FuboTV's Q2 2025 Earnings Call: Contradictions in Subscriber Growth, Content Disruptions, and Ad Revenue Trends

Positive Adjusted EBITDA Milestone:
- FuboTV Inc. reported its first-ever quarter of positive adjusted EBITDA, with a result of $20.7 million, marking an improvement of more than $30 million year-over-year.
- This milestone was achieved due to Fubo's focused execution, delivery on consumer needs, and commitment to value and relevance despite a fragmented streaming marketplace.

Subscribers and Revenue Trends:
- In North America, FuboTV delivered total revenue of $371 million, down 3% year-over-year, and 1,356,000 paid subscribers, down 6.5% year-over-year.
- The slight decline in subscribers and revenue is attributed to the competitive market and consumers' increasing focus on price-value equations.

Hulu+ Live TV Business Combination:
- FuboTV is seeking shareholder approval for its agreement with the Walt Disney Company to combine Fubo with Hulu+ Live TV, aiming to increase competition and consumer choice in the pay-TV space.
- The anticipated timeline for closing the transaction is the fourth quarter of 2025 or the first quarter of 2026, pending regulatory approvals and other conditions.

Ad Revenue and FAST Channel Impact:
- FuboTV's North America ad revenue totaled $25.5 million, a 2% year-over-year decline, primarily due to the loss of certain ad-insertable content.
- The company's FAST channels have contributed to offsetting some of the ad revenue losses, as they have grown to high single digits as a percentage of the total ad revenue and are still experiencing strong double-digit growth.

Content Strategy and Product Launches:
- FuboTV continues to expand its content offerings, exemplified by the recent launch of pay-per-view and a content partnership with DAZN in the U.S.
- These strategic moves are aimed at offering flexible content experiences, increasing visibility, and driving greater consumer engagement and retention.