American streaming platform FuboTV, a partner of various sports leagues and organisations, has exceeded revenue expectations in Q3 2024.
The New York-headquartered outfit reported revenue of $477m in North America, up 21% year-over-year, driven by a 9% increase in subscriber numbers to 1.6 million.
Fubo is active in the US and Canada but also in Spain and France, the latter via the local Molotov live TV streaming service acquired in 2021, with these markets making up its rest of World (RoW) segment.
In Q3, this segment saw revenue rise 6% from the previous year to $8.9m. Though the company is still operating at a loss, this figure was cut from $84.4m to $54.7m.
This, coupled with adjusted EBITDA falling from a loss of $61.4m to a loss of $33.8m, has left Fubo confident of achieving positive cash flow by 2025. The firm ended last quarter with total assets of $152m in cash, cash equivalents and restricted cash on hand.
Fubo has built itself up as an up-and-coming sports broadcaster since its foundation nine years ago, partnering with some of the world’s biggest sports leagues including the English Premier League and the US’ National Football League (NFL), Major League Baseball (MLB), National Basketball Association (NBA), National Hockey League (NHL) and Major League Soccer (MLS).
Most of these deals are regional broadcast arrangements, with Fubo distributing these leagues’ fixtures to audiences outside of the leagues’ home markets. For example, it is a media partner of the Premier League in Canada.
It has built up a presence in more niche sports as well, however – a tried and tested format for an emerging media stakeholder to make a name for itself. In August it partnered with the Bare Knuckle Fighting Championship (BKFC), for example, which launched a dedicated standalone channel on the platform.
