FuboTV Doubles Revenues In Q1 2022, But Net Losses Widen

Although fuboTV, the sports-focused virtual pay TV service, witnessed first-quarter revenues doubling that of a year ago to $242 million, net losses also deepened to $140.8 million -- double the total of a year ago.

In terms of North American subscribers, fuboTV said it had made gains -- rising to 1.06 million versus 582,000 in the first quarter of 2021. International subscribers also grew to 305,000 from the total of 151,000 a year ago.

North American advertising revenues grew 81% to $22.8 million in the first quarter.

But fuboTV added, in its shareholder letter, that the period had some issues, although it did not provide details. “In a less robust advertising market, however, we experienced some pressure on adjusted contribution margin due to slower ad sales growth than we had initially expected.”

Other TV-focused platforms have said supply-chain issues have slowed down near-term advertising spending, especially in the national TV advertising “scatter” markets.

In its IAB Newfronts presentation, fuboTV said that using first-party data, it now can create custom audience segments though viewership behavior to target users based on the content and amount of time they are watching anywhere on its platform.

In its shareholder letter, fuboTV says it has started up “a series of approaches to increase monetization, accelerate our ad sales business, and further strengthen our unit economics.”

In positive news, subscription ARPU (average monthly revenue per user) rose 2% to $64.16.

However, advertiser ARPU dropped 5% to $6.87. “We experienced delays in improving our ad technology and launching new capabilities for advertisers.”

The company says ad revenue among its top 10 advertisers grew 143% year-over-year.

Long term, fuboTV says it is maintaining its long-term target of $15 to $20 in advertising ARPU.

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