Today, FuboTV announced that its streaming TV service FuboTV now has over 1 million subscribers. FuboTV announced the news in its third quarter financial earnings report. It ended Q3 with 944 605 subscribers, but it crossed the million mark after the quarter was over.
David Gandler, co-founder and CEO of FuboTV, stated that the company's milestone of 1 million subscribers since the end of the third quarter was an exceptional achievement. This is especially remarkable considering the rapid growth of the business in the past six years. FuboTV also highlights its revenue growth, advertising earnings and viewing hours. This grew by 113 percent year-over-year to 284 million hours of streaming content. Gandler wrote to shareholders that 1 million subscribers meant increased relevance, leverage, and influence with content partners, leagues, as well as the possibility to go upstream in tentpole sports properties.
Gandler said, "To put this into perspective, as at the end of 2020's second quarter, we had approximately 286,000 subscribers." "And even though we have reached one million subscribers, we still believe that we are just scratching the surface for the huge opportunity before us. Traditional pay-TV has 72.6 million active subscribers."
FuboTV's recent 1 million milestone proves how difficult it is to compete with streaming giants and larger TV-centric services like YouTube TV, Sling TV and Hulu Live TV. Rich Greenfield, of LightShed Partners, recently estimated that YouTube TV had around 4 million subscribers. This makes it the largest US internet TV provider, closely followed by Hulu.
FuboTV channel bundles start from $64.99 per monthly. This includes 116 channels and 250 hours of cloud-based DVR storage. It also includes three concurrent streams. The Elite package, which includes 162 channels, 1,000 DVR storage, and 10 simultaneous streams, is the most expensive. After YouTube TV's sharply increased subscription rates in June last year, the starting price of YouTube TV is the same as YouTube TV.
FuboTV announced the acquisition of Molotov SAS (France's top live TV streaming company) and Edisn.ai (an AI company that specializes on video recognition). FuboTV claims its tech will be used to create interactive experiences, personalization, and stability on the platform.