Sports-centric streaming television service Fubo TV said on Thursday it reached more than one million subscribers in North America, an increase of 80 percent compared to the previous year.
The figure was revealed as part of the company’s quarterly earnings released on Thursday.
“In our first quarter, against a challenging macro environment, Fubo TV achieved strong growth in subscribers and revenue, with our North American subscriber growth of 81 percent year-over-year,” David Gandler, the company’s chief executive, said in a statement.
Advertising revenue was up more than 80 percent to $22.8 million, helping the company achieve more than $236 million in revenue for the quarter — a record for Fubo TV, company officials said.
The company currently has more than $456 million in cash on hand, and it said it will continue to maintain “increased financial flexibility…through 2023.”
Fubo TV offers a lineup of more than 100 general entertainment, family-oriented, news and sports cable networks for $70 a month. The price increases as customers add more channels or opt for additional perks like access to more simultaneous streams.
In addition to the linear television service, Fubo TV offers sports wagering through its interactive sportsbook product, which officially launched last November.
“Wagering remains an important pillar in our path to profitability and strategy to integrate interactivity into our live TV streaming experience. While striving to be the most compelling destination for cord cutters, fuboTV has started to enact a series of approaches to increase monetization, accelerate our ad sales business and further strengthen our unit economics,” Edgar Bronfman, Jr., the executive chairman of Fubo TV, said in a statement.