New York, NY – fuboTV Inc. held its Q1 2024 Earnings Conference Call on May 3, 2024, at 8:30 AM ET, with Senior Vice President of Investor Relations Alison Sternberg, Co-Founder and CEO David Gandler, and CFO John Janedis in attendance.
During the call, Gandler highlighted Fubo’s strong start to 2024, showcasing double-digit growth in key financial and operating metrics in North America. The company reported total revenue of $394 million, marking a 24% year-over-year increase, as well as a rise in paid subscribers to 1,511,000, up 18% compared to the previous year. Additionally, the ad sales business showed promising growth, with North American ad revenue reaching $27.2 million, a 21% increase year-over-year.
The earnings call also discussed progress towards achieving positive cash flow and adjusted EBITDA. In Q1, the adjusted EBITDA margin reached minus 10%, showing significant improvement compared to the same quarter in 2023. Fubo demonstrated increased efficiency in customer acquisition, with the lowest subscriber acquisition cost to average revenue per user ratio and record-low churn rate in March 2024.
Fubo’s rapid growth trajectory since its founding in 2015 was highlighted during the call, with impressive revenue milestones achieved in a relatively short period compared to industry leaders like Netflix and Roku. The company’s tech stack and management team were credited for its position as a leading operator in the streaming market.
One of the key challenges discussed was the ongoing litigation against major players in the industry, including The Walt Disney Company, Fox Corp., and Warner Bros. Discovery. Allegations of anti-competitive practices by these companies aimed at monopolizing the market were addressed, with Fubo actively seeking fair and equitable terms for all distributors.
The earnings call also touched upon Fubo’s focus on tech innovation, especially in the advertising space. New offerings such as interactive ads, AI-driven playlists, and improved DVR experiences were announced to enhance the user experience and drive engagement. Fubo’s commitment to delivering value to shareholders through strategic initiatives and operational efficiency was reiterated throughout the call.
In conclusion, the Q1 2024 earnings call showcased Fubo’s continued growth and resilience in a competitive streaming landscape. The company’s emphasis on innovation, efficiency, and consumer satisfaction positions it well for long-term success in the evolving media and tech sectors.
