Sports-centric streaming cable television replacement Fubo TV says it now serves more than 680,000 paying customers, more than doubling its subscriber base compared to one year ago.
The figure was released as part of the company’s quarterly earnings report unveiled on Tuesday.
In addition to its subscriber growth, executives said Fubo TV increased its advertising revenue to $16.5 million. That, coupled with its rise in subscribers, helped Fubo TV earn more than $130 million in overall revenue, a nearly 200 percent increase compared to last year’s revenue.
“As [viewers] continue to cut the cord and go virtual, they are increasingly choosing Fubo over more-expensive legacy pay TV services due to our innovative product experience and customer-friendly approach,” David Gandler, the chief executive of Fubo TV, said during a conference call with investors and the media.
Gandler said Fubo TV remains “laser-focused” on attracting new subscribers who are choosing to ditch expensive cable and satellite service for the cheaper, more-flexible offerings that streaming TV products like Fubo TV provide.
Despite some price increases and a shuffle in its programming tiers, Fubo TV offers the majority of channels found on cable or satellite television, starting with a package of over 110 channels for $65 a month. A Spanish-language package with nearly three dozen channels costs $100, which is billed every three months.
Subscribers have the option to add on more channels, including premium movie networks like Showtime and Starz, as well as additional features for extra fees.
While competing streaming services like Google’s YouTube TV and the Walt Disney Company’s Hulu with Live TV offer similar channels at around the same price point, Fubo TV stands out with its sports-centric mission: The company offers more live sports than any other platform and intends to expand its own original sports programming through its Fubo Sports Network.
As part of its focus on sports, Fubo TV is building out a sports betting platform that will allow subscribers to place wagers against events in real-time. The product, called Sportsbook, is expected to launch later this year.
“The launch of our own Sportsbook is an important driver of the strategy as we aim to develop a flywheel turning passive viewers into active participants, defining a new category of interactive sports entertainment television,” Gandler said. “We are building Fubo Sportsbook to be a holistic and hyper-personalized betting experience, reflecting what the user is watching on Fubo TV at that very moment.”
Other services have taken note of Fubo TV’s approach: Earlier this year, Dish Network announced a deal that brings sports betting to its satellite platform and streaming service Sling TV through a partnership with DraftKings.
But Fubo TV executives believe its approach toward building out its own service that natively integrates with the linear TV experience will offer sports fans a better experience compared to its competitors.
“This seamless connection between streaming video and our mobile betting app is a feature we believe only Fubo TV can bring to market,” Gandler said while asserting Sportsbook will play a key role in attracting and retaining subscribers.
In addition to the sports channels and betting feature, Fubo TV offers general entertainment, lifestyle and news programming from its content partners, including channels from the Walt Disney Company (ESPN, Disney Channel, some ABC stations, FX), Fox Corporation (Fox Sports 1, Fox News Channel, some Fox stations), Comcast (CNBC, Bravo, E!), Discovery and AMC Networks.