What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-03-01 compared with 2021-03-25 · 372 added, 380 removed, 50 unchanged (94% of the section changed)

April 1, 2020, fuboTV Inc.

(formerly known as FaceBank Group, Inc.) acquired fuboTV Media Inc.

(formerly known as fuboTV Inc.),

which we refer to as the “Merger.”

Unless the context otherwise requires, “we,”

“us,”

“our,”

and the “Company”

refers to the combined company post-Merger –

fuboTV Inc., or fuboTV, and its subsidiaries,

including fuboTV Sub.

“FaceBank Pre-Merger”

refers to FaceBank Group, Inc.

prior to the Merger, and “fuboTV

Pre-Merger”

refers to fuboTV Media Inc.

(“fuboTV Sub”) and its subsidiaries prior to the Merger.

are a sports-first, live TV streaming company, offering subscribers access to tens of thousands of live sporting events annually

as well as leading news and entertainment content.

Our platform, fuboTV, allows customers to access content through streaming

devices and on SmartTVs, mobile phones, tablets, and computers.

TV streaming has disrupted the traditional pay TV model (linear video received through cable or satellite providers for a paid

subscription), which we refer to as “Pay TV”.

This disruption has shifted billions of dollars in subscription and

advertising revenue to streaming platforms.

The number of cable TV cord-cutting households (those that terminate their cable or

satellite subscription) and cable TV cord-never households (those that have never subscribed to traditional cable or satellite)

continues to accelerate in the United States, as cable and satellite subscribers increasingly favor the streaming experience.

As consumers continue to spend more time streaming content, we also believe that advertisers will allocate more dollars away from

traditional linear TV advertising spend and towards streaming services.

Yet, despite being a growing share of TV consumption,

streaming is still in the early stages of adoption.

We believe this creates a significant opportunity for us to capitalize on

the cord-cutting movement.

offer subscribers a live TV streaming service with the option to purchase incremental features available for purchase that include

additional content or enhanced functionality (“Attachments”) best suited to their preferences.

Our base plan includes

a broad mix of channels, including top 50 Nielsen-ranked networks, across sports, news, and entertainment.

In the summer of 2020,

we enhanced our sports-centric offering with the addition of ESPN and ABC as well as other top programming from Disney.

core of our offering are our proprietary technology platform, purpose-built for live TV and sports viewership, and our first-party

Our proprietary technology stack has enabled us to regularly offer new features and functionality.

Unlike other popular

Video-on-Demand-only (VOD) streaming services, live TV streaming requires sophisticated infrastructure and technology, given the

nuances associated with an offering of live programming that refreshes regularly.

Today, our proprietary video delivery platform

supports all major sports leagues and entertainment content owner delivery requirements.

We offer multi-view on Apple TV, which

enables subscribers to watch four live streams simultaneously.

Our technology enables us to meet blackout and geographical rights

requirements with zip-code-level fidelity and deliver conforming streams on a per-user, per-device basis, protected by industry-standard

Digital Rights Management (“DRM”) technology.

We leverage our data throughout our organization to make data driven

decisions on what content we acquire for our subscribers to influence product design and strategy, to drive subscriber engagement,

and to enhance the capabilities and performance of our advertising platform for our advertising partners.

a result of our direct-to-consumer model, we gain further insight into customer behavior from the billions of data points captured

by our platform each month.

This data drives our continued innovation and is at the core of our enhanced user experience, product

and content strategy, and advertising differentiation.

The data also enables us to provide users with real-time personalized discovery

of live and on-demand programming and to surface relevant content for our users.

mission is to build the world’s leading global live TV streaming platform with the greatest breadth of premium content, interactivity

and integrated wagering.

are a sports-first, live TV streaming company, offering subscribers access to tens of thousands of live sporting events annually as well

as leading news and entertainment content.

Our platform, fuboTV, allows customers to access content through streaming devices and on

SmartTVs, mobile phones, tablets, and computers.

TV streaming has disrupted the traditional pay TV model (linear video received through cable or satellite providers for a paid subscription),

which we refer to as “Pay TV.” This disruption has shifted billions of dollars in subscription and advertising revenue to

streaming platforms.

The number of cable TV cord-cutting households (those that terminate their cable or satellite subscription) and

cable TV cord-never households (those that have never subscribed to traditional cable or satellite) continues to accelerate in the United

States, as cable and satellite subscribers increasingly favor the streaming experience.

As consumers continue to spend more time streaming

content, we also believe that advertisers will allocate more dollars away from traditional linear TV advertising spend and towards streaming

Yet, despite being a growing share of TV consumption, streaming is still in the early stages of adoption.

We believe this creates

a significant opportunity for us to capitalize on the cord-cutting movement.

offer subscribers a live TV streaming service with the option to purchase incremental features available for purchase that include additional

content or enhanced functionality (“Attachments”) best suited to their preferences.

Our base plan includes a broad mix of

channels, including top 50 Nielsen-ranked networks, across sports, news, and entertainment.

At the core of our offering are our proprietary

technology platform, purpose-built for live TV and sports viewership, and our first-party data.

Our proprietary technology stack has

enabled us to regularly offer new features and functionality.

Unlike other popular Video-on-Demand-only (“VOD”) streaming

services, live TV streaming requires sophisticated infrastructure and technology, given the nuances associated with an offering of live

programming that refreshes regularly.

Today, our proprietary video delivery platform supports all major sports leagues and entertainment

content owner delivery requirements.

We offer multi-view on Apple TV, which enables subscribers to watch four live streams simultaneously.

Our technology enables us to meet blackout and geographical rights requirements with zip-code-level fidelity and deliver conforming streams

on a per-user, per-device basis, protected by industry-standard Digital Rights Management (“DRM”) technology.

our data throughout our organization to make data driven decisions on what content we acquire for our subscribers to influence product

design and strategy, to drive subscriber engagement, and to enhance the capabilities and performance of our advertising platform for

our advertising partners.

a result of our direct-to-consumer model, we gain further insight into customer behavior from the billions of data points captured by

our platform each month.

This data drives our continued innovation and is at the core of our enhanced user experience, product and content

strategy, and advertising differentiation.

The data also enables us to provide users with real-time personalized discovery of live and

on-demand programming and to surface relevant content for our users.

growth strategy is to acquire subscribers who are attracted to our sports offering and can find with us a compelling sport, news, and

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then monetize our audience through subscription fees and our digital advertising offering.

In 2020, the majority of our revenue was

generated from monthly subscriptions.

are investing to accelerate expansion into the sports wagering space, which we believe will be a complementary revenue stream to our

current business model.

We recently announced our intent to expand into wagering and our subsequent acquisition of Camo Holdings

d/b/a Balto (“Balto”) and acquisition of Vigtory, Inc.

(“Vigtory”).

We plan to leverage Balto’s contest

automation software to launch a free to play game offering.

With the Vigtory acquisition, we expect to add Vigtory’s sportsbook

technology and pipeline of market access agreements to our business.

Our intended online wagering strategy includes the planned roll-out

of free to play gaming in the third quarter of 2021, the launch of a sportsbook application by the end of 2021 and ultimately the integration

of wagering with our live TV streaming platform.

By expanding into free to play gaming, we believe we can build further scale and drive

additional subscribers.

services have experienced rapid growth in adoption as consumers engage with streaming video and audio through a variety of devices,

including connected TVs, mobile phones, and tablets.

In 2021, the majority of our revenue was generated

from the sale of subscription services and the sale of advertisements in the United States, though the Company has started to expand

into international markets, with operations in Canada, Spain and France.

are continuing to invest to accelerate our expansion into the sports wagering space, which we believe will be a complementary revenue

stream to our current business model.

In February 2021, we completed the acquisition of Vigtory, Inc.

(“Vigtory”), which

was renamed fubo Gaming Inc.

(“fubo Gaming”), augmenting our video technology platform with Vigtory’s sportsbook capabilities

and pipeline of market access agreements.

Throughout 2021, we introduced our intended online wagering strategy, including the roll-out

in the third quarter of 2021 of predictive, free-to-play games, which are integrated into select sports content on our TV streaming platform,

and the launch in the fourth quarter of 2021 of fubo Gaming’s business-to-consumer online mobile sportsbook (“Fubo Sportsbook”)

in Iowa and Arizona.

We are planning to launch Fubo Sportsbook in additional states during 2022, subject to obtaining requisite regulatory

Fubo Sportsbook is purpose-built to integrate with fuboTV, creating a personalized omniscreen experience that turns passive

viewers into active and engaged participants.

with our focus on interactivity, we completed the acquisition of Edisn Inc.

(“Edisn”), an AI-powered computer vision platform

with patent-pending video recognition technologies based in Bangalore, India, in December 2021.

With Edisn, we expect to expand our

data science and engineering organization globally, while strengthening our technology capabilities and accelerating innovation.

Additionally,

we further expanded internationally in 2021 through our acquisition of Molotov SAS (“Molotov”) a video streaming platform

based in Paris, France.

With Molotov, we are augmenting our technology capabilities, enabling us to launch our interactive sports and

entertainment streaming platform more efficiently on a global scale.

services have experienced rapid growth in adoption as consumers engage with streaming video and audio through a variety of devices, including

connected TVs, mobile phones, and tablets.

Traditional live TV accounts for the majority of TV viewing hours for U.S.

households, however, the proportion is declining as customers continue cutting the cord.

We believe consumers are increasingly

favoring the superior customer experience, lower cost, and better value of streaming services.

households, however,

the proportion is declining as customers continue cutting the cord.

We believe consumers are increasingly favoring the superior customer

experience, lower cost, and better value of streaming services.

and news content have been a key driver for pay TV operators to retain and grow audiences.

Most streaming subscription services

have primarily focused on entertainment content offerings, requiring sports fans to, until recently, remain tethered to the pay

TV ecosystem.

This positions our offering well to provide a pay TV replacement service via streaming that also features an enhanced

live sports and news viewing experience.

Most streaming subscription services have

primarily focused on entertainment content offerings, requiring sports fans to, until recently, remain tethered to the pay TV ecosystem.

This positions our offering well to provide a pay TV replacement service via streaming that also features an enhanced live sports and

news viewing experience.

Business Model

business model is “come for the sports, stay for the entertainment.”

This consists of leveraging sporting events to

acquire subscribers at lower acquisition costs, given the built-in demand for sports.

We then leverage our technology and data

to drive higher engagement and induce retentive behaviors such as favoriting channels, recording shows, and increasing discovery

through our proprietary machine learning recommendations engine.

Next, we look to monetize our growing base of highly engaged

subscribers by driving higher average revenue per user (“ARPU”).

believe our expected expansion into wagering and interactivity is core to this model.

We believe free-to-play predictive games

enhance the sports streaming experience - while also providing a bridge between video and our contemplated sportsbook.

the integration of gaming with our expansive live sports coverage will create a flywheel that lifts engagement and retention,

expands advertising revenue through increased viewership, and creates additional opportunities for Attachment sales.

business model is “come for the sports, stay for the entertainment.” This consists of leveraging sporting events to acquire

subscribers at lower acquisition costs, given the built-in demand for sports.

We then leverage our technology and data to drive higher

engagement and induce retentive behaviors such as favoriting channels, recording shows, and increasing discovery through our proprietary

machine learning recommendations engine.

Next, we look to monetize our growing base of highly engaged subscribers by driving higher average

revenue per user (“ARPU”).

believe our expansion into wagering and interactivity is core to this model.

We believe free-to-play predictive games enhance the sports

streaming experience - while also providing a bridge between video and our sportsbook.

We expect the integration of gaming with our expansive

live sports coverage will create a flywheel that lifts engagement and retention, expands advertising revenue through increased viewership,

and creates additional opportunities for Attachment sales.

drive our business model with three core strategies:

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offer consumers a live TV streaming platform for sports, news, and entertainment.

We provide basic plans with the flexibility

for consumers to purchase the Attachments best suited for them.

Our base plan, fubo Standard, includes approximately 100+ channels,

including many of the top Nielsen-rated networks, dozens of channels with sports, double digit news channels, and some popular

entertainment channels.

Subscribers have the option to add premium channels and additional channel packages, as well as upgrade

Attachments such as more DVR storage with Cloud DVR Plus and additional simultaneous streams with Family Share.

We provide basic plans with the flexibility for consumers

to purchase the Attachments best suited for them.

Our base plan, fubo Starter, includes over 100+ channels, including many of the top

Nielsen-rated networks, dozens of channels with sports, double digit news channels, and some popular entertainment channels.

have the option to add premium channels and additional channel packages, as well as upgrade Attachments such as more DVR storage with

Cloud DVR Plus and additional simultaneous streams with Family Share.

cord cutting continues and traditional Pay TV viewers decline, advertisers are increasingly allocating their ad budgets to Over-the-Top

(“OTT”) platforms to reach these audiences.

fuboTV’s sports-first live TV platform offers advertisers a growing

and increasingly valuable live audience and provides un-skippable ad inventory on high quality content.

Advertisers also benefit

from combining traditional TV advertising formats with the advantages of digital advertising including measurability, relevancy,

and interactivity.

TV streaming platform creates the opportunity for content providers to monetize and distribute their content to our highly engaged

In doing so, content providers are expanding their audiences, which have shrunk on traditional TV because of ongoing

cord-cutting.

By aggregating a broad variety of content to deliver a comprehensive offering on our platform, we believe fuboTV

is able to provide greater engagement and value to subscribers than content providers would otherwise be able to deliver independently.

Furthermore, our data-driven platform enables us to capture valuable insights on consumer behavior and preferences, which are

increasingly valuable to our content providers.

(“OTT”) platforms to reach these audiences.

fuboTV’s sports-first live TV platform offers advertisers a growing and

increasingly valuable live audience and provides un-skippable ad inventory on high quality content.

Advertisers also benefit from combining

traditional TV advertising formats with the advantages of digital advertising including measurability, relevancy, and interactivity.

TV streaming platform creates the opportunity for content providers to monetize and distribute their content to our highly engaged audience.

In doing so, content providers are expanding their audiences, which have shrunk on traditional TV because of ongoing cord-cutting.

aggregating a broad variety of content to deliver a comprehensive offering on our platform, we believe fuboTV is able to provide greater

engagement and value to subscribers than content providers would otherwise be able to deliver independently.

Furthermore, our data-driven

platform enables us to capture valuable insights on consumer behavior and preferences, which are increasingly valuable to our content

generate significantly higher levels of revenue and subscriber additions in the third and fourth quarters of the year.

This seasonality

is driven primarily by sports leagues, specifically the NFL, which has a shorter partial-year season.

In addition, we typically

see average subscribers on our platform decline from the fourth quarter of the previous year through the first and second quarter

of the following year.

is driven primarily by sports leagues, specifically the National Football League.

In addition, we typically see the total number

of subscribers on our platform decline from the fourth quarter of the previous year through the first and second quarter of the following

We anticipate similar trends and user behavior for our recently launched Fubo Sportsbook given the seasonal nature of sports.

Growth Strategy

believe that we are at the early stages of our growth and that we are at an inflection point in the TV industry where streaming

has begun to surpass traditional linear Pay TV in several key areas, including content choice, ease of access and use across devices,

and cost savings to consumers.

We have identified potential growth opportunities, both in current markets and adjacent markets,

that we believe may provide additional upside to our business model.

believe that we are at the early stages of our growth and that we are at an inflection point in the TV industry where streaming has begun

to surpass traditional linear Pay TV in several key areas, including content choice, ease of access and use across devices, and cost

savings to consumers.

We have identified potential growth opportunities, both in current markets and adjacent markets, that we believe

may provide additional upside to our business model.

The key elements to our growth strategy include:

to grow our subscriber base :

At the end of 2020, fuboTV had 547,880 paid subscriber, up from approximately 316,000

at the end of 2019.

Our Sales and Marketing expenses relative to total revenues was approximately 25% in 2020 and we believe

there is significant opportunity to accelerate subscriber acquisition by increasing our marketing expenditures on an absolute

dollar basis.

We will continue to utilize and analyze the data we have collected to help us become more efficient with our

marketing campaigns relative to spend.

As of December 31, 2021, fuboTV had 1,315,433 paid subscribers,

including 185,626 added through the acquisition of Molotov, up from approximately 547,880

as of December 31, 2020.

Our Sales and Marketing expenses relative to total revenues was

approximately 22.3% in 2021 and we believe there is significant opportunity to accelerate

subscriber acquisition by increasing our marketing expenditures on an absolute dollar basis.

We will continue to utilize and analyze the data we have collected to help us become more

efficient with our marketing campaigns relative to spend.

and Retain Existing Subscribers :

By improving our Attachment offerings, we have been able to steadily increase the

quantity of Attachments sold within our subscriber base while continuing to improve our overall retention rates.

By piggybacking

on to our existing offerings and not meaningfully increasing our cost basis while increasing revenues, Attachments increase

Through each Attachment, we provide incremental value to our paying subscribers and are able to capitalize on

the incremental dollars earned through our ability to upsell.

We have consistently upgraded our Attachment offerings, as well

as optimized our merchandising and bundling of these offerings, and as a result have more than doubled the attach rate of

By improving our Attachment offerings, we have been

able to steadily increase the quantity of Attachments sold within our subscriber base while

continuing to improve our overall retention rates.

By piggybacking on to our existing offerings

and not meaningfully increasing our cost basis while increasing revenues, Attachments increase

Through each Attachment, we provide incremental value to our paying subscribers

and are able to capitalize on the incremental dollars earned through our ability to upsell.

We have consistently upgraded our Attachment offerings, as well as optimized our merchandising

and bundling of these offerings, and as a result have more than doubled the attach rate of

our subscribers.

Advertising Inventory:

Improvements to our content offering, UI / navigational elements and content merchandising

/ targeting capabilities, combined with evolutions in customer behavior and growth in our subscriber base, have driven growth

of our viewership over time.

Improvements to our content offering, UI / navigational elements

and content merchandising / targeting capabilities, combined with evolutions in customer

behavior and growth in our subscriber base, have driven growth of our viewership over time.

We are increasingly monetizing this engagement through advertising on the fuboTV platform.

intend to continue leveraging our data and analytics to deliver relevant advertising while improving the ability of our advertisers

to optimize and measure the results of their campaigns.

We also plan to continue to expand our direct sales teams to increase

the number of advertisers who leverage our platform and continue improving our fill-rates and Cost Per Thousands (“CPMs”).

Our Content Portfolio :

Because we have the direct-to-consumer relationship and have

the ability to analyze all the content that our subscribers consume, we believe we can continue

to drive better subscriber experiences.

We plan to continue to optimize our content mix to

best suit our subscribers’

interests by leveraging our deep understanding of our subscribers

through the data captured on the platform.

Continue to invest in our technology and

data capabilities:

We believe that our technology platform, coupled with our content offering, differentiates us,

and we will continue to invest in both to drive the subscriber experience.

We intend to continue leveraging our data and analytics to deliver relevant advertising while

improving the ability of our advertisers to optimize and measure the results of their campaigns.

We also plan to continue to expand our direct sales teams to increase the number of advertisers

who leverage our platform and continue improving our fill-rates and Cost Per Thousands (“CPMs”).

to Enhance Our Content Portfolio :

Because we have the direct-to-consumer relationship

and have the ability to analyze all the content that our subscribers consume, we believe

we can continue to drive better subscriber experiences.

We plan to continue to optimize our

content mix to best suit our subscribers’ interests by leveraging our deep understanding

of our subscribers through the data captured on the platform.

to invest in our technology and data capabilities:

We believe that our technology

platform, coupled with our content offering, differentiates us, and we will continue to invest

in both to drive the subscriber experience.

We plan to continue to enhance our product for

sports viewers by increasing the number of 4K streams and enhancing the image quality of fast-paced games.

We have also rolled

out personalization capabilities for our subscribers, including Favorites List and User Profiles, which allow us to enhance

our recommendation technology, thereby potentially increasing subscriber engagement and satisfaction.

Adjacent Markets, Including Wagering:

fuboTV, through our collaborations with premier programmers, content providers

and advertisers, is very closely aligned with several adjacent markets.

For example, our current sports-first platform lends itself

to entering into the sports wagering market.

This is a market that fuboTV is well-positioned to enter given our unique live sport

streaming offering, our deep knowledge of sports marketing and underlying technology platform.

sports viewers by increasing the number of 4K streams and enhancing the image quality of

fast-paced games.

We have also rolled out personalization capabilities for our subscribers,

including Favorites List and User Profiles, which allow us to enhance our recommendation

technology, thereby potentially increasing subscriber engagement and satisfaction.

to enter adjacent markets, including wagering:

fuboTV, through our collaborations

with premier programmers, content providers and advertisers, is very closely aligned with

several adjacent markets.

For example, our current sports-first platform lent itself to our

recent entrance into the sports wagering market with the launch of Fubo Sportsbook

in two states in the fourth quarter of 2021.

We believe this is a market that fuboTV

was well-positioned to enter given our unique live sport streaming offering, our deep knowledge

of sports marketing and underlying technology platform.

Internationally:

With more than 3.5 billion soccer fans worldwide, in addition to all other sports fans and TV viewers,

we believe there remains a significant opportunity to expand internationally.

Outside of the United States, we currently operate in Canada, Spain

and, through our acquisition of Molotov in 2021, France.

With more than 3.5 billion soccer

fans worldwide, in addition to all other sports fans and TV viewers, we believe there remains

a significant opportunity to expand internationally.

intellectual property is an essential element of our business.

We rely on a combination of patent, trademark, copyright and other

intellectual property laws, confidentiality agreements and license agreements to protect our intellectual property rights.

also license certain third-party technology for use in conjunction with our products.

We rely on a combination of patent, trademark, copyright and other intellectual

property laws, confidentiality agreements and license agreements to protect our intellectual property rights.

We also license certain

third-party technology for use in conjunction with our products.

believe that our continued success depends on hiring and retaining highly capable and innovative employees, especially as it relates

to our engineering base.

It is our policy that our employees and independent contractors involved in development are required

to sign agreements acknowledging that all inventions, trade secrets, works of authorship, developments and other processes generated

by them on our behalf are our property and assigning to us any ownership that they may claim in those works.

Despite our precautions,

it may be possible for third parties to obtain and use without consent intellectual property that we own or license.

use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may

adversely affect our business.

It is our policy that our employees and independent contractors involved in development are required to sign

agreements acknowledging that all inventions, trade secrets, works of authorship, developments and other processes generated by them

on our behalf are our property and assigning to us any ownership that they may claim in those works.

Despite our precautions, it may

be possible for third parties to obtain and use without consent intellectual property that we own or license.

Unauthorized use of our

intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely affect

our business.

and Patent Applications

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patent applications, one U.S.

design patent

application, 18 granted international design registrations in three international design patents, two granted international patents,

five international patent applications, and one international Patent Cooperation Treaty patent application pending.

patents expire in 2038, and the international design registrations have expiration dates ranging from 2035 to 2045.

actively attempt to utilize patents to protect our technologies, we believe that none of our patents, individually or in the aggregate,

are material to our business.

We will continue to file and prosecute patent applications when appropriate to attempt to protect

our rights in our proprietary technologies.

However, there can be no assurance that our patent applications will be approved,

that any patents issued will adequately protect our intellectual property, or that such patents will not be challenged by third

parties or found by a judicial authority to be invalid or unenforceable.

design patent application,

18 granted international design registrations in three international design patents, three granted international patents and

seven international patent applications pending.

The issued and granted patents expire in 2033 and 2038, and the international

design registrations have expiration dates ranging from 2035 to 2045.

Although we actively attempt to utilize patents to protect our

technologies, we believe that none of our patents, individually or in the aggregate, are material to our business.

We will continue to

file and prosecute patent applications when appropriate to attempt to protect our rights in our proprietary technologies.

However, there

can be no assurance that our patent applications will be approved, that any patents issued will adequately protect our intellectual property,

or that such patents will not be challenged by third parties or found by a judicial authority to be invalid or unenforceable.

also rely on several registered and unregistered trademarks to protect our brand.

As of December 31, 2020, we had three trademarks

As of December 31, 2021, we had 37 trademarks

registered globally.

“fuboTV”

is a registered trademark in the United States and the European Union.

“fuboTV” is a registered trademark in the United States and the European Union.

TV streaming market continues to grow and evolve as more viewers shift from traditional Pay TV to streaming.

There is significant

competition in the TV market for users, advertisers, and broadcasters.

We principally compete with Pay TV operators, such as AT&T,

Comcast, Cox and Altice, along with other multichannel video programming distributors (“vMVPDs”), such as YouTube

TV, Hulu Live and Sling TV.

While the presence of these competitors in the market has helped to boost consumer awareness of TV

streaming, contributing to the growth of the overall market, their resources and brand recognition present substantial competitive

There is significant competition

in the TV market for users, advertisers, and broadcasters.

We principally compete with Pay TV operators, such as Comcast, Cox and Altice,

along with other virtual multichannel video programming distributors (“vMVPDs”), such as YouTube TV, Hulu Live and

While the presence of these competitors in the market has helped to boost consumer awareness of TV streaming, contributing

to the growth of the overall market, their resources and brand recognition present substantial competitive challenges.

compete on various factors to acquire and retain users.

These factors include quality and breadth of content offerings, especially

within live sports;

These factors include quality and breadth of content offerings, especially within

features of our TV streaming platform, including ease of use and superior user experience;

brand awareness

in the market;

brand awareness in the market;

and perceived value relative to the price of our service.

Additionally, we compete for user engagement.

have multiple subscriptions to various streaming services and allocate time and money between them.

Many users have multiple subscriptions

to various streaming services and allocate time and money between them.

also face competition for advertisers, which in part depends on our ability to acquire and retain users.

Providing a large and

engaged audience is crucial for advertisers on our live TV streaming platform.

In the TV streaming market, the effectiveness of

advertisements and return on investments play a pivotal role.

As such, we are also competing for advertisers based on the return

of ads compared to various other digital advertising platforms, including mobile and web.

Additionally, advertisers continue to

allocate a large portion of spend to advertise offline.

Therefore, we also compete with traditional media platforms such as traditional

linear TV and radio.

We are increasingly leveraging our data and analytics capabilities to optimize advertisements for both users

and advertisers.

We need to continue to maintain an appropriate advertising inventory for the growing demand for ads on our platform.

Providing a large and engaged

audience is crucial for advertisers on our live TV streaming platform.

In the TV streaming market, the effectiveness of advertisements

and return on investments play a pivotal role.

As such, we are also competing for advertisers based on the return of ads compared to

various other digital advertising platforms, including mobile and web.

Additionally, advertisers continue to allocate a large portion

of spend to advertise offline.

Therefore, we also compete with traditional media platforms such as traditional linear TV and radio.

are increasingly leveraging our data and analytics capabilities to optimize advertisements for both users and advertisers.

continue to maintain an appropriate advertising inventory for the growing demand for ads on our platform.

we compete to attract and retain broadcasters.

Our ability to license content from broadcasters is dependent on the scale of our

user base as well as license terms.

of December 31, 2020, we had 220 employees, all of whom were located in North America.

We consider our relationship

with our employees to be good.

None of our domestic employees is represented by a labor union or covered by a collective

bargaining agreement.

widespread global impact from the outbreak and spread of the COVID-19 pandemic continued throughout 2020.

We took precautionary

measures to protect the health and safety of our employees and slow down the spread of the virus by transitioning our workforce

to remote working as we closed our offices.

global spread of COVID-19 and the various attempts to contain it created significant volatility, uncertainty and economic disruption

The impact of the COVID-19 pandemic on our operations began towards the end of the first quarter of 2020, impacting advertising

markets and the availability of live sport events, as numerous professional and college sports leagues cancelled or altered seasons

Our ability to license content from broadcasters is dependent on the scale of our user

base as well as license terms.

addition, our gaming business faces intense competition among online and mobile gaming and sports wagering providers.

These industries

are characterized by increasing consumer demand and technological advances.

A number of established, well-financed companies producing

online and mobile sports wagering products and services compete with our product and service offerings.

These competitors may

spend more money and time on developing and testing products and services, undertake more extensive marketing campaigns, adopt more aggressive

pricing or promotional policies, or otherwise develop more commercially successful products or services than us.

of December 31, 2021, we had approximately 530 employees, of which approximately 400 were located in North America and 130

were located in Europe and India.

We consider our relationship with our employees to be good.

None of our U.S.

or Indian employees

is represented by a labor union or covered by a collective bargaining agreement.

Our French employees are covered by the national collective

bargaining agreement for the consulting and engineering activities in France.

view our employees as central to the success of our business and achieving our mission.

We are continuously focused on our culture, recruiting,

retaining and motivating our employees, employee development and engagement, diversity, equity and inclusion.

As we expand globally,

including through our acquisitions of Molotov in France and Edisn in India during 2021, we are increasingly focused on these goals.

believe the different backgrounds, traditions, views and talents each of our employees brings to fuboTV enrich the company as a whole

and help us achieve executional excellence.

As part of these efforts, we also formed a Diversity Council in August 2020, comprised

of different team members throughout the organization, who work together to recommend and help drive diversity and inclusion initiatives

within the company.

We also provide several programs and benefits to our employees designed to recruit, retain and incentivize high quality

talent, including stock-based compensation awards and cash-based performance bonus awards under our long-term incentive plans,

as well as health and welfare benefits and programs, and retirement savings plans.

response to the COVID-19 pandemic, we have taken a number of precautionary measures to protect the health and safety of our employees,

including by transitioning our workforce to remote working as we temporarily closed our offices beginning in March 2020.

We have subsequently

reopened our offices on an optional basis, however, most of our employees continue to work remotely, and, in the long term, we expect

some personnel to continue to do so on a regular basis.

We continue to monitor the ongoing COVID-19 pandemic, and the related impacts

and responses, and will adjust our current policies as more information and public health guidance become available.

global spread of COVID-19 and the various attempts to contain it continued to create significant volatility, uncertainty and economic

disruption in 2021.

The impact of the COVID-19 pandemic on our operations began towards the end of the first quarter of 2020, impacting

advertising markets and the availability of live sport events, as numerous professional and college sports leagues cancelled or altered

seasons and events.

2021, the ongoing COVID-19 pandemic continued to accelerate the shift of TV viewing away from traditional pay TV to streaming

TV and the on-going shift of advertising budgets away from traditional linear TV into streaming offering.

While in 2020 we have

experienced an increase in TV streaming and our overall business was largely unaffected by the COVID-19 pandemic, there can be

no assurance that these positive trends will continue during 2021 and beyond.

April 1, 2020, fuboTV Acquisition Corp., a Delaware corporation and our wholly-owned subsidiary (“Merger Sub”) merged

with and into fuboTV Sub, whereby fuboTV Sub continued as the surviving corporation and became our wholly-owned subsidiary pursuant

to the terms of the Agreement and Plan of Merger and Reorganization dated as of March 19, 2020, by and among us, Merger Sub and

fuboTV Sub (the “Merger Agreement”).

Following the Merger, we changed our name from “FaceBank Group, Inc.”

to “fuboTV Inc.,”

and we changed the name of fuboTV Sub to “fuboTV Media, Inc.”

The combined company operates

under the name “fuboTV,”

and our trading symbol is “FUBO.”

accordance with the terms of the Merger Agreement, at the effective time of the Merger, all of the capital stock of fuboTV Sub

was converted into the right to receive shares of our newly-created class of Series AA convertible preferred stock, par value

$0.0001 per share (the “Series AA Preferred Stock”).

Each share of Series AA Preferred Stock was entitled to 0.8 votes

per share and was convertible into two (2) shares of our common stock following the sale of such share of Series AA Preferred

Stock on an arms’-length basis either pursuant to Rule 144 under the Securities Act or pursuant to an effective registration

statement under the Securities Act.

March 1, 2021, we consummated an offer to exchange the remaining outstanding shares of Series AA Preferred Stock for two shares

of our common stock per share of Series AA Preferred Stock (the “Exchange Offer”).

As a result of the Exchange Offer,

13,412,246 shares of Series AA Preferred Stock, representing 100% of the outstanding shares of Series AA Preferred Stock, were

exchanged for 26,824,492 shares of our common stock.

January 28, 2021, we entered into a purchase agreement with Evercore Group L.L.C.

(“Evercore”) relating to our sale

of our 3.25% Convertible Senior Notes due 2026 (the “2026 Notes”) to persons reasonably believed to be qualified institutional

buyers pursuant to Rule 144A under the Securities Act.

On February 2, 2021, we issued $402.5 million aggregate principal amount

of our 2026 Notes, the proceeds of which we expect to use for general corporate purposes, including working capital, business

development, sales and marketing activities and capital expenditures, and to pay fees and expenses related thereto.

For more information

about the 2026 Notes, see Note 2 and 18 to our consolidated financial statements in Part II, Item 8 of this Annual Report

on Form 10-K.

business and our devices and platform are subject to numerous domestic and foreign laws and regulations covering a wide variety

of subject matters.

These include general business regulations and laws, as well as regulations and laws specific to providers

of Internet-delivered streaming services and Internet-connected devices.

New or modified laws and regulations in these areas may

have an adverse effect on our business.

The costs of compliance with these laws and regulations are high and are likely to increase

in the future.

We anticipate that several jurisdictions may, over time, impose greater financial and regulatory obligations on

If we fail to comply with these laws and regulations, we may be subject to significant liabilities and other penalties.

Additionally,

compliance with these laws and regulations could, individually or in the aggregate, increase our cost of doing business, impact

our competitive position relative to our peers, and otherwise have an adverse impact on our operating results.

For additional

information about the impact of government regulations on our business, see “Risk Factors—

Risks Related to Regulation”

and “Risk Factors—Risks Related to Privacy and Cybersecurity”

in Part I, Item 1A in this Annual Report on Form

While in 2021 we experienced

an increase in TV streaming and our overall business was largely unaffected by the COVID-19 pandemic there can be no assurance that these

positive trends will continue during the remainder of 2022 and beyond.

with fuboTV Sub

April 1, 2020, fuboTV Acquisition Corp., a Delaware corporation and our wholly-owned subsidiary (“Merger Sub”) merged with

and into fuboTV Sub, whereby fuboTV Sub continued as the surviving corporation and became our wholly-owned subsidiary pursuant to the

terms of the Agreement and Plan of Merger and Reorganization dated as of March 19, 2020, by and among us, Merger Sub and fuboTV Sub (the

“Merger Agreement”).

Following the Merger, we changed our name from “FaceBank Group, Inc.” to “fuboTV Inc.,”

and we changed the name of fuboTV Sub to “fuboTV Media, Inc.” The combined company operates under the name “fuboTV,”

and our trading symbol is “FUBO.” See “Management’s Discussion and Analysis of Financial Condition and Results

of Operations—Merger with fuboTV Sub” in Part II, Item 7 in this Annual Report for a further description of

business and our devices and platform are subject to numerous domestic and foreign laws and regulations covering a wide variety of subject

These include general business regulations and laws, as well as regulations and laws specific to providers of Internet-delivered

streaming services and Internet-connected devices.

New or modified laws and regulations in these areas may have an adverse effect on

our business.

The costs of compliance with these laws and regulations are high and are likely to increase in the future.

We anticipate

that several jurisdictions may, over time, impose greater financial and regulatory obligations on us.

If we fail to comply with these

laws and regulations, we may be subject to significant liabilities and other penalties.

Additionally, compliance with these laws and

regulations could, individually or in the aggregate, increase our cost of doing business, impact our competitive position relative to

our peers, and otherwise have an adverse impact on our operating results.

For additional information about the impact of government regulations

on our business, see “Risk Factors— Risks Related to Regulation” and “Risk Factors—Risks Related to Privacy

and Cybersecurity” in Part I, Item 1A in this Annual Report.

Protection and Privacy

are subject to various laws and regulations covering the privacy and protection of users’

Because we handle, collect,

store, receive, transmit, transfer, and otherwise process certain information, which may include personal information, regarding

our users and employees in the ordinary course of business, we are subject to federal, state and foreign laws related to the privacy

and protection of such data.

These laws and regulations, and their application to our business, are increasingly shifting and

Compliance with these laws and regulations, such as the California Consumer Privacy Act and the European Union General

Data Protection Regulation 2016/679 (the “GDPR”) could affect our business, and their potential impact is unknown.

Any actual or perceived failure to comply with these laws and regulations may result in investigations, claims and proceedings,

regulatory fines or penalties, damages for breach of contract, or orders that require us to change our business practices, including

the way we process data.

are also subject to breach notification laws, including the GDPR, in the jurisdictions in which we operate, and we may be subject

to litigation and regulatory enforcement actions as a result of any data breach or other unauthorized access to or acquisition

or loss of personal information.

Any significant change to applicable laws, regulations, interpretations of laws or regulations,

or market practices, regarding the processing of personal data, or regarding the manner in which we seek to comply with applicable

laws and regulations, could require us to make modifications to our products, services, policies, procedures, notices, and business

practices, including potentially material changes.

are subject to various laws and regulations covering the privacy and protection of users’ data.

Because we handle, collect, store,

receive, transmit, transfer, and otherwise process certain information, which may include personal information, regarding our users and

employees in the ordinary course of business, we are subject to federal, state and foreign laws related to the privacy and protection

of such data.

These laws and regulations, and their application to our business, are increasingly shifting and expanding.

with these laws and regulations, such as the California Consumer Privacy Act and the European Union General Data Protection Regulation

2016/679 (the “GDPR”) could affect our business, and their potential impact is unknown.

Any actual or perceived failure to

comply with these laws and regulations may result in investigations, claims and proceedings, regulatory fines or penalties, damages for

breach of contract, or orders that require us to change our business practices, including the way we process data.

are also subject to breach notification laws, including the GDPR, in the jurisdictions in which we operate, and we may be subject to

litigation and regulatory enforcement actions as a result of any data breach or other unauthorized access to or acquisition or loss of

personal information.

Any significant change to applicable laws, regulations, interpretations of laws or regulations, or market practices,

regarding the processing of personal data, or regarding the manner in which we seek to comply with applicable laws and regulations, could

require us to make modifications to our products, services, policies, procedures, notices, and business practices, including potentially

material changes.

Such changes could potentially have an adverse impact on our business.

additional information about the impact of data protection and privacy regulations on our business, see “Risk Factors—Risks

Related to Privacy and Cybersecurity”

in Part I, Item 1A in this Annual Report on Form 10-K.

Company is subject to various U.S.

federal and state laws and regulations that affect our ability to launch and operate a sportsbook

and offer other gaming-related products.

These product offerings are generally subject to extensive and evolving regulations that

could change based on political and social norms and that could be interpreted in ways that could negatively impact our business.

The gaming industry, including any sportsbook product offering, is highly regulated and subject to extensive regulation under

the laws, rules, and regulations of the jurisdictions in which we operate.

For additional information about the impact

of data protection and privacy regulations on our business, see “Risk Factors—Risks Related to Privacy and Cybersecurity”

in Part I, Item 1A in this Annual Report.

Company is or is expected to be subject to various U.S.

federal and state laws as well as foreign regulations that affect our ability

to launch and operate a sportsbook and offer other gaming-related products.

These product offerings are generally subject to extensive

and evolving regulations that could change based on political and social norms and that could be interpreted in ways that could negatively

impact our business.

The gaming industry, including any sportsbook product offering, is highly regulated and subject to extensive regulation

under the laws, rules, and regulations of the jurisdictions in which we operate.

These laws, rules and regulations generally concern

the responsibility, financial stability, integrity and character of the owners, officers, directors, key management employees

and persons with material financial interests in the gaming operations along with the integrity and security of our sportsbook

offerings and the technologies supporting such offering.

Violations of laws or regulations in one jurisdiction could result in

disciplinary action in that and other jurisdictions.

As well, as a condition of operating in certain jurisdictions, we must obtain

either a temporary or permanent license, approval, or determination of suitability from the relevant gaming authorities.

to ensure that we obtain all necessary licenses to develop and put forth our offerings in the jurisdictions in which we operate

or seek to operate.

Gaming laws and regulations in certain jurisdictions require us, and/or our subsidiaries engaged in gaming

operations, certain of our directors, officers, and key management employees, and in some cases, certain of our shareholders,

to obtain licenses, qualifications or findings of suitability from gaming authorities.

Such licenses, qualifications or findings

of suitability typically require a determination that the applicant qualifies or is suitable to hold the license, qualification

or finding of suitability.

Various factors are considered including, without limitation, the financial stability, integrity and

responsibility of the applicant;

the quality and security of the applicant’s gaming platform, hardware and related software

and the applicant’s ability to operate its gaming business in a responsible manner and in compliance with all applicable

laws and regulations.

Gaming authorities have broad authority to, subject to certain administrative procedural requirements, deny

an application, or limit, condition, revoke or suspend any license or approval issued by them, or demand that named individuals

or shareholders be disassociated from a gaming business.

Various events may trigger revocation of such a gaming license or another

form of sanction which may vary by jurisdiction.

Examples of such events include, without limitation, conviction of certain persons

with an interest in, or key personnel of, the licensee of an offense that is punishable by imprisonment or may otherwise cast

doubt on such person’s integrity;

failure without reasonable cause to comply with any material term or condition of the

gaming license;

the responsibility, financial stability, integrity and character of the owners, officers, directors, key management employees and persons

with material financial interests in the gaming operations along with the integrity and security of our sportsbook offerings and the

technologies supporting such offering.

Violations of laws or regulations in one jurisdiction could result in disciplinary action in that

and other jurisdictions.

As well, as a condition of operating in certain jurisdictions, we must obtain either a temporary or permanent

license, approval, or determination of suitability from the relevant gaming authorities.

We seek to ensure that we obtain all necessary

licenses to develop and put forth our offerings in the jurisdictions in which we operate or seek to operate.

Gaming laws and regulations

in certain jurisdictions require us, and/or our subsidiaries engaged in gaming operations, certain of our directors, officers, and key

management employees, and in some cases, certain of our shareholders, to obtain licenses, qualifications or findings of suitability from

gaming authorities.

Such licenses, qualifications or findings of suitability typically require a determination that the applicant qualifies

or is suitable to hold the license, qualification or finding of suitability.

Various factors are considered including, without limitation,

the financial stability, character integrity and responsibility of the applicant;

the quality and security of the applicant’s gaming

platform, hardware and related software and the applicant’s ability to operate its gaming business in a responsible manner and

in compliance with all applicable laws and regulations.

Gaming authorities have broad authority to, subject to certain administrative

procedural requirements, deny an application, or limit, condition, revoke or suspend any license or approval issued by them, or demand

that named individuals or shareholders be disassociated from a gaming business.

Various events may trigger revocation of such a gaming

license or another form of sanction which may vary by jurisdiction.

Examples of such events include, without limitation, conviction of

certain persons with an interest in, or key personnel of, the licensee of an offense that is punishable by imprisonment or may otherwise

cast doubt on such person’s integrity;

failure without reasonable cause to comply with any material term or condition of the gaming

obtaining the gaming license by a materially false or misleading representation or in some other improper way;

or violation of an applicable gaming law or regulation or other law or regulation, such as anti-money laundering or terrorist

financing laws or regulations.

For additional information about the impact of gaming regulations on our business, see “Risk

Factors—

Risks Related to Our Products and Technologies”

and “Risk Factors –

Risks Related to Regulation”

in Part I, Item 1A in this Annual Report on Form 10-K.

were incorporated in 2009 as a Florida corporation under the name York Entertainment, Inc., and on August 10, 2020, our name was

changed to fuboTV Inc.

of an applicable gaming law or regulation or other law or regulation, such as anti-money laundering or terrorist financing laws or regulations.

For additional information about the impact of gaming regulations on our business, see “Risk Factors— Risks Related to Our

Products and Technologies” and “Risk Factors – Risks Related to Regulation” in Part I, Item 1A in this

Annual Report.

were incorporated in 2009 as a Florida corporation under the name York Entertainment, Inc., and on August 10, 2020, our name was changed

to fuboTV Inc.

fuboTV Sub was incorporated in 2014 as a Delaware corporation.

Our principal executive offices are located

at 1330 Avenue of the Americas, New York, New York 10010, and our telephone number is (212)

Our principal executive offices are located at 1290 Avenue

of the Americas, New York, New York 10104, and our telephone number is (212) 672-0055.

Our website address is at https://fubo.tv .

Information contained on, or that can be accessed through,

our website is not incorporated by reference into this Annual Report on Form 10-K, and you should not consider information on

our website to be part of this Annual Report on Form 10-K.

Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant

to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are filed with the SEC.

reports and other information filed by us with the SEC are available free of charge on our website at https://ir.fubo.tv

when such reports are available on the SEC’s website.

The SEC maintains an internet site that contains reports, proxy and

information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.

The information

contained on the websites referenced in this Annual Report on Form 10-K is not incorporated by reference into this filing.

our references to website URLs are intended to be inactive textual references only.

Information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report, and you should not consider information on our website to be part of this Annual Report.

internet website address is www.fubo.tv.

At our Investor Relations website, ir.fubo.tv, we make available free of charge a variety of

information for investors, including our annual report, quarterly reports on Form 10-Q, current reports on Form 8-K and

any amendments to those reports, as soon as reasonably practicable after we electronically file that material with or furnish it to the

Securities and Exchange Commission (“SEC”).

The information found on our website is not part of this or any other report

we file with, or furnish to, the SEC.

announce material information to the public through filings with the SEC, the investor relations page on our website, press releases,

our Twitter account (@fuboTV), our Facebook page, our LinkedIn page, public conference calls, and webcasts in order to achieve

broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation

We encourage investors, the media, and others to follow the channels listed above and to review the information disclosed

through such channels.

Any updates to the list of disclosure channels through which we will announce information will be posted

on the investor relations page on our website.

our Twitter account (@fuboTV), our Instagram account (@fubotv), our Facebook page (www.facebook.com/fuboTV), our LinkedIn page (www.linkedin.com/company/fubotv/),

public conference calls, and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying

with our disclosure obligations under Regulation FD.

We encourage investors, the media, and others to follow the channels listed above

and to review the information disclosed through such channels.

Any updates to the list of disclosure channels through which we will announce

information will be posted on the investor relations page on our website.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business