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FuboTV CEO breaks down Q2 earnings, projects new advertising revenues

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FuboTV David Gandler, CEO and Co-Founder, joined Yahoo Finance to discuss what's next for the streaming service including the Fubo Sportsbook.

Video Transcript

- We're going to bring back into the stream FuboTV co-founder and CEO David Gandler to talk about not only their earnings, which were quite remarkable revenue up 196% from a year ago. But also the future for streaming. Because if you haven't cut the cord yet, it's time. And it's so easy to do. Just got to let you know David, real quickly that we may have to interrupt this because President Biden is going to be addressing the nation about Afghanistan. We'll be taking that. But let me talk about first the growth you saw. Because this field of streaming TV offerings and platforms like yours, it's quite competitive. There's a lot out there. And yet you grew revenue. Why is Wall Street punishing you today?

DAVID GANDLER: Well, I don't know if they're punishing us. But we did announce an ATM. So we'll be raising capital. And that capital raise is really based off as you said, really some phenomenal numbers. The growth rates have been outstanding to date. We've beat and raised guidance four times now. We've been public less than a full year. So we're very excited about the future. And we lead both traditional and non-traditional pay-tv platforms in net ads. Those that were reporting of course. So we're feeling really good about the future of streaming.

EMILY MCCORMICK: David, this Emily McCormick. I wanted to ask FuboTV, as you mentioned, one of the few streaming companies we've been seeing raising its outlook especially on subscribers. And even now that more in-person activities have been resuming. And I'm wondering, is this a temporary boost now that more live sports programming is returning since that is such a core part of the FuboTV content library? Or is this growth sustainable?

DAVID GANDLER: Yeah, this is definitely sustainable growth. We had a very strong second quarter. If you look at hours viewed during COVID for 2020, the average daily usage was about 7.2 hours. That's per day. We are down from 7.2 to just 7 hours per day. So viewership is still strong going into the summer. And we're very comfortable with the level of growth and sustainability of our platform.

- You know, in our last, discussion, we talked about engagement for television. And I'm not talking about commenting through Twitter while you're watching a show. Your sports book, which is going to launch, it's in the fourth quarter really takes the television experience to a whole new level. And you've already tested this. Is there going to be more than just a sports book coming in regards to engagement?

DAVID GANDLER: Yeah, so interactivity is a very important component of the Fubo platform. We are in the process of redefining television, and building a category defining company within a space that is video and sports betting. But I think you're right. There are many use cases for a lot of the technology that we're bringing to market. And we think it's going to work well for live television. It'll work well for reality TV. It'll work well for news programming. So we're really focused on creating a more of a lean in experience. Moving users from being passive to active.

EMILY MCCORMICK: Where are you seeing the biggest growth areas in terms of demographics or geographically for continuing to grow those users?

DAVID GANDLER: That's a great question. What we found is the median age of the average Fubo subscriber now is 42. That's well below the 59 years of a median-- sorry, median 59 years for a cable customer. At the same time, we're really focused on big cities where you have more sophisticated users. Folks that are interested in local sports programming. And we found a lot of strength in key DMAs, like New York and Houston and Los Angeles, and Miami. So again, very focused on the coasts. But starting to see a lot of traction in the Midwest.

- David, whenever you join us my entrepreneurial hopes and ambitions, although I'll keep my day job, they really grow. Because you know when you have connected television through an app like FuboTV. You are collecting data on what someone like me is watching. But in the background, the digital advertising, it's much more efficient because then I can be presented with things that I might want to buy. So where I'm going with this is remember that TV show the Truman Show? They used to do product placement with, buy this oatmeal. It could be much less intrusive and perhaps more sophisticated. And I got to believe you're looking in that. Or is that already in play?

DAVID GANDLER: So you're absolutely right. We are definitely looking in this area. Right now, Fubo is a dual revenue stream, which is subscription based and advertising based. And we've been developing technology around machine learning to better improve recommendations for surfacing content that may be valuable for your specific household. And the same is true on the advertising side. So we're also in the process of looking and developing technologies that we think will allow that one to one relationship based off of the data that we're able to collect, and analyze on the platform.

- We appreciate your joining us always to update us on how you're doing. And keep up the good work. Congratulations on the past quarter. David Gandler, FuboTVs co-founder and CEO.