![]() ![]() “We expect margin improvement to continue over time, aided by a number of initiatives. The company is expecting margin improvement over time, as discussed in its Q3 Shareholder Letter: In Q3, adjusted contribution margin was positive 16.1%, up from 0.5% in Q3 2019. Management noted that they use adjusted contribution margin to measure variable costs against subscriber revenue. Related expenses and sales & marketing expenses increased by 20% and 60% respectively in Fubo’s latest quarter. This would be a concern if FuboTV had not outlined a new path for monetization (see below). Operating margins were -145.9% and gross margins currently stand at -16%. Average Revenue per User (ARPU) increased 14% YoY to $67.70, while total content hours streamed by FuboTV users (paid and free trial) in the quarter increased 83% YoY to 133.3 million hours. Monthly active users (MAUs) watched 121 hours per month on average in the quarter, an increase of 20% YoY.
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