FuboTV, the sports streaming platform engaged in a competitive battle against a joint venture involving Disney, Warner Bros., and Fox, disclosed a decrease in its North American paid subscribers for the first quarter. The platform reported a figure of 1.51 million subscribers, down from 1.61 million at the close of the fourth quarter of 2023.
Led by CEO David Gandler, FuboTV attributed the decline partly to the seasonality of live sports offerings, noting that the first quarter tends to feature lighter sports content compared to the latter half of the year, which includes major events like college football, NFL seasons, and the latter part of the MLB season. Despite the subscriber dip, FuboTV’s parent company, Fubo, revealed an improved financial performance. The first-quarter loss attributable to shareholders decreased to $56.1 million, compared to $83.6 million a year earlier. Revenue also saw a significant uptick, growing by 24 percent to reach $394 million.
The loss per share was recorded at 19 cents, an improvement from 37 cents per share in the first quarter of 2023. Subscription revenue saw a substantial increase to $373.7 million from $300.8 million in the prior year, while advertising revenue rose to $27.4 million from $22.7 million.
FuboTV has taken legal action against media giants The Walt Disney Co., Fox Corp., and Warner Bros. Discovery in an attempt to block a sports streaming joint venture from proceeding. The company expressed confidence in the merits of its lawsuit and thanked supporters such as DirecTV and Dish. FuboTV remains steadfast in its stance, aiming to level the playing field in the sports streaming industry. The joint venture, which is designed to introduce a sports-only streaming service, is seen by FuboTV as potentially causing irreparable harm to both itself and consumers.
In a counterclaim, FuboTV has alleged that it has been coerced into carrying numerous non-sports channels as a condition of licensing sports rights from the aforementioned companies, characterizing it as a strategy to suppress competition in the market.
