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FuboTV Abandons Gambling Efforts, Leaps in Q3, Passes 1.22M Subscribers

Ben Bowman

The champagne corks are flying at fuboTV HQ today. The company announced a major subscriber surge in Q3, predicting its final subscriber tally will surpass 1.22 million. That’s a big boost from Q2, when the streamer finished with 947,000 subscribers.

Notably, the streamer’s subscriber number includes Canada, where it has exclusive streaming rights for the English Premier League. (Peacock holds those rights in the U.S.)

The company’s latest year-end guidance placed subscribers at 1.34 million.

Comparing any live TV streaming service from quarter-to-quarter is a tricky prospect, since so much of linear viewing is cyclical. The year-over-year improvement is a healthy 27%, however. Sports fans are a huge driver of these subscriptions, and the numbers tend to ebb and flow, depending on the availability of the games. The NFL alone is a monster driver of live TV viewership, with football accounting for 75 of the most-watched live events last year.

Earlier this month, fuboTV added Altitude, to allow Colorado Avalanche and Denver Nuggets fans to keep tabs on their teams. It’s only the second live TV streaming service to offer the channel.

FuboTV is also offering MLB playoff games on FOX in 4K.

And to cap off a stellar quarter, fuboTV placed first in J.D. Power's customer satisfaction ranking for live TV streaming services.

“We expect to deliver strong revenue and subscriber growth in Q3, exceeding our previously issued guidance in North America, against the backdrop of a highly competitive operating environment,” said CEO David Gandler.

FuboTV’s Gamble Doesn’t Pay Off

This renewed momentum comes after some soul-searching at fuboTV, and the announcement of the end of a long-term pursuit. FuboTV is giving up on gambling

“Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals,” Gandler said. “Therefore, we have made the difficult decision to exit the online sports wagering business effective immediately.”

Almost one year ago, the fuboTV sportsbook went live. The idea was to offer an integrated gambling platform that synched live TV streams with betting options within an app. But regulatory headwinds in the gaming space are incredibly fierce, and fuboTV struggled to make the option available nationally.

We saw signs of trouble as early as January, when Gandler announced that sports betting is “100% saturated, there is no loyalty.” Although fuboTV was trying to grab a slice of that revenue, it was proving difficult against players like DraftKings and FanDuel and their web of casino partners.

Gandler will go into more detail about the gambling decision in the company’s earnings call on November 4.

fuboTV

fuboTV is a live TV streaming service with about 90 channels for $74.99/month. This plan includes local channels, 25 of the top 35 cable channels, and regional sports networks (RSNs).

Due to a carriage dispute, some areas may not see their local CBS affiliate, but rather a national CBS feed.

The streaming service does not carry channels from WarnerMedia-owned (CNN, TBS, and TNT), A+E (A&E, History Channel, and Lifetime), and AMC Networks (AMC, BBC America, and WE tv).

fuboTV also includes MLB Network, NBA TV, NFL Network, NFL RedZone , NHL Network, and beIN Sports (which is not available on most services). You can add Fox Soccer Plus as part of the International Sports Plus add-on for $6/month.

You can add the fubo Extra ($8) to add ~38 channels including Baby TV, Cooking Channel, DIY y GSN.

fuboTV is a great option for sports fans, especially those who want to stream local sports. It is the least expensive option to get RSNs in many markets like Altitude, AT&T SportsNet Pittsburgh, AT&T SportsNet Rocky Mountain, AT&T SportsNet Southwest, Marquee Sports Network, MSG, MSG Sportsnet, NBC Sports Bay Area, NBC Sports Boston, NBC Sports California, NBC Sports Chicago, NBC Sports Northwest, NBC Sports Philadelphia, NBC Sports Philadelphia+, NBC Sports Washington, NBC Sports Washington+, NESN, Root Sports Northwest y SportsNet NY. They recently announced the they will be adding Bally Sports RSNs in January 2023.

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