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David Gandler, CEO of FuboTV, on his company’s quarterly report and its entry into the sports betting world.
FuboTV CEO David Gandler defended the business outlook for his streaming brand on Wednesday as shares fell 18% following lukewarm earnings results and news that rival Dish Network has teamed up with DraftKings as part of an integrated betting partnership.
Dish Network subscribers will be able to access the DraftKings app, view betting odds and place bets in real time through Dish TV Hopper, Dish’s Sling TV and Dish-owned Boost mobile. The partnership was announced a day after a mixed fourth quarter earnings report for FuboTV, which reported a net loss of $ 570.5 million or $ 2.47 per share, far exceeding the loss of 85 cents per share. expected on Wall Street. Dish’s Internet Sling bundle of television programs competes with FuboTV.
Gandler played down concerns about the larger-than-expected loss, noting that FuboTV had nearly doubled its quarterly revenue compared to the same period a year ago. The company’s paid subscriber base grew 73% for the quarter.
“We have had a very good year. We passed $ 100 million in the fourth quarter. We have raised advice now three times. It’s a new business. We are growing, we are growing fast. We have exceeded all of our KPIs. “
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| FUBO | FUBOTV | 34.14 | -7.75 | -18.50% |
Due to Sling TV, the Dish-DraftKings deal presents a direct challenge for FuboTV. But the six-year-old service is preparing its own sports betting feature in the coming months. In a press release, Dish noted that integrations from DraftKings may be added to Sling in the future.
FuboTV has been a Wall Street darling in recent months, with shares up nearly 300% from last March. But competition is fierce in the streaming industry, and competing services like Hulu and YouTube are offering bundles for the same price of $ 64.99 per month. Dish’s Sling TV offers packages starting at $ 34.99.
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“The competition is very intense, but if you look at the fourth quarter, we added 92,800 net additions,” Gandler added. “When you look at the list of traditional MVPDs [multichannel video programming distributor] as well as our virtual peers, I think we’ve outperformed any companies that report on it. “
FuboTV is one of many brands aiming to gain market share in the sports betting industry. A growing number of states have legalized sports betting since the Supreme Court overturned a federal ban in 2018.
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Gandler said he expects FuboTV’s sports betting integration to launch in the fiscal fourth quarter.
“We have a unique opportunity to combine a video product featuring over 50,000 sporting events with a betting product that we think could create a nice shuttlecock and that can improve engagement and retention,” said Gandler.
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