Canada
fuboTV Closed Q4 and FY 2021 With Record 1.13 Million Subscribers; Expects to Exceed $1 Billion Revenue In 2022
fuboTV Inc., the leading sports-first live TV streaming platform, today announced its financial results for the fourth quarter and full year ended December 31, 2021. The company also announced 2022 guidance, expecting to drive over $1 billion in total revenue this year.
fuboTV delivered record annual revenue of $638 million total revenue in 2021, including $1 million impact of the December 2021 acquisition of Molotov. Excluding Molotov, fuboTV’s total annual revenue was $637 million, an increase of 144% over 2020.
The company closed 2021 with 1.13 million total paid subscribers, up 106% from the prior year. fuboTV added 185,000 net subscribers in the fourth quarter.
fuboTV also achieved record year-over-year (YoY) growth during the fourth quarter of 2021, including:
- $231 million total revenue, including $1 million impact of Molotov.
- $230 million total revenue, up 119% YoY, excluding Molotov.
- $26.1 million advertising revenue, including $0.2 million impact of Molotov.
- $25.9 million revenue, up 98% YoY, excluding Molotov.
- fuboTV customers streamed 404 million hours of content during the quarter, a 96% increase YoY.
These milestones exceeded the preliminary fourth quarter 2021 results announced on January 10, 2022: 1.1 million plus paid subscribers, $215-220 million total revenue and over $25 million in advertising revenue.
fuboTV also reported higher unit economics during the quarter and benefited from inherent operating leverage as its customer base scaled. Adjusted Contribution Margin (ACM) was positive 9.7% for full year 2021, an increase of 104 basis points (bps) YoY when compared to the company’s normalized full year 2020 ACM. Lower subscriber acquisition costs, strong marketing discipline and a lifted attach rate to 2.5 were all achieved, contributing to the company’s path towards profitability.
These results represent fuboTV’s growth only and exclude the operating performance of Molotov except where otherwise noted. Complete fourth quarter and full year 2021 results are detailed in fuboTV’s shareholder letter available on the company’s IR site.
fuboTV also released revenue and subscriber guidance for 2022, broken down by North America and Rest of World (ROW), including France (Molotov) and Spain. Within North America, the company forecasts first quarter 2022 revenue of $232 million-$237 million and full year 2022 revenue of $1.08 billion-$1.09 billion, which projects achieving the billion dollar mark for the first time. North America subscribers are expected to reach 1.028 million-1.033 million in the first quarter of 2022 and 1.500 million-1.510 million for the full year. Within ROW, the company forecasts first quarter 2022 revenue of $3 million-$6 million and full year 2022 revenue of $15 million-$20 million. ROW subscribers are expected to reach 235 thousand-240 thousand in the first quarter of 2022 and 270 thousand-280 thousand for the full year. Note that this guidance does not include any projected revenues from online sports wagering.
“fuboTV delivered a record fourth quarter and full year across a number of our key financial and operational metrics,” said David Gandler, co-founder and CEO, fuboTV. “Engagement continues to be strong as we add differentiated content to our offering and focus on innovating our product to meet consumer preferences and drive a premium experience. Our expansion into real-money wagering is underway with the launch of Fubo Sportsbook across two states with additional states expected to follow this year. This launch represents a differentiated and industry-first integration of streaming and a sports wagering product and we see ourselves in the very early innings of a massive opportunity.”
“Our fourth quarter closes out an extraordinary year defined by delivering triple-digit year-over-year growth in total revenues, advertising revenues and subscriber growth all while continuing to expand adjusted contribution margin,” said Edgar Bronfman Jr., executive chairman, fuboTV. “Within the year, we achieved several important milestones, representing meaningful advancements towards our mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content, interactivity and integrated wagering. Our progress over the course of 2021 further fortifies our position to continue to execute on that mission in 2022.”
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Canada
IAGR announces Toronto as host city for 2025 conference
Hot on the heels of its most attended conference in history, the International Association of Gaming Regulators (IAGR) is excited to announce that its 2025 conference will take place in Toronto, Canada, from October 20 to 23, 2025.
The event will be held in partnership with the Alcohol and Gaming Commission of Ontario (AGCO) at the Westin Harbour Castle, offering stunning waterfront views and a premier, downtown Toronto location.
‘Fresh off the success of our Rome conference, we’re thrilled to continue the momentum with next year’s event in Toronto,’ said Ben Haden, IAGR President.
‘The IAGR 2025 conference promises to be another unparalleled opportunity for our global community to come together, collaborate and shape the future of gaming regulation. We’re looking forward to working with AGCO to bring it all together.’
AGCO CEO and Registrar Dr. Karin Schnarr, added, ‘We’re excited to welcome IAGR and its members to Toronto. This partnership provides a great opportunity to share Ontario’s innovative regulatory practices and foster meaningful discussions that drive positive change in the industry.’
Stay tuned for registration details early next year.
Bombee Global Entertainment Ltd
ESE Entertainment Completes Acquisition of Gaming Production Company, Bombee Americas
ESE Entertainment Inc., a gaming company that provides a range of services to leading video game developers and publishers, has announced that it has acquired Bombee Global Entertainment Ltd. (Bombee Americas), the North American arm of Bombee Event Production AB, (Bombee), a global production company specialized in live production, special effects, broadcast, and event management for the gaming sector.
Bombee has successfully collaborated with ESE to bring its premier event production services and world class customer service to North America and beyond. The North American arm of Bombee, Bombee Americas, will continue to grow and scale in this new organizational structure under ESE, while maintaining its entire team and global support.
Konrad Wasiela, CEO of ESE, said: “Today marks the next stage of ESE—a 2.0 version of our company. With the acquisition of Bombee Americas, we are not only solidifying our presence in North America but also paving the way for growth and innovation in the gaming industry. This is a major step, positioning us to deliver even greater value to our partners and elevate the gaming experience for our clients globally. We’re thrilled about the opportunities ahead and the exceptional talent joining our team.”
Transaction Terms
The Acquisition was completed by way of a share purchase agreement (the SPA) among the Company, Bombee Americas, and the shareholders of Bombee Americas (the Vendors). Pursuant to the SPA, ESE acquired all of the outstanding shares of Bombee Americas in exchange for: (i) $750,000 in cash paid on closing, (ii) $375,000 in cash to be paid six (6) months following closing, subject to customary adjustments based on the working capital of Bombee Americas on closing, (iii) $375,000 in cash to be paid twelve (12) months following closing, and (iv) 30,000,000 common shares of ESE (the Consideration Shares), issued at a deemed issue price of $0.10 per share.
In connection with the Acquisition, the founders of Bombee Americas have signed three-year service agreements and will continue to run the business following the closing, along with the rest of the personnel of Bombee Americas who will remain in place, ensuring a smooth transition of operations. As part of the Acquisition, the Company has acquired the liabilities of Bombee Americas, mainly consisting of customary current obligations incurred in the ordinary course of business for Bombee Americas, which are not expected to have a material impact on the Company’s operations or financial position.
No finder’s fees were paid or payable in conjunction with the Acquisition.
The Acquisition was an arm’s length transaction within the meaning of the policies of the TSX Venture Exchange (the Exchange) and constituted an “Expedited Acquisition” in accordance with Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets. The Acquisition remains subject to the final approval of the Exchange.
Canada
Suspected Digital Fraud Coming from Canada Up Nearly 11% Since H1 2023, Reveals New TransUnion Analysis
In the first half (H1) of 2024, Canada saw a significant increase in suspected Digital Fraud attempts, with nearly 5.74% of all attempted digital transactions where the consumer was located in Canada involving suspected Digital Fraud, revealed a new TransUnion® (NYSE: TRU) analysis. This is nearly an 11% year-over-year (YoY) rate increase from H1 2023, and TransUnion also documented an 11% increase in the volume of suspected Digital Fraud from Canada during this period, despite a less than a one percent (0.7%) YoY increase in the volume of transactions.
According to a recent TransUnion survey,1 more than half (54%) of Canadians said they were recently targeted by email, phone call or text message fraud attempts. Phishing was the most common scheme type (45%), followed by smishing (42%) and vishing (39%).
The increasing use of digital transactions, combined with rising suspected Digital Fraud attempts are also impacting businesses as they potentially face revenue losses and increased operational costs due to fraud. According to a TransUnion business survey for the H2 2024 Update to the State of Omnichannel Fraud report, 200 Canadian business leaders said their companies lost approximately 6% of equivalent revenue – representing $78 billion – over the past year due to fraud. The most prominent causes of fraud loss cited by them were:
- Scam/Authorized fraud (31%): Dishonest scheme intended to trick a person into giving up something of value (e.g., account access, money, information)
- Account takeover (19%): Unauthorized individuals taking over someone’s online account (e.g., bank, social media, email) without their permission
- Synthetic identity fraud (18%): Use of a combination of personal information to fabricate a person or entity to commit a dishonest act for financial or personal gain
TransUnion also found that suspected Digital Fraud attempts – where the consumer was transacting in Canada and targeted businesses globally – increased on average by 10.5% YoY in H1 2024 compared to H1 2023 and impacted all industries.
Top Three Industries Globally with Highest Rate of Suspected Digital Fraud Attempts Coming from Canada in H1 2024
- Gambling (online sports betting, poker, etc.) – 9.6%
- Retail – 9.2%
- Government – 7.7%
Top Three Industries Globally with Highest YoY Increase (H1 2024 vs H1 2023) in the Rate of Suspected Digital Fraud Attempts Coming from Canada
- Logistics – 172.9%
- Gambling – 79.3%
- Video gaming – 67.8%
“Protecting customers and their businesses from fraud is essential to enabling safe and tailored consumer experiences. These findings reveal that despite the good-faith efforts that are being undertaken by companies to identify and prevent fraud to date, fraudsters continue to evolve and it’s vital that fraud prevention methods keep up with the changing times,” said Patrick Boudreau, head of identity management and fraud solutions at TransUnion Canada.
“Businesses that aren’t already doing so should ensure that they are taking advantage of fraud prevention technologies such as identity verification, IP intelligence, device reputation and synthetic identity detection as critical components of their fraud prevention programs,” he added.
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