capital to accelerate our growth plans, including global expansion. The opportunity offered by Molotov is a perfect example of how we can do this. We look forward to delivering a truly category-defining live TV streaming platform to consumers around the world.”
FuboTV also announced the purchase of Bangalore, India-based Edisn.ai, an AI-powered computer vision platform with patent-pending video recognition technologies.
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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!