As part of their first shareholders letter, after merging with FaceBank Group in March, fuboTV disclosed subscriber metrics for the first time since October 2018 when they shared they had nearly 250K subscribers and $100m in annual revenue.
In the letter issued today, the company said that they had 315,789 paid subscribers (up 37% year-over-year) at the end of 2019 and increased revenue to $146.5 million (up 75% year-over-year).
fuboTV Subscriber Growth
- 2017: 132K
- 2018: 229K (+73%)
- 2019: 316K (+37%)
Despite the growth, fuboTV still has a fraction of the subscribers of other Live TV Streaming Services. Hulu Live TV is the largest at 3.2 million subscribers, which is ahead of of Sling TV’s 2.59 million subscribers and YouTube TV’s 2 million users. They have been gaining share on A&T TV NOW, which lost an additional 138,000 subscribers in the first quarter, leaving them with 788K subscribers.
More than 90% of fuboTV’s revenue came from subscriptions ($133.3 million), while $12.4 million came from advertising. They expect in the first quarter 2020, that revenue will increase by 75% year-over-year, with 70% annual gains in subscription revenue and 120% annual gains in advertising revenue.
fuboTV Average Revenue Per User
- 2017: $20.18
- 2018: $37.92
- 2019: $53.80
Revenue growth has come as the company has been able to grow subscribers, while raising the price of the service. When it initially launched as a cable replacement, it was just $35 a month, with now the lowest tier costing $55 a month. With viewing hours reaching 298.7 million hours in 2019 (210% increase), they have more monetizable ad sessions as well.
The company shared that “in December 2019, fuboTV’s monthly active users (MAUs) watched 129 hours across the platform on average, and those who streamed primarily on connected TVs watched an average of 144 hours.”
With the merger with FaceBank completed, the company expect to expand its original content production, improve personalization of their platform, and expand the service internationally (they already have a presence in Spain).