Here are 1-3 brief analogies to describe FuboTV:

• YouTube TV for sports fanatics.
• An online Comcast or Spectrum sports package.
• Hulu + Live TV for dedicated sports fans.

• Live TV Streaming Service (Category: Digital Media/Entertainment Subscription): FuboTV provides a subscription-based internet television service offering live sports, news, and entertainment channels accessible over the internet.

FuboTV (symbol: FUBO) primarily sells its live TV streaming service directly to individuals, making it a business-to-consumer (B2C) model rather than selling to other companies.

The company serves the following categories of customers:

• Sports Enthusiasts: This is FuboTV's core demographic. Customers in this category are primarily interested in accessing a wide variety of live sports, including major league games (NFL, NBA, MLB, NHL, soccer, etc.), regional sports networks, and sports-centric channels, often seeking an alternative to traditional cable for their sports viewing needs.
• Cord-Cutters and Cord-Nevers: This category includes individuals and households who have canceled traditional cable or satellite TV subscriptions (cord-cutters) or have never subscribed to them in the first place (cord-nevers). They seek a more flexible, internet-delivered solution for live television, with FuboTV offering a comprehensive package that includes news, entertainment, and a strong emphasis on sports.
• General Entertainment Viewers (with a sports preference): While sports is the primary draw, FuboTV also offers a broad range of live news, entertainment, and lifestyle channels. This appeals to households looking for an all-in-one live TV streaming service that caters to diverse viewing interests, but still prioritizes and provides robust access to sports content.

• The Walt Disney Company (DIS)
• Fox Corporation (FOXA)
• NBCUniversal Media, LLC (CMCSA)
• Warner Bros. Discovery, Inc. (WBD)
• Paramount Global (PARA)
• Amazon Web Services (AMZN)

David Gandler, Co-Founder / CEO

David Gandler co-founded FuboTV in 2015. Prior to founding FuboTV, he accumulated over 15 years of experience in video sales within local broadcast and cable TV, working at companies such as Scripps Networks Interactive, Time Warner Cable Media Sales, and NBCUniversal's Telemundo Media. He previously built out the advertising capabilities for DramaFever, which was sold around 2014, and subsequently co-founded FuboTV with colleagues from DramaFever. Outside of FuboTV, Gandler is the majority owner and a board member of the soccer team Leyton Orient F.C. and was a former co-owner of Paris FC.

John Janedis, Chief Financial Officer

John Janedis joined FuboTV as Chief Financial Officer in February 2022. He brings over two decades of experience in equity research, investor relations, capital markets, and mergers and acquisitions from various financial institutions. His previous roles include Managing Director and Senior Equity Research Analyst at Wolfe Research, Senior Vice President of Capital Markets, Treasurer, and Investor Relations at TEGNA Inc., and Managing Director and Senior Equity Research Analyst at Jefferies. He also held leadership positions in equity research at UBS Securities, Wells Fargo Securities, Banc of America Securities, and Morgan Stanley & Co.

Alberto Horihuela, Co-Founder / Chief Operating Officer

Alberto Horihuela co-founded FuboTV in 2015. Before FuboTV, he served as the head of Latin America for the SVOD service DramaFever and also co-founded Primerad Network and Dokarta.

Gina DiGioia, Chief Legal Officer

Gina DiGioia joined FuboTV in 2020 as Senior Vice President, General Counsel, and Corporate Secretary, becoming the company's first in-house general counsel. She oversees all legal matters for FuboTV, including financings, mergers, acquisitions, and corporate governance. Prior to FuboTV, DiGioia was U.S. general counsel and chief operations officer for Fiizy, a global technology company.

Sung Ho Choi, Co-Founder

Sung Ho Choi co-founded FuboTV in 2015. He previously worked as a Product Manager at DramaFever.

Key risks to FuboTV's business include:

1. High Content Costs and Profitability Challenges: FuboTV's business model is heavily reliant on securing expensive sports broadcasting rights, which are continuously escalating. This leads to high content costs that significantly impact the company's profitability. Despite efforts to manage expenses, FuboTV has a history of operating losses and faces ongoing challenges in achieving and sustaining consistent profitability. The company's relatively smaller subscriber base compared to larger competitors also limits its leverage in negotiating these crucial carriage fees, further exacerbating this risk.
2. Intense Competition and Subscriber Churn/Declines: The live TV streaming market is highly competitive, with formidable rivals such as YouTube TV and Hulu + Live TV, alongside emerging niche platforms and traditional cable providers. FuboTV has experienced subscriber declines and faces a high churn risk, partly due to increasing prices and the loss of key content partners. The ability to attract and, more importantly, retain subscribers in this saturated and evolving market remains a significant challenge for the company.
3. Regulatory Hurdles for Strategic Transactions and Content Fragmentation: FuboTV's strategic initiatives, such as its proposed merger with Hulu + Live TV, are subject to intense regulatory scrutiny, particularly on antitrust grounds by the U.S. Department of Justice. Furthermore, the broader streaming landscape is marked by increasing content fragmentation, where major content owners are launching their own direct-to-consumer services. This trend could lead to the loss of valuable content from FuboTV's platform, forcing consumers to subscribe to multiple services and potentially increasing churn for FuboTV.

The clear emerging threat to FuboTV is the accelerating trend of sports leagues and content owners moving their broadcasting rights to exclusive, direct-to-consumer (DTC) streaming platforms. This fragmentation forces consumers to subscribe to multiple standalone services (e.g., Apple TV+ for MLS, Amazon Prime Video for NFL's Thursday Night Football, Peacock for specific Premier League matches and NFL games, ESPN+ for various sports, Paramount+ for UEFA Champions League) to access comprehensive sports coverage. This trend undermines the value proposition of virtual MVPDs like FuboTV, which traditionally aggregate content into a single bundle, as consumers may opt for a mix of cheaper, specialized DTC sports services over a more expensive, albeit broader, vMVPD subscription, or find the total cost of supplementing FuboTV with these exclusive DTC options prohibitive.

The addressable markets for FuboTV's main products and services are significant, primarily within North America.

Live TV Streaming (Subscription Services)

FuboTV operates as a sports-first live TV streaming service that also offers news and entertainment programming. The addressable market for live TV streaming, particularly in the United States, demonstrates substantial growth:

• The U.S. live streaming market was valued at approximately $27.1 billion in 2024. This market is projected to grow significantly, reaching an estimated $333.8 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 25.65% from 2025 to 2035.
• More specifically for sports content, the North America Sports Streaming Platform Market size was valued at $13.75 billion in 2024 and is projected to reach $39.90 billion by 2033, growing at a CAGR of 12.60% from 2025 to 2033. The U.S. sports streaming market alone is estimated to reach $18.85 billion by 2030.

Advertising (Connected TV - CTV)

As a live TV streaming platform, FuboTV generates revenue through advertising on its service. The Connected TV (CTV) advertising market in the U.S. represents a substantial addressable market:

• U.S. advertisers are expected to spend $33.35 billion on CTV advertising in 2025. This figure is projected to grow to $46.89 billion by 2028, potentially surpassing traditional TV ad spending for the first time.
• Another estimate indicates that U.S. Connected TV ad spending is projected to reach $28.75 billion in 2024, with forecasts to exceed $42 billion by 2028.

• Subscriber Growth, particularly in North America, bolstered by strategic mergers: FuboTV continues to focus on expanding its subscriber base, especially in North America. The recent merger with Hulu + Live TV is a significant catalyst, projected to create the sixth-largest Pay TV service in the U.S. with nearly 6 million subscribers, substantially boosting FuboTV's reach and subscriber count. FuboTV achieved a record 1.631 million paid subscribers in North America in Q3 2025, up 1.1% year-over-year.
• Growth in Advertising Revenue through enhanced synergies: The company anticipates a notable increase in advertising revenue. This growth is expected to stem from leveraging its sports-centric audience to attract advertisers and, significantly, from integrating with Disney's advertising sales infrastructure following the merger. FuboTV aims to capitalize on advertising and programming synergies.
• Expansion of Average Revenue Per User (ARPU) via pricing power and new offerings: FuboTV has demonstrated a consistent ability to grow its Average Revenue Per User (ARPU). This is driven by improved unit economics, potential price increases, and the introduction of new products and services such as the Fubo channel store, Pay-Per-View events, and the "skinny bundle." In Q4 2024, North American ARPU reached an all-time high of $87.90.
• International Market Expansion and Platform Unification: FuboTV has a global mission and operates in countries like Canada, Spain, and France (via Molotov). The company plans to further expand its international reach and seeks partnerships, including with Disney abroad, to drive future growth.
• Product Innovation and AI-driven Personalization: FuboTV is investing in product and content innovation, including features like 4K streaming and MultiView. A key driver will be the continued development of AI-powered recommendations and personalized features, which aim to increase user engagement, reduce churn, and maximize the lifetime value of subscribers.

Share Issuance

• FuboTV's number of outstanding shares has significantly increased, with 341,476,595 shares as of February 28, 2025, up from 299,502,862 shares as of February 29, 2024, and 209,694,958 shares as of January 31, 2023.
• In July 2020, the company received over $20 million in equity funding from institutional and private investors at $9.25 per share.

Outbound Investments

• FuboTV acquired Molotov, a French live TV streaming service, in December 2021.
• In early 2024, FuboTV acquired a minority stake in the US-based boxing promotion Bare Knuckle Fighting Championship (BKFC).

Capital Expenditures

• FuboTV has consistently made strategic investments in product, infrastructure, and streaming quality to enhance user experience and drive viewership.
• These capital expenditures are also focused on expanding monetization infrastructure.
• Projected capital expenditures are $6 million for 2025, $7 million for 2026 and 2027, $10 million for 2028, and $12 million for 2029.