NEW YORK - FuboTV Inc. (NYSE: NYSE:FUBO), a sports-centric internet television service, has expanded its offerings through a deal with NBCUniversal to include comprehensive coverage of the upcoming Paris Olympics. Subscribers will have access to the event's live daytime coverage and a reimagined primetime show, the company announced today.
The agreement enables FuboTV users to watch the Games of the XXXIII Olympiad, taking place from July 26 to August 11, with live competition sessions beginning as early as July 24. NBC will serve as the core platform for coverage, offering at least nine hours of daytime programming daily, including live finals in swimming, gymnastics, and track & field.
In addition to NBC's linear coverage, FuboTV subscribers can access two newly launched channels, Paris Extra 1 and Paris Extra 2, dedicated to team sports and combat/racket sports respectively. Moreover, Spanish-language networks Telemundo and Universo will provide extensive coverage, marking the most comprehensive Spanish-language Olympic programming in the U.S.
The NBC Sports app and NBCOlympics.com will stream over 5,000 hours of the Paris Olympics, featuring live competition across all sports and medal events, with Fubo subscribers able to access this content at no extra cost. On-demand options will also be available, including daily highlights, event recaps, and full-event replays of top competitions.
FuboTV, which operates in the U.S., Canada, Spain, and France through Molotov, stands out in the live TV streaming space by offering every Nielsen-rated sports channel. The company has been at the forefront of streaming technology, being the first virtual MVPD to introduce features like 4K streaming and MultiView.
NBCUniversal, a subsidiary of Comcast Corporation (NASDAQ:CMCSA), is a leading media and entertainment company that delivers content to a global audience. This collaboration with FuboTV for the Paris Olympics is part of its ongoing efforts to reach viewers across multiple platforms.
The information is based on a press release statement from FuboTV.
In other recent news, FuboTV has announced significant expansion onto Comcast’s entertainment platforms, potentially reaching millions of Xfinity Internet households. This development is part of FuboTV's broader strategy to aggregate premium content through a single app.
Despite the expansion, FuboTV acknowledges the challenges it faces, including the need for profitability, managing growth effectively, and navigating a competitive streaming content market.
Simultaneously, FuboTV reported a robust increase in its Q1 2024 revenue and paid subscribers, with total revenue growing by 24% year-over-year to reach $394 million and paid subscribers rising by 18% to total 1,511,000. The company also improved its adjusted EBITDA margin to -10%.
Furthermore, FuboTV's shareholders have approved an expansion of its 2020 Equity Incentive Plan, increasing the share reserve by 20 million shares to a total of 71.1 million. This move is seen as a strategy to align the interests of employees with those of shareholders.
Lastly, the company provided guidance for Q2 and the full year of 2024, forecasting continued growth in North American and Rest of World subscribers, as well as revenue. FuboTV is also actively engaged in litigation against major media companies, alleging anti-competitive practices, and has introduced enhancements for sports streaming.
InvestingPro Insights
As FuboTV Inc. (NYSE: FUBO) gears up to offer comprehensive coverage of the Paris Olympics, investors and subscribers are keeping a close eye on the company's financial health and market performance.
With a market capitalization of $388.34 million, FuboTV demonstrates the potential for growth in the sports streaming industry. The company has been actively expanding its offerings, which could be a strategic move to attract more subscribers and boost revenue, which stood at $1.446 billion over the last twelve months as of Q1 2023, marking a notable growth of 32.59%.
However, according to InvestingPro Tips, FuboTV may face challenges with its cash flow, as it's quickly burning through cash and may have trouble making interest payments on its debt. Moreover, the company's gross profit margins appear weak at 7.65%, reflecting potential inefficiencies that could impact profitability.
With analysts not anticipating the company to be profitable this year, these financial metrics are crucial for investors to monitor. On a more positive note, four analysts have revised their earnings upwards for the upcoming period, indicating a potential turnaround or a more optimistic outlook for the company's financial future.
Investors should also note that FuboTV's stock price has been quite volatile, with significant returns over the last week of 7.83%, yet a substantial six-month total return decrease of -61.01%. Such volatility suggests that the stock may appeal to certain types of investors while presenting risks for those seeking stability.
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