FUBO - Earnings call transcript Q2 2021

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Alison Sternberg

Thank you for joining us to discuss fuboTV’s Second Quarter 2021. With me today is David Gandler, CEO and Co-Founder of fubo and Simone Nardi, CFO of fubo. Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the Investor Relations section of our website at ir.fubo.tv.

Before we begin, let me quickly review the format of today’s presentation. David is going to start with some brief remarks on the quarter and fubo’s strategy and Simone will cover the financials and guidance. to into call Q&A. going analysts to am dig to I turn over the the Then

to within the Before everyone regarding opportunity, on discussion statements of quarterly business that begin, Commission XX-Q quarterly beliefs, Exchange our to the meaning we I’d filed June quarterly financial statements section plans Factors SEC. Risk following may for the be like financial condition, strategy contain performance, for with filings including XX, and the securities the other laws, XX-Q federal to anticipated with expectations on on remind the statements of market the and forward-looking results These uncertainties and May the to in our could are the available ended subject statements XXXX, Sportsbook. These the assumptions Form expected ended forward-looking forward-looking that information from March our XX, our launch us. report materially based factors filed report of certain SEC periodic and differ XX, free-to-play period and risks, and Form XXXX, on statements with current gaming, reflect our Securities cause found Important actual XXXX, FanView and fubo currently be period assumptions. to quarterly our can

Although revise we undertake any we that believe to after these this call. expectations no statements changes obligation are reasonable, occur to reflect

also in we at non-GAAP With results. non-GAAP David. over shareholder XXXX the isolation turn a financial on non-GAAP of GAAP available to directly call, that, in in refer to and addition available I for, to, are Reconciliations to considered QX the ir.fubo.tv. measures not will website is which most also the should our measures During our letter, earnings from, measures. comparable GAAP or call be our substitute These measures these as

David Gandler

are to executing update very Thank QX today. we you, opportunity in front you on discuss on to give an for thank excited you, joining and and I’m how of Alison, us. results our all, us the XXXX

the towards achieved our we again while all meaningful second continued Our seeing in in second We results initiatives and drove XXX% quarter, by industry. by to and on on and also demonstrate grew outperformance raising growth are quarter $XXX.X XXX% growth advertising quarter once year XXX% which favorable subscribers, capitalizing by long-term and compared meaningful content trends XXX% key XXX revenue, paid each our guidance. the which streamed, full XXXX. which This million; to traction hours the across of margin advancement increased our million, increased over to revenue, to XXX,XXX; grew $XX.X of targets, strong we execution to million; which by are over

in and we’ve shift which devices; we ad believe television, cited previously, complements TV intersection our of of X is wagering, the market of our As decline the secular live sports platform. online traditional strategy TV the streaming connected to dollars a megatrends: rooted sports-first opportunity

We are trends. of ahead these on laser-focused staying

industry’s vision streaming and transcends model Our to viewers current transforms into the virtual participants. that activate is platform a passive active MVPD

attachments a X.X%, also significant margin the evidenced expansion subscription was It’s result advertising of growth the sequentially. XXX making to our end quarter. at progress while ARPU and associated contribution towards packaging. by and and profitability, driven achieved we businesses Importantly, also sold with by with points our is This million that’s year-over-year strong these in points adjusted at basis upsells the of execution XXX X.X results path and basis up

streaming view, delivery managing for share. to actively We of now capturing is experience content. will shift becomes future the consumers of the be a to recently there aggregation and And echoes the space key as industry and consumers. burdensome consumer bundling that market the pointing have major asserted back repeatedly as this to believe interactive increasingly and and services proliferation costly of sources of that We disparate this agree. SVOD and fatigue of personalized numerous subscriptions consequence a a unified, The

affordable cord fubo of services year. go a due and price. over approach period virtual, the are cut they legacy This As and with X,XXX healthy XX,XXX a innovative approximately sports pay-TV choosing and for expensive increasingly an they same dynamic, a to additions more along to calendar, to last experience subscriber the quarter product all heavy continue in drove net compared the in customer-friendly our decline

added approximately drove quarter for the compared of MVPD just the growth year-over-year since growth over the XXXX, XXX% XX% entire in have virtual period. XXX,XXX second We to of market net we dollars revenue, resulting subscribers subscriber came growth same of XXXX. in efficient which at in strong the sales noteworthy, down deployment the quarter marketing XX% quarter, XX% with from of in first subscriber only Equally of and

We year-over-year. points improved also by basis churn XXX

enhancements to hours our product in investments, viewership month underlying total users XXX average increased in platform and content active year-over-year per to amazing year-over-year, an with along improvements XXX% investment hours quarter. and Our the technology and driving monthly lifts These on retention. streamed watched personalization our infrastructure, are in

Our continue in hours impressive content. for viewed, virtual bundle popularity. our are we to of a engagement category early content assortment metrics, gain view, and a with particularly consumers the In prefer holistic will premium MVPDs, still our indicate the that wide number of days

strongest paying engagement revenue premium for Ad our engaged audience. quarter, year-over-year. XX% of XXX% record-breaking XXX the up business TV national and efficiencies to we driving our than of $X.XX connected rapidly our ARPU demonstrates are by model Advertisers Advertising sales us and targeting companies drawn of premium capabilities This ad $XX.X second year. differentiated Fortune the advertising brands base blue-chip sequentially, a recurring expand. our was live our the closer addressable and growth and more continued and In and our offering brands reached as content platform. the also revenue doubling advertising the grew to year-over-year advertiser to this strength delivered quarter was of augmented in XX% second our platform’s to highly quarter increased million The history. goal advertising

of entertainment our between and of are focused further of an convergent participants, a As for vision an The television. to active of the the immersive market the is presentation, turning the sports curve. launch at fubo a passive at we the own a as partnerships viewers Sportsbook validates said new Sportsbook. our an demand driver will aim companies, important flywheel staying video industry-first activating offering. sync our integration is entertainment Sportsbook of I strategy into the in gaming and direction live category top is represent interactive sports experience. we defining distribution develop the between The fuboTV Recent and of moving on laser head

can mobile are fuboTV see experience, connection how particular building hyper-personalized And in new they feature our what with a watching, even can We that to user change the and is the a market. the fubo It’s of watching streaming bets to This first app on a only game. Presentation] holistic first be You based the the betting preview come. user fuboTV for app time, Sportsbook moment. share am this updates very of as [Video seamless is at what relevant believe real-time video many the really betting channel we integration. is between immediately bring I on to to a to and excited reflecting

it July, obtaining to for to customer early of with product in Indiana access market announced the agreements these progress with In cable positive product enhance we believe believe well also fourth am TV launch In will the strengthening our Jersey. We to and innings believe this state, a about and and a the team, customers, regulatory year. of a and sales, free-to-play requisite for we our the our are very as a for spectacular scale our previous Iowa replacement subject are we we adoption I will New curve Companies, opportunity. We of to gaming learning which extremely engagement over through of quarter, is unit drive predictive of ultimately advertising while greater games. second impact thus of a following reduce And educate The train are far. time. economics rollout approval, differentiate and have the we experience. believe excited accelerate levels features half partnership retention, sports-first as a our a massive strong well pleased on Cordish launches Free Pennsylvania we expect Sportsbook. serves As agreement and summary, our positioned we was

will that new integration, company. continued stack our represents interactive partnerships advancement towards I technology and a quarter wagering Twitter on progress evolving highlights to our and Simone, second look build And forward to believe evening for discuss We raised of and The now, to shareholders. entertainment. to XXXX. Simone available sports QX it scale you we’ll team, I our updating and us to interact our guidance sports on ahead. this nimble position well over category-defining to with later be distinctive pass build talented our please plans category a go financial

Simone Nardi

and to and content, upsell in compared X% and XX% by revenue and top this in saw flow. significant The from growth ended accounted as line a delivered we Subscription increased number XXX,XXX quarter strength in and to the made was growth $XX.X of revenue $XXX position total Thank on of quarter continued monetization by second product on growth to and to profitability quarter strong by towards already of accelerated making or investments to both revenue growth progress for our levels, long-term in curated performance while growth compared we our subscribers sequentially content quarter increase propelled performance, XXX% of our the retention, advertising year-over-year subscription outlook over strategy, and well QX technology product, Advertising net overall XX% XXX,XXX tactics. operational XXX% QX to our subscribers, strong positive us to expanded our year-over-year XX% date. good when million continue grew our year-over-year and offering. path of our with strongest product, ARPU Advertising date. year reflect year-over-year and XXXX. as advertising prior. surged front this comment, We and David, to driven XXXX, their I quarter. first up Unpacking financial pleased investment million taking results data XXX% generation the revenue $XXX cash quarter afternoon, to Echoing tracking with in revenue the million, quarter. XXXX ongoing quarter this to an improvements delivering rates revenues We Advertising subscription additions XX% our acquisition the efficiency through robust QX These people, and operating am everyone. strongest QX in $XX.XX, from and revenue very you, interactive packaging XXX% $X.XX, component resulting in is XXXX delivering and David’s free a as growth to exceeded in and ARPU the of the margin ARPU. improvements. year-on-year up both key

As proposition our differentiated audience. as strength alluded subscriber providing earlier, on growth we access engaged paying to enhanced continue David extend advertisers our built is to platform, exceeds our premium to continued robust this and them monetization value to by highly

business. second growth, deliberate efficiency sequentially expenses, to to XXXX, of than position side expenses in ARPU goals, XX% primarily profitability margin of also marketing showcasing lay we long-term our ARPU revenue strategic percentage growth. grow to subscriber-related quarter focus also the QX, revenue the our significantly technology to XQ advertising in is our position compared driving basis expenses, expected continuous XX% These subscriber XX% making optimization revenue points basis up from XXXX went XXX% cost, margin in us and and underscoring in year-over-year XXX% due basis. And the points within dollars On XX continue down we made absolute expansion which operating revenue up QX the a prior. contribution that noting Accordingly, our expenses delivering while well infrastructure offering. year-over-year, increased quarter, as driving and in our leverage XX% as in was points This as shares, the worth our we as on it – foundation improved year-over-year of and for in well of this an Within a a in the content Operating a towards content in increase market traction percentage quarter our sequentially. second the investment sales optimize of of to on quarter of first growing total improvement as continued of accounted percentage future year driven less a points expect total to in XXX increase by XX% year-over-year expenses from base. for content, in X.X%, adjusted XXX our but XXXX, XX and increase percentage and consist significant

result, $XX.X intangibles million for by discount impacted margin of was of the EPS EPS the warrant and business we the from in warrants, and the meaningful and our adjusted and liabilities discount. stock-based million in the to QX was quarter to a EPS XX%. to remeasurement Adjusted minus in notes. XXXX in adjusted in approximately amortization $X.XX compared second debt loss expenses minus launch of year-over-year quarter. negative a As excluding of of in stock-based $XX debt impacts related second compensation, of $X.XX improvement $X.XX, XX% the incurred liabilities, non-cash in wagering our quarter convertible XXXX. a Net and of EPS loss amortization XXXX of achieved compensation, EBITDA a was of loss included the of quarter of $X.XX Expenses remeasurement intangibles

to the million cash the turning impact in to of the of $XX secured QX repayment balance cash, ended AMC full This the $XXX Networks. with and cash. senior million sheet, equivalent restricted includes Now loan quarter the in we

of structure payment negative with capital in inclusive the resulting ongoing impact our our $XX.X a XXXX from wagering million our and significant million compared negative in $XX of $X.X in quarter of strengthened part debt. million, sheet the a and to it cost first As buildup was associated the optimization, of flow quarter reduction cash of improving Operating is business. balance

in increase given XXX,XXX, up XX% our at to once XXX,XXX representing XXX,XXX. of full at than guidance. half of and are guidance million additions our Similarly, This reflected net of our our tailwinds midpoint, now net the of full performance midpoint, we an XXXX outlook, continued our additions to XXXX, again year increasing prior the from up of our full XXX% year in the strong XXX% year least the end and are Moving trajectory, XXXX year-over-year. to in first $XXX subscriber implies outlook subscriber industry revenue guidance year a at confidence we increasing higher XXXX increase XX% our year-over-year growth

end-of-period up to Turning at million revenue estimate XX% the of the would the also revenue to year-over-year. contribution We year-over-year. like to to the our sports not grow wagering growth in a quarter, $XXX come of XXX% third that to guidance, XXX,XXX from highlight at estimate I guidance we midpoint subscribers does our at business. any midpoint, include

the closing, the in with we operating While are wagering and new video our very in launches we innings consumer. $XX the half licenses opportunity. first planned increase states continue half world-class million call continues. in still new These with growth our to of today. with year. we the to dates progress of on year, We believe growth providing execute XXXX markets plans investment sport and driven in we as up for differentiated and in books, second forward the our launches. are are And P&L look our execution million will this strategy expected pleased approach pleased drive making, to joining $XX Thank weeks with our both a be and well-positioned marketing in process are our delivering our largely we ensuing estimate long-term regulatory well the by of market In we you associated that wagering, expenses access the pleased more the operating performance building on review as robust early we as to plan of between our in our as details and wagering in the are to very target of Again, we’re second market the for to we the experience to as half in and efficiently hit an and while the leverage. investment, continue securing expenses launch

Alison? take now questions. will We your

Alison Sternberg

Thank Thank Simone. David. you, you,

Martin comes the you, from first Laura, ahead. Needham [Operator We’re to go now our it’s great Our & and Instructions] Laura call. turning Q&A question please with to see of portion Company.

Laura Martin

David, date were that subs. than like they We at. down first getting improving is, My some thought XX,XXX. XXX months on basis going are IPO you more Okay. points? the when your at Is the what’s churn granularity I that Is question numbers? to you acquisition on these are better much Or were what were doing would XX,XXX now better be is something add customer so ago? side X the you additions

David Gandler

us great is have churn of first with here And it’s you Laura, to Well, Yes. obviously, important. again. very all,

is churn – at an is getting doing now sequentially his year-over-year numbers. quarter think Horihuela, is Alberto a team is the better The leveraging phenomenal data. our XXth I improved Co-Founder, our that from perspective. this just we’ve My team job acquisitions

on really to that to But more excel in us I and have we’ve really with of discussed think efficient that in able quarter focus terms acquisition subscriber you. particular, acquisition really allowing we’ve continue been the We always this is growth. all channels to cost cost,

So quarter happy we’re very with acquisitions an from perspective. the

Laura Martin

be question number. then second my amazing this And would on advertising

AVOD fast Roku, they You platform. just are blew an and

to and more a supposed ad lot be doing growing your revenue, an a faster You’re you’re ad lot platform, revenue. SVOD

your you is also, go could into on it So the revenue side? driving growth, of ad sustainable? the components what’s CPM But especially

David Gandler

all, of of Yes. very Well, those. on first is It all yes sustainable.

business. We’re very our advertising excited about

sales three at know, fubo. you driving advertising there As components are to

rate. first obviously is the The fill

fuboTV. is And just the People number about more third more to will on watching. are second The the the people of that continue hours is talk CPM, which shortly. and we watch

the CPMs low the we’re with our sustainability, currently about of if share it, think is hours market, to But hit in still the quarter. respect $XXs. in and more to you $XX goal taking actually We’re million XXX

So component $XX of on putting $XX and to XX% itself XX% push will of to ad in actually that to offer. us

I about is Household advertiser And the we’re continue the years So we’re income skew our And old. males. data. That’s That’s to other piece. on We driving viewer component that significantly first-party on the we interest. very is focused cable. excited than male younger heavily also male, more think leverage ad really XX $XX,XXX.

excited very to be offer. ad So we’re we think and continue we able that to about drive in growth will advertising

Laura Martin

taking you for much very numbers. guys. Thanks questions, excellent to and Congratulations my

David Gandler

Yes. Thank you.

Alison Sternberg

you, Laura. Great. questions. Great Thank

to Kelly Jed good from comes your see and ask question next feel to with question. Oppenheimer. Jed, Our free you

Jed Kelly

my Thanks, think question, do growth? on just measured how David. Advertising, Thanks, Yes, like – is Simone. seems Yes, subscriber-related first sure, leveraging just It that. expenses. great. I’m contributing to you about your you’re

you’re XX So like But David, at to growth it we view subscriber you, how how should the it it, seems months? doing next, do because call well? XX look over

David Gandler

Yes. you, for today. thank Well, joining of first Jed, all, us

great. focused we’ve look The have You this, think our Street we subscriber and pulled very that number for subscriber growth. on we said Look, forward you told to XXXX are told I And actually XXXX.

of subscribers to to also able track. our relative our at So, traditional to additions respect ability last – we’re about But That’s again, the growth. be the midpoint goal year. been the quarters. we’re for drive virtual the to feel good net end only not with the We in few a but leader space. on the ecosystem XXX,XXX is subscriber for We’ve

like we add Simone, that? if So, anything things. of doing know, would again, don’t right we – on to a are the you I are lot

Simone Nardi

eye would that efficiencies. that to with I very we close just Yes, a add do

the down subscriber latest with that now in decreasing in to overall in revenue, as earlier asked question our terms and well SAC, earlier, of prior addition on quarter, do with that the marketing our well. net XX% expenses quarter mentioned back XXXX increasing quarter in sales And an to from XX% I we been by compared guidance. have the eye as original of as first XX% going XXXX, We

we maintain that is Our range. like we to range, first our the in And did that were is even certain SAC parameters. target within target second the in below quarter, quarter,

we efficiencies push to continue when efficiency see kind the see to we we So and continue stays. of

Jed Kelly

in market Got terms product where can of you it thinking the any just really to to your be what terms start on then And you’re of on you when you stimulating us to subscribers? demand? give aggressively it. about gaming, sense And do in want

David Gandler

a you it’s of good Hopefully, chance a opportunity. a sync had the to question. Well, preview live product see

to on bullish going phenomenal is this extremely I’m be services. of think I the a product. integration two

really base. a we’ve leveraging deals entry think reduce by effect to the to the critical also going be know, you ability is: the the sort subscriber set that one overall And the we market to to to think business And now, consumers of into As The are right growth. product gaming actually three to is is our to of is that the access flywheel drive looking our able for goals ourselves first cost That’s deliver key get I we’re thing. enjoy. done. the

with happy my product things we’ve The launched. job preparing of – excited pretty Co-Founder, get doing an that gone with other Butera actually with also, the regulators Scott be pretty to long-term very target. excellent product. of obviously, We’re that way team opportunity going. are Rattner the our margins product Sam XX% the sizable. sort gross are far And is is will and and Ho, and think the We many we’re Sung

on look to ARPU to We target $XX that based $XX of advertising margin. also XX% will about

in fourth quarter. looking good of terms really again, timing we’re So our around launch

Jed Kelly

you. Thank

Alison Sternberg

you, Jed. questions. Great Thank

at from Our please next question Jim, Goss Jim go comes ahead. Barrington.

Jim Goss

you maintaining Hi, process, sports is customer conversely, to finding to what say? be important thanks you the this you’ve non-sports that going attributes was are and you And acquisition I very are your and to as your are program mix, that wondering, certain same key this are pursued is retention? how much. programming would think there influencing very any that

David Gandler

end sports. fungible. terms part strategy. acquire the Jim. customers CONMEBOL which We live matches, of business being big think rate. retention a the this of fubo network entertainment really quarter, sports-first service, you, fubo replacement obviously our entertainment were at to day, our the a important we’ve cable At in exclusively. a continue is so Thank of TV side on sports had is efficient to of demonstrated I quarter We Yes. ability had the And But our the relatively an

of We as as also the games. well and national number Mexican U.S. had the a Euro Cup

So component, we know, company. the you a driver really quarter, third a a we’re key which solid NFL as being of into for and quarter, – had going key growth

with year, half So first the our giving in of respect excited to are terms the half given back year, very future. we’re the which guidance performance raising comfort the of the us in our for of

Jim Goss

And to many Vizio. another the points. access similar sort I at wonder of deals would I related you believe question process? sort all be and how did if talk a discuss with recent you that in deal other might of you have about

David Gandler

quarter. you as in partnership Well, with LG we second our know, Yes. the launched

our have We on just platform. SmartCast amazing announced Vizio their with partnership

to And connected of XX% as will to our devices. proliferate viewership TV is know, number on We look connected the devices. you of continue

more the monetize or better we offering. smart connected we devices So, be TVs able our to are will that on, the

provide with are of number we services platforms and visibility talking we coming in you look a quarters. So, to and to, is more there will that other the

Jim Goss

Thank very Alright. much. you

David Gandler

Yes. Jim. Thank you,

Alison Sternberg

you, Thank Jim.

Shweta, Our is Khajuria your see next it’s you. you good Please again. Evercore. see Nice from question. proceed question with to to from Shweta

Shweta Khajuria

You and too, thank Alison you.

very improvements, about was coming quarter? strong. one and Was economy entering Could please. the platform you first, back, was we a engagement what sports product it drove mostly platform your are that’s yet on reopening engagement on try me talk in Let your because it

talk then a And that. I follow-up, please. could please you have So, about

David Gandler

thank Shweta, you. Yes.

the done mean, a have brought to our company. the Balto, excited acquisitions super amount lot. are That product. of significant I I we We talk to we a knowledge that about group have made, particular. want in about

beta free-to-play of, you launched aware have a are We in QX. in which product,

engagement also really We a very a to focused it us that’s generated really more the product And that fact that are the and engagement XX% important really we improvements the sports-first on allows also create developing on we interactivity content which to Fanview, about on XX% platform. had. launched that because highlights

So, that really worked has well.

get sets we to new you had we that around about upcoming also improvements as we some into excited on But acquired previously are didn’t as rights production QX. have product the the taken know. have. we We skill CONMEBOL, And

some product are the more able from to around do looking really content forward being have perspective. looking that acquired, we and So, of more to products we are a develop to we

that continue believe to over we will improve engagement So, time.

fact, say, viewership, hours day. about place, for, tidbit, daily you of the about half imagine how hours, at shelter averaging when June. you engagement so year. majority we in that’s In the into can year-to-date, effect averaging per which just would through I of year, March look back during was XXXX This Again, in interesting one going were the in terms X is of X.X are we strong

those lots the long-term. company again, to are So we and and have super going platform for we again, acquisitions to over proliferation the a that and their the on made perspective, product about from excited able acquisitions ability performance be drive

Shweta Khajuria

follow-up churn. my Okay. Thank And on helpful. then is you. That’s

points improved year-over-year, churn consecutive basis over XXX XXth quarter. So,

that? How little are earlier. is we material of about bit it trends, terms we talked where it a You should normalizing in But now, is upside? a about there long-term think

David Gandler

Yes.

believe there I So, material is upside.

X%. rely are businesses of that contracts, roughly are those look don’t If wireless at which on terms around for churn rates levels prepaid in you businesses churn,

I businesses a like streaming century More that we Netflix to for go. quarter-century to number. like think they have old a that mature long XX in are are way say, I years, that around with as

go. way This to a young. have company a got that is long very We is

We are X-years-old.

material there XX improvement months. next is in terms the think I of over that retention upside

Shweta Khajuria

you Thank very Okay. much.

David Gandler

you. Thank

Alison Sternberg

to you. forward questions. with Thank continuing to Look work Great you, Shweta.

to Salmon is feel free BMO. with from you. good question proceed Dan, to with Please next Our Dan see your question.

Dan Salmon

Thanks. Good everyone. afternoon

are with matches set to been helpful how your So gross I of second were the the CONMEBOL the has And the retention with then additions first subscriber matches? June follow-up those question, viewing will David, after. how customers and that

David Gandler

Yes.

mobile a think opinion, up premium iOS look, CONMEBOL, around to features beta launched Roku. So that do clear them I when more we which game. we engaging content have And said, having I things. my is us that many and have three seen product around on ability allowed add as improvements has to I these one think And have XX% is, very engagement mobile, like in the product the Android we to products features what content. it’s of develop event And is platforms;

So, we have done a lot around CONMEBOL.

think in will disciplined content the platform. in of I and to to adding a of that we exclusive always terms opportunistic, course, measured way be look

led In this a was and this well also the of But high-profile obviously, which is in as the into event. terms platform engagement churn, performing well. Olympics, event right

we that with see are quarters. had are to gauge trends haven’t we that in retention really So, cohort but continue yet, to previous that will first a chance optimistic you line

Dan Salmon

great. That’s also the viewership Okay, helpful, really Olympics the on note and too.

think how you question, regional does your your...? rollout Do the major dovetail for need strategy? in state-by-state second Sportsbook, how with given that your state So RSNs about to the a your you for does have – sports

David Gandler

good Yes, with our think is that’s more quite clear. content have scaffolding ideally, available, we question. a I better. that the Look, the Realistically,

We XX% are develop business to looking gross that’s unit margins. going deliver to a

to Our is our of by total able access up XXXX subscriber goal to of base end in terms of of provide our sub-base. XX% market to access to the be

significantly based in doing one, the see and we we I to How And are earlier, believe what of at as saying XXX,XXX, opportunities is defensibility important flywheel and of And create create very which us becomes number which And that this was two excited a our sizable year So, product. feedback more pretty unit three, do cohort. from a kind in right. for reduce is experiences, entry it. we number that you is the that regulators, guidance attractive or getting, is on the of idea really the can which goal, is to; starting is we very to kind we again the everyone moat with simple. into create are equally that economics, integrated imagine, probably the a the start build is really we about to ability to end pack, are delve cost business, around the of differentiate the

based a virtual or the thing excited about available are say opportunity about the on perspective that front the today today, will virtual the very, space. last from X%, commands X% we of is So, that The MVPD in MVPD I space, data in fubo on video in a roughly very market the business.

would likely total long-term, that gaming very will. TAM, and you push it’s if X% over anywhere to the X% between achieve of the So, we

think we right? X all Amazon This averages a important is tremendous hours. controls And is on we those what which basis is is This daily Apple most upside So, the screens, for fubo what just after. of over the viewership, hours of factor is business. control XXX after. there overall is

in to with mind, additional are very roll our to services. able out in we ability confident and products be that So,

Dan Salmon

Thank you.

Alison Sternberg

questions. Appreciate insightful you, Dan. Thank Great it. Alright. questions,

question go Heslin from Our is us for ahead and joining Dillon Dillon, please with you with ROTH. thank next questions. your

Dillon Heslin

for Thanks questions. my Hi. taking

help the sports First, it with planned you starting NFL can that initiatives later the come app, come conversion given pretty a your do likely or Sportsbook up season any peak soon, like to and out this you time people your season? out scheduled and lift will year during getting to have in adopt incentives rates like the

David Gandler

question. great a that’s Dillon, Yes.

you approval. as Things well say, I now, regulatory right pretty are, think know, moving lines. along everything those to would is I subject

Obviously, before would track do the launch We are there. the again, we But in about assuming that least quarter. end of get markets to do the we can still three fourth a very like way. opportunity. at launch very we to the are year, we to excited on staggered plan But in

people these to service and interact data really of the To quite are leveraging the able other. two services I the two think sort But a unified I opportunities. compelling of ability customers with season. us do engage market a mean for some strong. opportunity during promotions really actually I us ability this ample engaging like an going create both just to provide message again, that of no NFL to to be sort that’s for really interactive to to And create create from foresee are gives opportunity and these fact. the

Dillon Heslin

skewing, a and the they to as been like at regarding about subs packages those are and are who net it comment or And seeing you. Thank on now are all follow-up, and new you services? up-sell the strength you attachments is additional adding have platform it people Great. could is where the are you there, upgrading

David Gandler

Yes.

question. again, excellent So

up attachments a XXX,XXX of this the important just is from phenomenal it’s X.X months million at prior. million, number attachments. quarter. highlight, think sold that’s end That of to XX X.X I That’s number we

So, we about attachment are business. super our excited

very head we more customers within continue are and of now opportunities, copy to as up-sell propensity obviously teams our see, have teams but This able we integrations the identify is have product is are engineering be and to to can with closely for these YouTube others focus take an to beginning to to we huge working RedZone. a a doing, don’t will we season lot product think product, with you to fubo acquire us. of TV NFL what isolate complement. as our particularly of allow As drive that enough the so that us area a into moment, At up-sells

around not attachments are up-sell So both well customers attachments. the again, ability around content as super we but excited our on as about service also only opportunities, to advertising,

would between our has those focus, think because margin really perspective. content distinguish to our of a a have XX% from our like attachments, and attachments profile whereas to a key I margin the between are which we two service know, that XXX%, to XX% as profile is XX% you closer

to again, So we believe area an focus we for will forward. able drive of this be that continue us to and is

Dillon Heslin

appreciate the I Thank color. you.

David Gandler

you. Thank

Alison Sternberg

participation so questions their for our in to weeks business for to folks everyone, your actually quarters continuing thoughtful everybody forward reach ensuing the encourage to on portion update look This you follow-up. any again. to concludes And and we for and with you come. out Q&A to thank Dillon, the and Great. Thanks, I the today. questions. want much thank their of thoughtful call

David Gandler

much. very you Thank

fuboTV (FUBO) 11 Aug 212021 Q2 Earnings call transcript