Fubo cuts losses, grows revenue and U.S. subscriber count in Q4 of 2023

FuboTV, a streaming service focused mainly on sports, managed to cut losses in the fourth quarter of 2023 while also posting revenue and some subscriber gains.

In the last quarter of 2023, Fubo lost $70.1 million, compared to $141.1 million year over year. 

Revenue rose 28% to $410 million, including a 15% increase to $38.6 over the previous quarter. 

It ended the year offering up 158 FAST channels on its service.

U.S. subscriptions were up 12% to 1.618 million, but the subscriber count from other parts of the world dipped 3% to 405,000.

“We enter 2024 with considerable optimism, strong momentum, and with meaningful improvements across just about every facet of our business,” co-founder and CEO David Gandler and executive chairman Edgar Bronfman Jr. wrote in a letter to shareholders. 

The company has joined a growing number of voices objecting to news that ESPN, Fox and Warner Bros. Discovery are planning a joint sports streaming service for later in 2024. It has filed an antitrust lawsuit against the new venture, which has yet to be named. In some circles, it is being referred to, in a tongue-in-cheek fashion, as “Spulu,” a play on combining “sports” with “Hulu.”

Despite that potential bump in the road, Fubo continues to be optimistic about 2024.

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“We expect both top-line growth across revenue and subscribers as well as further leverage in reducing our expenses. We also plan to continue strategically investing in our business, including expanding our content offering, furthering the use of technology (including AI), and in other areas that increase monetization, such as advertising. We have also recently taken meaningful steps in response to actions by competitors that we believe are harmful to Fubo, the industry as a whole, and most importantly, to consumers,” read the letter.

Fubo execs say they are “conservatively” anticipating subscriber growth of 4% in 2024.

Revenue is also expected to be up 13% in 2024 with 17% growth in the first quarter of the year.