Sports-centric skinny bundle FuboTV has raised a whopping $75 million from 21st Century Fox, AMC Networks, Sky, and others.
The New York-based streamer, which competes in a growing field of live TV services including Dish Network’s Sling TV, AT&T’s DirecTV Now, YouTube TV, and Hulu Live TV, has now raised a total of $150 million since its founding in 2014. New funds will be allocated to hiring more engineers and purchasing live programming from the likes of CBS, Fox, and NBC, Bloomberg reports. Other investors in the company’s Series D included previous backers Luminari Capital, Northzone, and Scripps Networks Interactive — which was recently acquired by Discovery.
“This latest capital raise underlines a seismic shift in viewing behavior as consumers migrate from traditional platforms to streaming television,” FuboTV co-founder and CEO David Gandler said in a statement. “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.”
The service — which starts at $45 per month for roughly 70 channels that broadcast 30,000 sporting events per year — last reported 100,000 subscribers, and is available on the web, mobile devices, Amazon Fire TV, Apple TV, Chromecast, and Roku. While subscribers can pay additional fees to add niche programming, FuboTV has yet to sign channels from two media titans — Walt Disney and Time Warner — which own ABC, ESPN, CNN, and TNT. These networks, Bloomberg notes, are available on competing bundles.
Over the past 10 months, since its $55 million Series C round last June, FuboTV has increased its staff by 60% and moved into a new 17,000 square foot headquarters in New York — though the company says it plans to double headcount and office space again by year’s end.