Vindicating its strategy of pivoting from a sports-only silo towards a more rounded sports-first and general entertainment over-the-top (OTT) play, the fuboTV live streaming service has revealed that it has attracted significant new investment.
The $75 million Series D round includes AMC Networks, which is joined by existing investors 21st Century Fox, Luminari Capital, Northzone, Sky and the former Scripps Networks Interactive, and means that the OTT provider has raised more than $150 million to date.
FuboTV currently offers more than 30,000 sporting events per year, a video-on-demand (VOD) library of over 10,000 TV shows and movies, and live and on-demand access to networks and hit shows on television. The company says that the significant round will allow it to double-down on building what it calls the leading sports-first live streaming TV platform in the world. FuboTV plans to invest in growing its engineering and product teams and to continue to update the company’s technology and apps, while launching new features created for sports fans and their families. This round also paves the way for increased marketing activity, and the addition of new content offerings both in the US and internationally.
“This latest capital raise underlines a seismic shift in viewing behaviour as consumers migrate from traditional platforms to streaming television,” explained David Gandler, fuboTV CEO and co-founder. “The pay-TV space is experiencing a renaissance, and the company will use this investment to continue to drive technological advancement in video quality and latency, machine learning and predictive analytics to deliver a best-in-class experience.”
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