FuboTV exceeds 1 million subscribers six years after launch

Sports-focused TV streaming service FuboTV has surpassed 1 million subscribers, the company announced today. The news came as part of FuboTV’s third quarter financial earnings report: It closed the third quarter with 944,605 ​​subscribers, but crossed the million mark after the quarter’s close.

“In any case, FuboTV’s achievement of reaching the 1 million subscriber mark since the end of the third quarter is an extraordinary milestone, but especially noteworthy given the momentum of our company over six short years,” said co-founder and CEO David Gandler. FuboTV also highlights growth in revenue, ad revenue and viewing hours. The latter reached 284 million hours of streamed content during the quarter, up 113 percent year-over-year. In his letter to shareholders, Gandler said, “1 million subscribers means increased relevancy, influence and influence with content partners and leagues, and the ability to move upstream on tentpole sports venues.”

“To put this into perspective, we had approximately 286,000 subscribers at the end of the second quarter of 2020,” Gandler added. “And even at the one million subscriber mark, we believe we are just at the beginning of the huge opportunity ahead with 72.6 million subscribers still active on traditional pay TV.”

Still, the fact that FuboTV is just now hitting the all-important $1 million milestone shows how hard it can be to compete with streaming heavyweights and bigger TV-focused services, such as YouTube TV, Sling TV, and Hulu with Live TV. Rich Greenfield of LightShed Partners recently estimated that YouTube TV has approximately 4 million subscribers, making it the largest Internet TV provider in the United States, closely followed by Hulu.

FuboTV’s channel bundles start at $64.99 per month, which includes 116 channels, 250 hours of cloud DVR storage, and three simultaneous streams. The top-tier Elite package boosts that to 162 channels, 1,000 hours of DVR space, and 10 simultaneous streams. That starting price is the same as YouTube TV after Google’s service sharply increased its subscription fee in June last year.

FuboTV also announced it is acquiring Molotov SAS, described as “France’s number one live TV streaming company”, and Edisn.ai, an AI company specializing in video recognition. FuboTV says its technology will be used for “interactive experiences, personalization and platform stability”.

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