Friday, December 2, 2022

FuboTV reports 70 Q2 revenue rise launches strategic review of wagering business

FuboTV has reported $222m in revenue for Q2, a 70% increase when compared to last year’s results.

Driving this growth is Fubo’s North American streaming business, which accounted for $216m, a 65% year-on-year rise.

Meanwhile, revenue from Fubo’s ‘Rest of World’ segment came to $5.8m, a considerably smaller sum, albeit one that is up 75%.

Broken down even further, subscription revenue accounts for the majority of Fubo’s total at $199.9m, while advertising stands at $22m – both of which are up year-on-year.

However, despite this growth, Fubo’s net loss actually widened. For Q2, this amounted to $116.3m, 22% more than last year’s $94.9m.

Part of this is likely attributable to costs associated with its wagering business, which may also explain Fubo’s decision to undertake a “strategic review.”

The company said: “While our disciplined sportsbook progress continues, in light of a rapidly-evolving macro-economic environment, we believe it is important to be even more capital efficient than originally scoped.

“We are taking steps to de-risk our business and have made the decision to no longer go down the wagering path independently.”

As a result, Fubo is “evaluating strategic opportunities” for its wagering business, commenting: “We are in internal and external discussions to determine the best path forward for Fubo’s gaming business and look forward to sharing more information.”

Edgar Bronfman Jr., FuboTV Executive Chairman, added: “We remain steadfast in the aggregated streaming model and FuboTV’s mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content and interactivity.”

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Earlier this week, IBAS released a statement in which it outlined its plans to become the UK’s new Gambling Ombudsman. You can read more on this here.

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