FuboTV, the US over-the-top live television and sports streaming service, has posted record revenue of $236.7 million for the first quarter of 2022.

The figure for the period ended March 31 represents an increase of 98% year over year for the company.

FuboTV also delivered strong year-over-year growth in advertising revenue, which was up 81% to $22.8 million, and total paid subscribers (up 81% to 1,056,245).

Overall, the streaming service’s subscribers were down from last year as it stood at 1.13 million at the end of the fourth quarter of 2021.

The company also announced results for its international streaming business in France and Spain for the first time, ending the quarter with approximately 305,000 total paid subscribers and $5.5 million in total revenue.

In 2021, FuboTV secured record annual revenue of $638 million after a rise of 106% in its paid subscriber base.

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The streaming platform, which holds major soccer rights in the US and Canada, expects to secure over $1 billion in total revenue across 2022.

David Gandler, co-founder and chief executive of FuboTV, said “In our first quarter, against a challenging macro environment, FuboTV achieved strong growth in subscribers and revenue, with North American subscriber growth of 81% year over year.

“In a less robust advertising market, however, we experienced some pressure on adjusted contribution margin due to slower ad sales growth than we had initially expected, with ad revenue up 81% year over year.

“Importantly, we strengthened FuboTV’s balance sheet, ending the quarter with over $456 million in cash. This increased financial flexibility is expected to take us through 2023, and we are targeting positive cash flow and adjusted EBITDA in 2025, with a relatively modest cash requirement anticipated in 2024.”

In January, FuboTV secured exclusive rights in the US to select matches from multiple top-tier European soccer UEFA national team competitions until 2028 through a six-year sub-licensing deal with national network Fox.

The deal, which starts later this year and will involve matches streaming on Fubo Sports Network, will cover five matches each from the 2024 and 2028 UEFA European Championships; qualifying fixtures for those tournaments; the European qualifying zone for the 2026 FIFA World Cup; the next few editions of the UEFA Nations League (in 2023, 2025 and 2027); and other friendly fixtures organized by UEFA.

This deal represented the second major sports rights deal that Fubo struck in January after it swooped for rights in Canada to English soccer’s top-tier Premier League until the end of 2024-25.

FuboTV will add the Premier League and UEFA matches, next season, to a line-up of top-tier European soccer that already includes Italy’s Serie A through a deal struck last August. It also streams France’s Ligue 1 locally through its content partners.

In the US, meanwhile, it holds exclusive streaming rights to the South American 2022 FIFA World Cup qualifiers, and the platform is the exclusive Canadian home of matches involving Chivas, the popular team from Mexican soccer’s Liga MX.