fuboTV Reports $1.62 Billion Revenue for Fiscal Year 2024, Announces Business Combination with Disney and Hulu

fuboTV Inc. reported a total revenue of $1.62 billion for the fiscal year ending December 31, 2024, marking a 19% increase from $1.37 billion in 2023. The growth was primarily driven by a $250.5 million rise in subscription revenue, attributed to an increase in the subscriber base and higher subscription package prices. However, advertising revenue saw a slight decline, decreasing to $115.2 million from $115.4 million in the previous year. The company recorded an operating loss of $196 million, an improvement from the $289 million loss reported in 2023, indicating a narrowing of losses as the company continues to scale its operations.

In terms of operational metrics, fuboTV had approximately 1.7 million paid subscribers in North America as of December 31, 2024, up from 1.6 million the previous year. The average revenue per user (ARPU) in North America increased to $85.97, compared to $82.25 in 2023. The company also reported a gross profit of $203.9 million, resulting in a gross margin of 12.6%, up from 6.3% in the prior year. These figures reflect the company's ongoing efforts to optimize its content portfolio and enhance subscriber engagement.

Strategically, fuboTV announced a significant business combination agreement with The Walt Disney Company and Hulu on January 6, 2025. This agreement involves the formation of a new entity, Newco, in which Hulu will hold a 70% economic interest and fuboTV will hold 30%. The deal is subject to various closing conditions, including shareholder approval and regulatory clearances. The anticipated benefits of this combination include enhanced content offerings and operational synergies, which could strengthen fuboTV's competitive position in the streaming market.

The company continues to face challenges, including rising content acquisition costs and the need to maintain relationships with content providers. As of December 31, 2024, fuboTV had cash and cash equivalents of $167.6 million, with a working capital deficit of $241.3 million. The company has indicated that it may require additional capital to support its growth initiatives and operational needs, particularly as it navigates the competitive landscape of the streaming industry.

Looking ahead, fuboTV remains focused on expanding its subscriber base and enhancing its service offerings. The company is optimistic about the potential for growth in the streaming market, particularly as consumer preferences shift away from traditional pay TV. However, it acknowledges the risks associated with market conditions and competition, which could impact its financial performance in the future.