Below is a chart and excerpt from today's Early Look written by Communications Sector Head Andrew Freedman .
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YouTubeTV is now cheaper than fuboTV at $64.99/mo and has just hit 5M subscribers (it probably helped that they had TBS/TNT for the NBA/NHL playoffs/finals). But the 5M is up from the 3M YouTube last reported in 3Q20, an increase of 2M versus the 666k fuboTV added over the same period. In 2Q22, we saw YouTubeTV mobile app download growth accelerate past fuboTV, whose growth went negative in June 2022. With churn on the rise and gross acquisition down, we expect fuboTV to put up a very weak subscriber # in North America relative to their guidance and consensus. The bottom line. fuboTV’s relative value is coming under significant pressure at the same time content costs per subscriber continue to outpace their ability to raise price. |
