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Live TV streaming has disrupted the traditional Pay TV model (linear video delivered via 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 over-the-top (“OTT”) streaming platforms, as evidenced by the accelerating rate of Pay TV cord-cutting in the United States.
−Removed: Consumers increasingly favor the streaming experience, leading us to believe that advertisers will follow, further shifting dollars away from traditional linear TV advertising towards streaming services.
−Removed: Yet, despite being a growing share of overall consumption, live TV streaming is still a fraction of the size of traditional Pay TV.
−Removed: We believe this creates a significant opportunity for us to capitalize on the cord-cutting movement.
+Added: We believe there remains a significant opportunity for us to capitalize on the cord-cutting movement.
We offer subscribers a live TV streaming service with the option to purchase incremental features, including additional content or enhanced functionality (“Attachments”) best suited to their preferences.
−Removed: Our base plan, Fubo Pro, boasts a broad mix of top Nielsen-ranked channels across sports, news, and entertainment.
−Removed: Our core offering sits on a proprietary technology platform built specifically for live TV and sports viewership, leveraging our first-party data.
+Added: Our subscription packages (including Fubo Essential, Pro, Elite, and others) boast a broad mix of top Nielsen-ranked channels across sports, news, and entertainment.
+Added: Our offering sits on a proprietary technology platform built specifically for live TV and sports viewership, leveraging our first-party data.
This enables us to consistently introduce new features and functionalities.
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Notably, our video delivery platform caters to all major sports leagues and entertainment content owners.
−Removed: For example, Apple TV users can enjoy MultiView, allowing them to watch up to four live streams simultaneously.
+Added: For example, Apple TV and certain Roku users can enjoy MultiView, allowing them to watch up to four live streams simultaneously.
Moreover, we leverage data across the organization to acquire subscriber-preferred content, influence product design and strategy, boost subscriber engagement, and enhance the capabilities and performance of our advertising platform for partners.
Our direct-to-consumer model grants us further insight by capturing billions of data points monthly.
−Removed: This data set drives our continuous innovation, shaping our enhanced user experience, product & content strategy, and differentiated advertising approach.
+Added: This data set drives our continuous innovation, shaping our enhanced user experience, product and content strategy, and differentiated advertising approach.
By analyzing this data, we can personalize live and on-demand content discovery in real-time, creating relevant suggestions for each subscriber.
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In 2022, 2023, and 2024 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 also has operations in Canada, Spain and France.
−Removed: Consistent with our focus on interactivity, we completed the acquisition of Edisn Inc.
−Removed: (“Edisn”), an AI-powered computer vision platform with patent-pending video recognition technologies based in Bangalore, India, in December 2021.
−Removed: With Edisn, we have expanded, and continue to expand, our data science and engineering organization globally, while strengthening our technology capabilities and accelerating innovation.
−Removed: We also acquired Molotov SAS (“Molotov”), a video streaming platform based in Paris, France, in December 2021.
−Removed: With Molotov, we have augmented our technology capabilities, which we believe will enable us to launch our interactive sports and entertainment streaming platform more efficiently on a global scale.
−Removed: Table o f Contents
+Added: Recent Developments — Business Combination
+Added: On January 6, 2025, the Company announced it had entered into a business combination agreement (the “Business Combination Agreement”) by and among the Company, The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”), which contemplates, among other things, (i) Hulu contributing certain assets (the “HL Business Assets”) related to the business of negotiating and administering carriage agreements and similar contracts relating to and for the purpose of the retransmission, distribution, carriage, display or broadcast of any programming service, channel or network on the HL DMVPD Service (as defined below) to a newly formed entity to be jointly owned by Hulu and the Company (“Newco”), (ii) the Company undergoing an umbrella partnership C corporation reorganization (the “Up-C Reorganization”) and contributing its business to Newco in exchange for units in Newco (“Newco Units”) such that, after giving effect to such contribution, Hulu will hold a number of Newco Units representing, in the aggregate, a 70% economic interest in Newco and the Company will hold a number of Newco Units representing, in the aggregate, a 30% economic interest in Newco, and (iii) the Company issuing to Hulu shares of a newly created vote-only class of the Company’s common stock (“Class B Common Stock”) representing, in the aggregate, a 70% voting interest in the Company (calculated on a fully-diluted basis) (the transactions contemplated by the Business Combination Agreement, collectively, the “Business Combination).
+Added: The HL Business Assets will include certain carriage agreements, rights under joint subscription agreements and related data and information about its subscribers, advertising or sponsorship agreements exclusively related to Hulu’s linear multi-channel subscription video programming distribution service component of the offering known as “Hulu + Live TV” as of the date of the Business Combination Agreement and operated by Hulu (such service, the “HL DMVPD Service”), all other assets (including intellectual property) exclusively related to the HL DMVPD Service and all intellectual property constituting the “Live TV” brand.
+Added: Upon the closing of the Business Combination (the “Closing”), our Board of Directors will initially be comprised of nine members, who will be designated as follows:
+Added: (i) five designated by Hulu, (ii) two designated by the members of our Board as of immediately prior to the Closing and who (x) are reasonably acceptable to Hulu and (y) qualify as independent, (iii) one designated by Hulu and who qualifies as independent and (iv) our CEO.
+Added: Following the Closing, the Company will be a “controlled company” for purposes of NYSE listing rules and will elect to be exempt from certain corporate governance requirements available to “controlled companies”.
+Added: Completion of the Business Combination is subject to certain closing conditions specified in the Business Combination Agreement, including (i) the approval of the Business Combination Agreement, the Fubo Issuance and the Fubo Conversion, each as defined in the Business Combination Agreement, (including a plan of conversion and a certificate of incorporation of Fubo) by the Company’s shareholders, (ii) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the clearance or obtainment of applicable consents of any specified governmental entity required to be obtained with respect to the Business Combination under the Business Combination Agreement;
+Added: (iii) no enactment, issuance, promulgation or grant of any law or order, as applicable, by any governmental entity that is in effect and that has the effect of making the Business Combination illegal or prohibiting or otherwise preventing the consummation of the Business Combination, (iv) completion of the Hulu Reorganization and the Fubo Reorganization, each as defined in the Business Combination Agreement, in each case, in accordance with the Business Combination Agreement and the documents contemplated therein, (v) the acceptance of the Delaware Certificate of Conversion and Certificate of Incorporation of Fubo by the Secretary of State of the State of Delaware and the acceptance of the Florida Articles of Conversion by the Florida Department of State, (vi) the accuracy of the other party’s representations and warranties as of the date of the Business Combination Agreement, subject to certain customary materiality standards set forth in the Business Combination Agreement and the delivery by each party to the other party of a certificate certifying the same, (vii) compliance by each party, in all material respects, with its applicable pre-Closing obligations under the Business Combination Agreement, and (viii) delivery by each party to the other party of certain other closing deliverables, including, but not limited to, the ancillary agreements to which it is a party.
Industry Overview
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With flexible plans and optional "Attachments," users can customize their experience.
−Removed: The base plan, Fubo Pro, boasts over 100+ channels, including top Nielsen-rated networks, and dozens of sports, news, and entertainment options.
−Removed: It also features numerous Regional Sports Networks (RSNs) for in-market games unavailable on national channels.
+Added: The subscription packages boast over 100+ channels, including top Nielsen-rated networks, and dozens of sports, news, and entertainment options.
+Added: They may also feature numerous Regional Sports Networks ("RSNs") for in-market games unavailable on national channels.
Subscribers can further tailor their experience by adding premium channels and channel packages, or upgrading "Attachments" like Cloud DVR Plus for more storage and Family Share for additional simultaneous streams.
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By aggregating a diverse mix of content, we believe Fubo delivers a more compelling and engaging experience for subscribers than providers could offer alone.
−Removed: Furthermore, our data-powered platform generates valuable insights into consumer behavior and preferences, which are increasingly valuable to our content partners.
−Removed: Table o f Contents
We generate significantly higher levels of revenue and subscriber additions in the third and fourth quarters of the year.
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Our Growth Strategies
−Removed: We 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.
+Added: We believe 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 remain committed to our goal of driving sustainable and profitable growth, and we believe we are well-positioned to do this by executing on the following strategies:
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Our Sales and Marketing expenses relative to total revenues was approximately 12.5% for the year ended December 31, 2024, compared to 15.1% for the year ended December 31, 2023.
−Removed: 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.
+Added: We continue to utilize and analyze the data we have collected to help us become more efficient with our marketing campaigns relative to spend.
• Enactment of ARPU expansion efforts :
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We drive ARPU expansion through price-increases, attachment sales, and advertising revenue growth.
−Removed: By pricing against content portfolio adjustments, we aim to deliver value through our offerings.
Attachments, including channel package add-ons and interactive features, increase our margins by piggybacking on to our base offerings and not meaningfully increasing our cost basis while increasing revenues.
• Further investment in advertising sales team, technology and infrastructure:
−Removed: For the year ended December 31, 2023, Fubo’s advertising revenue was approximately $115.4 million, up from approximately $101.7 million in December 31, 2022.
+Added: For the years ended December 31, 2024 and 2023, Fubo’s advertising revenue was approximately $115.2 million and $115.4 million, respectively.
Improvements to our content portfolio, user interface, navigational elements, content merchandising and targeting capabilities, combined with evolutions in customer behavior and growth in our subscriber base, have driven growth of our viewership over time.
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We emphasize interactive features that empower users to transform from passive viewers to active participants.
−Removed: Moreover, we believe our integration of the Fubo and Molotov platforms into a single Unified Platform will yield significant cost savings, and increased product development velocity and innovation.
−Removed: Table o f Contents
+Added: Moreover, we believe our integration of the Fubo and Molotov platforms into a single Unified Platform will yield significant efficiencies, and increased product development velocity and innovation.
• Expand Internationally:
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Intellectual Property
−Removed: Our intellectual property is an essential element of our business.
−Removed: 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.
−Removed: We also license certain third-party technology for use in conjunction with our products.
+Added: Our intellectual property is an essential and valuable element of our business.
+Added: We rely on a combination of patent, trademark, copyright and other intellectual property laws, confidentiality agreements and license agreements to protect and enforce our intellectual property rights.
+Added: We also license certain third-party technology and intellectual property for use in conjunction with our products.
We believe that our continued success depends on hiring and retaining highly capable and innovative employees, especially as it relates to our engineering base.
−Removed: 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.
−Removed: Despite our precautions, it may be possible for third parties to obtain and use without consent intellectual property that we own or license.
−Removed: Unauthorized use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely affect our business.
+Added: It is our policy that our employees and independent contractors involved in intellectual property 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.
+Added: Despite our precautions and policies, it may be possible for third parties to obtain and use without consent intellectual property that we own or license.
+Added: Unauthorized use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely affect our business, financial condition and results of operations.
Patents and Registered Designs
−Removed: As of December 31, 2023, we had four issued U.S.
+Added: As of December 31, 2024, we had five issued U.S.
utility patents, one U.S.
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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.
−Removed: We will continue to file and prosecute patent applications when appropriate to attempt to protect our rights in our proprietary technologies.
+Added: We will continue to file and prosecute patent applications when appropriate to attempt to protect and enforce 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 held to be invalid or unenforceable.
−Removed: We also rely on several registered and unregistered trademarks to protect our brand.
−Removed: As of December 31, 2023, we had 37 trademarks registered globally.
+Added: We also rely on several registered and unregistered trademarks to protect our brand and business.
+Added: As of December 31, 2024, we had thirty-seven trademarks registered globally and two trademark applications.
“fuboTV” is a registered trademark in the United States and the European Union ("EU").
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There is significant competition in the live TV market for users, advertisers, and broadcasters.
−Removed: 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 Sling TV.
−Removed: We also compete to a lesser extent with network-operated direct-to-consumer streaming services, such as Peacock, Paramount+, ESPN+, and would expect to compete with the proposed joint venture between The Walt Disney Company ("Disney"), Fox Corporation ("Fox") and Warner Brothers Discovery, Inc.
−Removed: ("WBD") (the “Network JV”), which, if it becomes operational, would operate a new sports streaming service.
−Removed: We are actively taking steps in response to actions by certain competitors that we believe are harmful to competition within the industry and to consumers.
−Removed: As announced on February 20, 2024, we have filed an antitrust lawsuit against the parties to the Network JV and certain of their affiliates, challenging the formation of the Network JV and their past business practices on antitrust grounds, and seeking injunctive relief to stop the proposed Network JV and other practices, as well as damages.
−Removed: There can be no assurance, however, that we will be successful in this lawsuit.
−Removed: For additional information, please see Part I, Item 1A.
−Removed: “Risk Factors—Risks Related to Our Relationships with Content Providers, Customers and Other Third Parties—If our efforts to attract and retain subscribers are not successful, our business will be adversely affected.” and Part I, Item 3.
−Removed: “Legal Proceedings” in this Annual Report.
−Removed: Table o f Contents
+Added: We principally compete with Pay TV operators, such as DirecTV, Comcast, Cox and Altice, along with other virtual multichannel video programming distributors (“vMVPDs”), such as YouTube TV, Hulu + Live TV, DirecTV Stream, Philo and Sling TV.
+Added: We also compete to a lesser extent with network-operated direct-to-consumer streaming services, such as Peacock, Paramount+, and ESPN+.
We compete on various factors to acquire and retain subscribers.
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We need to continue to maintain an appropriate advertising inventory for the growing demand for ads on our platform.
−Removed: Furthermore, we compete to attract and retain broadcasters.
−Removed: Our ability to license content from broadcasters is dependent on the scale of our user base as well as license terms.
+Added: Furthermore, we compete to attract and retain programmers.
+Added: Our ability to license content from programmers is dependent on the scale of our user base as well as license terms.
Our People and Human Capital Management
−Removed: We are a diverse group of individuals, creatives, technologists, analysts and more.
+Added: We are an inclusive group of individuals, creatives, technologists, analysts and more.
Some of us love sports, some binge the news, others prefer rom-coms.
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We also value ongoing development and continuous learning, and strive to support and provide enriching opportunities to our employees.
−Removed: Throughout the year we monitor employee engagement and provide periodic training and informational sessions on our business and policies, including security awareness, through a variety of forums, including all-hands meetings, “ask me anything” sessions, and company-wide newsletters.
+Added: Throughout the year we monitor employee engagement and provide periodic training and informational sessions on our business and policies, including security awareness, through a variety of forums, including all-hands meetings, senior leadership fireside chats and company-wide newsletters.
Management uses input collected during these sessions to ensure ongoing awareness of employees’ needs and improve activities aimed to serve our customers.
−Removed: Collectively through these initiatives we aim to keep our employees well-informed and to increase transparency.
−Removed: Diversity, Equity and Inclusion
−Removed: We prioritize building a diverse, inclusive, equitable, and empowered team representing a mix of gender, racial and ethnic backgrounds, industries, and levels of experience.
+Added: Collectively through these initiatives we aim to foster engagement and transparency with our employees, and to keep our employees well-informed on our business goals to enhance alignment, collaboration, and a shared sense of purpose among our employees.
+Added: Inclusion and Belonging
+Added: We prioritize building an inclusive, equitable, and empowered team representing a mix of backgrounds, industries, skills, and levels of experience.
We believe the different backgrounds, traditions, views and talents each of our employees brings to Fubo enrich the company as a whole and will help us achieve executional excellence.
−Removed: In 2020, we formed a Diversity, Engagement and Belonging Council, comprised of different team members throughout various levels of the organization, who recommend and help organize diversity and inclusion initiatives within the company.
−Removed: We are committed to creating and maintaining a workplace free from discrimination or harassment on the basis of race, religion, religious creed, color, ethnic or national origin, ancestry, gender, sexual orientation, age, marital status, military service or veteran status, disability, medical condition, or any other status protected by applicable law.
−Removed: Our policies and compliance trainings prohibit such discrimination and harassment, and all our employees are expected to exhibit and promote honest, ethical, and respectful conduct in the workplace.
−Removed: Table o f Contents
+Added: In 2020, we formed a council comprised of different team members throughout various levels of the organization, who recommend and help organize and celebrate both engagement and inclusion initiatives within the company.
+Added: We are focused on creating and maintaining a workplace free from discrimination or harassment on the basis of race, religion, religious creed, color, ethnic or national origin, ancestry, gender, sexual orientation, age, marital status, military service or veteran status, disability, medical condition, or any other status protected by applicable law.
+Added: Our policies and compliance trainings prohibit such workplace discrimination and harassment, and all our employees are expected to exhibit and promote honest, ethical, and respectful conduct in the workplace.
Compensation and Benefits
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Data Protection and Privacy
−Removed: We are subject to various laws and regulations covering the privacy and protection of users’ data.
−Removed: 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.
−Removed: These laws and regulations, and their application to our business, are increasingly shifting and expanding.
−Removed: Compliance with these laws and regulations, such as the California Consumer Privacy Act ("CCPA"), as amended by the California Privacy Rights Act ("CPRA"), and the EU General Data Protection Regulation 2016/679 (the “GDPR”) could affect our business, and their potential impact is unknown.
−Removed: 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.
−Removed: Table o f Contents
−Removed: We 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.
−Removed: 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.
−Removed: Such changes could potentially have an adverse impact on our business.
+Added: We are subject to various laws and regulations covering the collection, use, access to, confidentiality and security of health-related and other personal information, and additional laws could apply in the future to our operations or the operations of our partners.
+Added: These laws and regulations, and their application to our business, are increasingly shifting and evolving.
+Added: In the United States, numerous federal and state laws and regulations, including data breach notification laws, health information privacy and security laws and consumer protection laws and regulations govern the collection, use, disclosure, and protection of health-related and other personal information.
+Added: In addition, certain foreign laws govern the privacy and security of personal data, including health-related data.
+Added: Any actual or perceived failure to comply with these laws and regulations may result in investigations, claims and proceedings, regulatory fines or significant civil and/or criminal penalties, damages for breach of contract, or orders that require us to change our business practices, including the way we process data.
For additional information about the impact of data protection and privacy regulations on our business, see “Risk Factors—Risks Related to Privacy, Consumer Protection and Cybersecurity” in Part I, Item 1A in this Annual Report.
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The information found on our website is not part of this or any other report we file with, or furnish to, the SEC.
−Removed: We 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 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.
+Added: We announce material information to the public through filings with the SEC, the investor relations page on our website, press releases, our X 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.
−Removed: Table o f Contents
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.