FuboTV’s Q2 Results Drive Optimism for 2021 Targets

Following a strong first quarter of the year, fuboTV has been able to deliver on yet another impeccable record in Q2, with many operating and financial targets posting a triple-digit growth. 

FuboTV Drives Strong Results in Q2 2021 

FuboTV has revealed its second-quarter results covering the period that ended on June 30, 2021. The company observed another growth spurt during the period and reported a 138% year-over-year increase. Paid subscribers reached 681,721 and there were 91,291 net subscriber additions in the quarter. The present results build upon the strong momentum of the first quarter. 

Total revenue also soared in terms of year-over-year growth, increasing 196% to $130.9 million in the period. Revenue from advertising added another 281% year-over-year increase to $16.5 million, the company stated in an official press release.

According to fuboTV, the quarter has been a record-setter for engagement with some 245 million hours of content streamed, or another 148% increase year-over-year. As a result, fuboTV has now adjusted its revenue and subscriber guidance for the full 2021 year. 

“FuboTV delivered a strong second quarter of 2021 across all of our key financial and operational metrics: subscribers, total revenue, and advertising revenue,” said company CEO and co-founder David Gandler. 

All Important Targets Have Been Met

Gandler went through all important metrics and expressed confidence that fuboTV will retain its growth trajectory throughout 2021. The company has been able to secure streaming rights with CONMEBOL and has been experimenting with various features, including free-to-play games available for sports fans and viewers.

“Our Fubo Sportsbook with real-money wagering remains on track for a fourth-quarter launch as we intend to further combine interactivity with streaming video. Our plans are to launch a holistic and personalized user experience as evidenced by our sportsbook,” Gandler added. 

FuboTV’s executive chairman was pleased with the company’s results in the quarter, arguing that the company continues to meet operating and financial goals and delivering a world-class experience to consumers. 

The second quarter has indicated the continuation of fuboTV’s growth trajectory that resulted in an adjustment of the previous targets. While the company has primarily focused on live and pre-recorded streaming of sports events, it continuously adds technological innovation to its offer, including the built-in sports games that are designed to drive engagement with fans and provide a better overall experience. The company has been able to achieve various milestones in Q2 and signed a distribution partnership with The Cordish Companies early in Q3. 

The stock market has reacted positively to the announcement, sending the company’s stock trading up by 12% in the afternoon hours on Tuesday.