Sports vMVPD streamer FuboTV reported a loss of $152.9 million in Q4 and added 214,000 new subscribers during the period, bringing its total number of subscribers in North America to 1.445 million.
Although the loss was higher than the $112 million reported during the same quarter a year, the company attributed much of the increase in a $56.2 million write down in discontinued operations. The company reported that it had surpassed $1 billion in global annual revenue in 2022 for the first time.
Revenue for Q4 in North America totaled $312.1 million, up 36% YOY while ad revenue was up 30% YOY to $33.6 million.
Outside of the North America market, FubuTV reported a 117% increase in subscriptions YOY to 420,000 total.
The company said it would spend 2023 focusing on expanding and improving delivery of FAST channels.
“Fubo’s fourth quarter results represent a strong finish to 2022 and an inflection point for our company supported by two very important milestones: we surpassed $1 billion in total annual revenue and $100 million in ad sales annual revenue for the first time,” said David Gandler, co-founder and CEO, Fubo. “The fourth quarter also marked our lowest level of quarterly cash usage in Fubo’s time as a publicly-traded company and we achieved positive gross profit. Over the course of 2022 we undertook bold measures to position our business for today’s challenging macroeconomic environment. We furthermore believe that Fubo’s model will prove to be resilient, profitable and poised to continue to deliver a truly differentiated consumer experience while providing our media partners with a growing distribution platform.”
“Fubo delivered a record fourth quarter and full year across a number of our key financial and operational metrics,” said Edgar Bronfman Jr., executive chairman, Fubo. “In 2022, we added differentiated content, including Bally Sports’ expansive portfolio of regional sports networks, aimed at driving subscriber growth and doubling-down on our sports-first positioning. We believe our continued subscriber growth gives us real leverage in partner negotiations and we are more closely examining which content aligns with our profitability goals. Additionally, we believe our Unified Platform initiative, which will integrate Molotov’s team and technology, will drive further innovation enabling us to deliver a premium experience that surprises and delights our customers. We remain very excited about the opportunity in front of us.”
