The sports streaming platform FuboTV ended the second quarter with 1.45 million subscribers, down from 1.51 million in the first quarter, but up 24 percent from a year-earlier 1.16 million subscribers.
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The sports-first streamer, which is battling to stop a rival Disney, Warners and Fox sports streaming joint venture in the works, ended the quarter with overall revenue up 26 percent to $382.7 million. That beat an analyst estimate of $368.3 million in Q2 revenue.
The second quarter net loss came to $25.8 million, down from a year-earlier loss of $54.2 million. The trimmed loss came from subscription revenue rising to $362.9 million during the latest quarter, against a year-earlier $289 million, while advertising revenue was also up to $26.2 million, compared to $23 million in the same period of 2023.
Fubo has brought a lawsuit against The Walt Disney Co., Fox Corp. and Warner Bros. Discovery to possibly block a sports streaming joint venture the media giants have unveiled from getting off the ground, and a key court hearing on a preliminary injunction got underway on Tuesday.
During a morning analyst call, Fubo CEO David Gandler in prepared remarks reiterated the proposed sports joint venture, if allowed to launch, would crush market competition and increase subscription prices for TV viewers. “We continue to fight for competition and better prices in a market in disruption, contrasting with the Walt Disney Company, Fox Corp. and Warner Bros. Discovery,” he argued.
FuboTV Drops to 1.51M North American Subscribers in First Quarter
“The JV claims to solve the issue of bulky cable bundles, but we believe its primary goal is to limit competition, boosting partners’ profits synthetically and leading to steep price hikes for consumers,” Gandler added.
He also claimed the rival sports streamer aimed to avoid regulatory approval. Gandler added reports the Department of Justice was “looking into the JV” were encouraging. “A fair market would force the JV partners to compete against each other in the licensing of sports channels to pay TV platforms, virtual and traditional, as well as with other market participants further downstream in the distribution space,” he told analysts.
Fubo has sought a preliminary injunction against the proposed rival sports streaming platform from Disney, Fox Corp. and WBD in the U.S. District Court, Southern District of New York.
Shares in FuboTV jumped by 17 cents, or 13 percent, to $1.48 in pre-market trading on Tuesday.
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