FuboTV revenue soars, boosts 2023 guidance
FuboTV (FUBO) reported its third-quarter earnings, showing 20% year-over-year growth in subscribers and 43% year-over-year revenue growth in North America, raising its guidance for the region for the iscal year. In the company's release, CEO David Gandler says the platform aims to be a "super aggregator" of different types of content moving forward. Yahoo Finance anchors Brad Smith and Akiko Fujita break down the company's performance and its' plans moving forward.
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Video Transcript
BRAD SMITH: FuboTV narrowing its loss in the third quarter as revenue jumps on an annual basis. Importantly, the subscriber count hitting a new high. Fubo also raised its full-year 2023 guidance for North America.
You're taking a look at shares right now. They are down by about 1.6%, we'll call it, for this company and for sports streaming. I mean, there have been a lot of different plays to garner rights or even new series in Fubo right now. I think for the number of fan bases out there that they have to attract, it's been a critical year for how new sports are charting for some of these new deals and agreements and how the licensing, the broadcast partnerships are not just, OK, who's over linear, but it's also do you have one different linear partner versus a streaming partner that you have. And that's where, I think, Fubo is able to generate a lot of this fanfare right now.
AKIKO FUJITA: Yeah, in some ways you, sort of, wonder, well, OK, the expansion, you could argue, in terms of the platforms that now offer live sports, what does that mean for Fubo? The CEO specifically saying that the company's aim is to be a super aggregator, so offering customers premium content delivered through-- and as he describes it-- a personalized streaming experience at the right price points. And that, sort of, points to how, I think, viewers really want to move forward, right? I mean, we've talked so much about just how many streaming subscriptions you need, where the content is out there. If you can sort of play the aggregator in the middle of that, you would think that that's, kind of, a sweet spot.
BRAD SMITH: Yeah. And I think for Fubo, they have the right idea within their approach of making sure that people know that if it's costing you so much now and for all of the pricing wars and the pricing strategies that have moved forward, whether that be Disney raising their prices recently, whether that be Apple as well. All of these things considered for all of the sports rights that have been going after people who already have one streaming provider or another or one entity that-- whether it's Hulu or Disney or the bundle that is now or Netflix--
AKIKO FUJITA: Apple.
BRAD SMITH: --they are realizing that they're paying more. And so are they going to decide, all right, I just want to pick one or two that I'm comfortable with paying with? And it might just be for sports or it might just be for, say, you like Home and Garden. Maybe it's that, who knows?
AKIKO FUJITA: Yeah, we've heard some guests who say specifically on sports that they think all the fragmentation of the market could actually strengthen the case for cable.
BRAD SMITH: Right.
