FuboTV, whose skinny-bundle TV service predates those launched by DirecTV, Dish, Hulu and YouTube, is not quite as big as those heavier-marketed offerings. This morning, though, the company announced it is now approaching 250,000 subscribers and has set company records in key financial metrics such as time spent and revenue per user.
Disclosing stats as of September 2018, the company said the subscriber number was more than double the 100,000 it had a year earlier, with 30,000 net additions coming in the third quarter alone.
Fubo also said its average run rate — a gauge of financial performance that is often used to predict a company’s future potential — hit $102 million in September 2018, triple the level of a year earlier. Average revenue per user shot up 80% to $40, compared with $22. The amount of time each user spent on fuboTV on average soared 364% year-over-year, to 51 hours in September 2018 compared with 11 hours in September 2017.
Quibi Officially Fades To Black, As Projected When Founders Announced Shutdown In October - Update
On the advertising side, fuboTV launched dynamic ad insertion in January 2018, enabling more timely messages (seasonal retail sales, movie openings and the like) to be placed against its internet-delivered content. The move spurred 84% ad revenue growth from the first quarter to the second quarter, the company said.
In August, fubo added Turner networks to its platform, which started out mainly as a sports niche player, offering a wide selection of soccer matches.
“What our team of less than 150 employees has built – from the ground up, despite our competition having access to tens of thousands of engineers alone – impresses me every day, and it should put the streaming TV industry on notice,” said David Gandler, fuboTV co-founder and CEO. “Our September results and year-over-year growth are proof of our success. We have and will continue to deliver the most optimal quality experience for our customers and strong value to our investors, as we take the company to the next level.”
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.