Perhaps the most polarizing OTT company on Wall Street, fuboTV, reported a 98% jump in fourth quarter revenue, passing the six-figure mark for the first time ever in a quarter to reach $105.1 million.
The virtual pay TV operator added 92,800 customers during the final three months of 2020, reaching 547,880 paid subscribers, up 73% year over year.
David Gandler, co-founder and CEO of the New York-based streaming company, which merged with FaceBank last year before going public, called 2020 fuboTV’s “strongest fiscal year to date.”
For the year, fuboTV reported an 83% revenue increase to $268.8 million.
Revenue from subscriptions was up 91% in the fourth quarter to $91.4 million, while advertising sales increased 157% to $13.1 million.
Average revenue per user increased 17% in Q4 to $62.84, while total content streamed on the fuboTV platform was up 82% to 544.9 million hours.
The company continues to report steep quarterly losses, draining $167.8 million in Q4.
FuboTV has attracted its share of bullish media equity analysts of late, integrating components, including sports betting, that seem to render the company as something more than a low-margin vMVPD going forward.
Fubo TV has its share of bears, too, with LightShed Partners’ Rich Greenfield noting on Twitter this afternoon that the company expects to add fewer new subscribers in 2021 than it did in 2020. Greenfield has stated repeatedly that the company faces the same oppressive gravitational forces that any vMVPD does, and that its growth will be hard to maintain.
FuboTV closed trading Tuesday up around 8% on the New York Stock Exchange.
