FuboTV posted a 78% rise in revenue during the first quarter, driven by growth in subscriptions, ad sales and viewing time.
The results came via a pro forma filing of results for the quarter ending March 31 by FaceBank Group, whose acquisition of Fubo closed on April 1. Shareholders have approved a proposal to change the name of the combined entity back to FuboTV.
The company’s shares currently trade over the counter, but are expected to move to a major exchange in the coming months. The stock rose 21% to $10.50 Wednesday on the earnings report, plus news of $46 million in additional investment funding secured since the merger’s close.
Paid subscribers at quarter end totaled 287,316, an increase of 37% year over year. By comparison, Hulu + Live TV reported 3.3 million subscribers as of March 31, and YouTube TV has passed 2 million subscribers.
Revenue totaled $51 million, with the vast majority coming through subscriptions. While advertising is a smaller piece of the revenue pie, ad sales soared 120% to $4.1 million. The company recently took part in the NewFronts, pitching itself as a platform for advertisers as more traditional TV ad dollars move online.
Total streaming hours by fuboTV users via both subscriptions and free trials increased 120% in the quarter to 107.2 million hours. Monthly active users (MAUs) watched 120 hours per month on average in the quarter, an increase of 52% year over year.
Since the close of the merger, Fubo has brought in $46 million in equity funding from institutional and private investors. On July 2, the company got $20 million from Credit Suisse Capital through a common stock issuance at $9.25 per share.
Fubo, founded in 2015 as a sports-centric, internet-delivered TV bundle, has been making notable moves of late. It signed a deal for Disney networks, including ESPN, to join its basic package. Almost at the same time as that carriage breakthrough, though, it parted ways with WarnerMedia, whose TNT and TBS networks carry some significant sports programming. It also set plans for rate increases, in keeping with larger rivals like YouTube TV, which just increased its subscription fee by 30%.
Edgar Bronfman Jr., an entertainment industry veteran and former CEO of Warner Music, has joined the company as executive chairman.