FuboTV Takes $75M in Series D Funding, Will Invest in Engineering
FuboTV, the little OTT service that's giving that's giving bigger players some competition, has taken $75 million in series D funding. This doubles the company's funding total to $150 million. AMC Networks is a new investor this round, with participation from existing investors 21st Century Fox, Luminari Capital, Northzone, Sky, and Scripps Networks Interactive (now a part of Discovery, Inc.).
The money is earmarked for engineering improvements to the FuboTV OTT platform and apps. FuboTV's main attraction is its sports content, and it plans to create new features just for sports fans, as well as launch marketing programs to grow an audience.
The over-the-top video field is already highly competitive, but FuboTV sees plenty of room for growth.
“While our industry is in its infancy, the macro tailwind is very strong. It’s so strong that we anticipate the majority of pay TV consumers will switch to live streaming within the next five to seven years," says David Gandler, co-founder and CEO of FuboTV.
The company closed its Series C round in June 2017 when it took an additional $55 million. Since then it has streamed the MLB All Star game, the MLB playoffs, and the World Series; NFL regular season games and the Super Bowl; and the Winter Olympics. It passed 100,000 subscribers in September and boasts of double-digit growth.
The FuboTV interface
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The initial public offering will consist of 15 million shares of common stock, with an expected offering price of between $9 and $11 per share
If anyone else was leading this mobile video effort funding would be hard to come by, but the industry has faith Katzenberg can pull it off.
This sports-focused skinny bundle offers big league and college action, as well as traditional pay TV fare. Investors see a Spotify for TV.