• by Karlene Lukovitz  @KLmarketdaily, February 27, 2023

Sports-focused live streaming platform FuboTV surpassed $1 billion in global revenue and $100 million in advertising revenue in 2022, the company reported in its fourth-quarter earnings report today.

In North America, FuboTV reported $984 million in total revenue — including the $100 million in ad revenue — up 55% year-over-year.

The platform also reached 1.45 million subscribers in North America — up 29% year-over-year — including a gain of 214,000 in Q4.

In Q4, North American revenue rose 36% YoY, to $312.1 million. Ad revenue was up 30% YoY, to $33.6 million, as the company sold out its World Cup coverage, added some 175 new advertisers, and posted record political advertising.

In the rest of the world, subscribers grew by 62,000 in Q4, to 420,000 total — up 117% YoY. Revenue rose to $7.2 million, up from $1.5 million in the year-ago quarter.

The company reported a net loss of $152.9 million, or 76 cents per share, in the quarter, compared to $112 million, or 76 cents a share in the year-ago quarter. For the full year, its net loss was essentially stable, at negative $95.9 million versus negative $95.4 million at year-end 2021.

FuboTV already has more than 80 free, ad-supported streaming channels — which generated about 5% of its advertising, up from 1% in 2021 — and plans to continue expanding FASTs as a key growth strategy.

“Our record performance in the quarter and throughout 2022 reaffirms our unique value proposition and our long-standing thesis that an aggregated offering with multiple monetization levers remains the most attractive live TV option for consumers and media partners,” founder and CEO David Gandler wrote in his letter to shareholders.

One partnership is the launch of Maximum Effort Channel with Ryan Reynolds.

Management reiterated that it is on track to achieve positive cash flow by 2025.

This morning, in a somewhat surprising development, the company announced a new fundraising move: It sold 36.7 million shares of stock for $68.1 million in block trades to multiple investors at negotiated discounts from Friday's close.

Fubo’s guidance calls for generating $295 million to $300 million in revenue in North America in the current quarter, and realizing between $1.195 billion and $1.225 billion in revenue by year-end, for a gain of 23%.

North American subscriptions are projected to dip to as low as 1.14 million at the end of Q1 2023 due to factors including the end of the World Cup and the loss of CBS affiliate programming, but rebound and reach 1.51 to 1.53 million by year-end, for a 9% YoY gain.

For the rest of the world, Fubo expects revenue of $5.5 million to 6.5 million for the first quarter and between $24.5 million and $28.5 million for the full year. It projects having 368,000 to 373.000 subscribers outside North America by the end of the quarter and 395,000 to 415,000 at the end of the year.

In the rest of the world, Fubo is projecting revenue of $5.5 million to $6.5 million in Q1 and $24.5 to $28.5 million for the full year. Subscribers are projected at 368,000 and 373,000 in Q1 and 395,000 to 415,000 by year end.