After reporting a solid financial performance for 2024, FuboTV has re-emphasised what it believes is a ‘game-changing opportunity’ in its recent merger with a Walt Disney Company-owned property.
The sports-focused live TV streaming platform outlined 19% revenue growth for its North America segment at the end of 2024, with this region being its primary business focus. The final figure stood at $1.58bn (2023: $1.57bn).
Though it still recorded a net loss this year of $115m, the company reports that this is one of a few ‘YoY improvements’ alongside adjusted EBITDA of $115m and net cash across all operating activities at the end of the year of $97m.
The firm has attributed the revenue growth experienced last year to an increase in subscribers, with 1.676 million listed at the end of the year. Fubo’s North American performance was complemented by a decent showing in Europe too, where it is active in Spain and France, the latter French live streaming service Molotov which it bought in 2021.
“Our fourth quarter and full year 2024 results reflect our company’s high-quality execution, resilience amidst industry transformation, and steadfast commitment to the consumer,” said David Gandler, Fubo Co-Founder and CEO, and Edgar Bronfman Jr., Executive Chairman, in a letter to shareholders.
“We enter 2025 with pride in our results, meaningful improvements across nearly every aspect of our business, and excitement about our momentum.”
FuboTV enters new era
This year is set to be a big one for Fubo, and amidst the reports of revenue, EBITDA and losses there is likely one thing its stakeholders were most keen to hear an update on – the merger with Hulu + Live TV.
Fubo set aside a legal case against Disney earlier this year in order to merge with Hulu. The case related to Venu Sports, a planned joint venture between Warner Bros Discovery (WBD), Fox and Disney’s ESPN which would have held a dominant leadership position in US sports streaming. The venture was ultimately called off shortly after Fubo agreed to the Hulu merger.
The combined entity will be controlled 70% by Disney but will retain Fubo’s existing leadership team, while the firm will get a $145m loan in 2026 and will gain access to sports content from Disney’s network portfolio of ABC, ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, as well as ESPN+.
“We are also thrilled with the agreement signed earlier this year with The Walt Disney Company to combine Hulu + Live TV with Fubo,” Gandler and Bronfman Jr remarked.
“We believe this is a game-changing opportunity to establish a leading streaming company that prioritises consumer choice, flexible packages, and a cutting-edge experience. We will continue to provide periodic updates as the transaction progresses.”
In addition to the Hulu endeavour, Fubo also plans to create a new sports and broadcasting service which its leadership stress will be ‘tailored to sports fans’. The firm plans to launch this in the second half of 2025 to coincide with the winter sports schedule.
Aside from the merger and plans for a new platform, Fubo expects to benefit from and capitalise on the growing demand for sports streaming in the US and elsewhere. Streaming is becoming an increasingly popular means of sports consumption, particularly among younger demographics.
This demand has worked out well for platforms like DAZN and NBC’s Peacock, which have secured a range of media rights deals across multiple markets.
DAZN could stand out as a precautionary tale, however, as though the company continues to reap high revenues it resembles a loss-making enterprise, with the high costs of prominent media rights deals a likely contributor to this.
Fubo will have to figure out the right balance as it works towards achieving profitability. On the other hand, the fact it is now in the fold of the big-budget entertainment giant Disney’s sports portfolio could prove key to overcoming these hurdles.
Fubo leadership’s letter to shareholders, concluded: “2024 was another solid year for the company highlighted by record achievements on the top and bottom lines, demonstrating further progress towards our 2025 profitability goal.
“We look forward to what we hope will be a transformative future for the streaming industry and for our business, leveraging the many opportunities in front of us to fulfil our mission of building an innovative and unparalleled streaming experience that offers value and choice.”
