The sports-first live TV streaming platform reported an 81% year-on-year increase in advertising revenue to $22.8m, and an 81% increase in total paid subscribers to 1,056,245.
“In our first quarter, against a challenging macro environment, fuboTV achieved strong growth in subscribers and revenue, with North American subscriber growth of 81% year-over-year,” said fuboTV Co-Founder and CEO David Gandler.
“In a less robust advertising market, however, we experienced some pressure on adjusted contribution margin due to slower ad sales growth than we had initially expected, with ad revenue up 81% year-over-year.”
fuboTV also reported $5.5m in total revenue and approximately 305,000 total paid subscribers for its Rest of World streaming business, which comprises France and Spain. These figures represent year-on-year increases of 66% and 102% respectively.
Total Q1 2022 revenue meanwhile amounted to $242m, a 102% increase from the prior-year period. Total operating expenses climbed 104% to $377.3m.
fuboTV Executive Chairman Edgar Bronfman Jr. commented: “We are committed to a business which replaces the decades-old basic cable package by giving consumers increased and improved content, ‘anytime anywhere’ access and mobility, increased choice and flexibility, personalisation and interactivity - including gaming.
“Wagering remains an important pillar in our path to profitability and strategy to integrate interactivity into our live TV streaming experience. While striving to be the most compelling destination for cord cutters, fuboTV has started to enact a series of approaches to increase monetisation, accelerate our ad sales business and further strengthen our unit economics.”
