FuboTV reported a 53% year-to-year uptick in second-quarter revenue to $44.2 million, driven by a 47% increase to more than 286,000 paid users for its core virtual pay TV service.
But with operating expenses coming in at $111.5 million for Q2, the company posted a $99.8 million net loss in the quarter.
While the narrative for the New York-based company is scattered right now, make no mistake, the company is moving fast.
In April, OTT startup fuboTV merged with virtual and augmented reality company FaceBank Group, a lesser known technology outfit that already trades over-the-counter where smaller-cap stocks usually reside. The combined company is now run by fuboTV founder and CEO David Gandler, and is branded fuboTV.
In a letter to shareholders Thursday, Gandler confirmed reports that fuboTV is working with the SEC to uplist itself into listing that will remain “FUBO.”
“As is customary with mergers, we have a large number of SEC filings. We have made significant progress and are focusing our comments today on the go-forward strategy and business of the company, which is fuboTV,” Gandler wrote.
“The company has been focused on strengthening its balance sheet,” he added. “As previously announced, we added $46 million in equity funding from institutional and private investors, including Credit Suisse Capital, LLC.
FuboTV said subscription revenue in Q2 rose to $39.5 million. With fuboTV increasing the per-month cost of its service in Q2, per-user average revenue rose 8% to $54.79.
Advertising coin up 71% yer over year to $4.3 million. In addition to operating the sports-focused fuboTV virtual MVPD service, the company is also building Fubo Sports Network, a digital channel play that runs on multiple OTT platforms. It’s a similar model to how news startup Cheddar (now owned by Altice USA) was built.
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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!