Fubo TV, the sports-focused OTT streaming platform and internet TV service, has reduced its losses in the first quarter (Q1) of 2025, but suffered a drop in subscribers across multiple markets.
For its North America business, Fubo’s total revenue for Q1 came to $407.9 million, up 3.5% year-over-year (YoY). The company reported 1.47 million paid subscribers, down 2.7% YoY.
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In its Rest of World (ROW) segment, Fubo delivered $8.4 million in total revenue, down 0.4%, and 354,000 paid subscribers, a drop of 10.9% YoY.
ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December 2021.
Fubo claims both the North America and ROW results met and exceeded its guidance range.
For the first quarter ended March 31, 2025, net income was $188.5 million, a significant difference from a net loss of $56.3 million in the same period in 2024.
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By GlobalDataFubo ended the quarter with $327.8 million in cash, cash equivalents, and restricted cash on hand.
The platform revealed that its net income and net cash were positively impacted by the $220 million gain associated with the litigation settlement with Venu Sports, the joint venture sports streaming platform planned by Disney, Fox, and Warner Bros. Discovery (WBD).
Fubo filed a lawsuit against Disney, Fox, and WBD in February 2024, seeking the blocking of Venu Sports, which would have housed over 50% of all US sports rights on one service.
In a major twist earlier this year, the planned launch of Venu Sports was scrapped after Disney completed an acquisition of Fubo.
Through the agreement, Disney and Fubo will merge their live internet TV services. Disney will combine its Hulu + Live TV business with Fubo and become the majority owner of the resulting company.
Under the terms of the deal, Disney will own approximately 70% of Fubo, while Fubo shareholders will own the remaining 30%.
However, the agreement is under US government scrutiny with the Department of Justice (DoJ) investigating the acquisition due to antitrust concerns.
Those opposing the Disney-Fubo deal, including rival carriers Dish and DirecTV, believe that the combination of Hulu + Live TV business with Fubo would result in a significant reduction in competition. Bringing Fubo under that umbrella would add to Disney’s already substantial marketplace power.
A key legislative critic of this move has been Senator Elizabeth Warren of Massachusetts, who sent a letter to the DoJ stating that the acquisition of Fubo “appears to allow Disney to simultaneously circumvent the lawsuit while gobbling up a competitor.”
For the second quarter of the year, Fubo is projecting $340 million to $350 million total revenue in North America, representing a 10% YoY decline at the midpoint, and 1.225 million to 1.255 million paid subscribers, a 14% drop.
For the ROW business, the streaming service is projecting $6.5 million to $7.5 million total revenue, representing a 15% YoY decline, and 325,000 to 335,000 paid subscribers, down 17%.
David Gandler, Fubo co-founder and CEO, said: “Fubo’s first quarter 2025 performance demonstrates the company’s resilience and focus amid market turbulence, particularly as we strive towards our profitability goal this year.
“Fubo fights for consumers every day, and we believe that our content aggregation and innovative user experience provide an attractive solution, particularly for the ardent sports fan.”
Regarding the agreement between Fubo and Disney, Gandler commented: “We remain excited about our agreement with The Walt Disney Company to combine Fubo with Hulu + Live TV, and its potential to increase competition and consumer choice in the pay-TV space.
“We continue to work through the regulatory process and look forward to sharing more information when we are able.”
