Page 1

fuboTV SHAREHOLDER LETTER May 11 , 2021 Fellow Shareholders , The first quarter of 2021 was an inflection point for fuboTV . We had an outstanding quarter , delivering better - than - expected growth in subscribers , total revenue and advertising revenue , all of which more than doubled year - over - year . For the first time in any first quarter , we reported sequential revenue and subscriber growth , despite past seasonality trends . This tells us that consumers are increasingly cutting the cord . We believe they are choosing fuboTV , enticed by superior value , our year - round content offerings and a customer - centric , innovative product experience relative to legacy pay TV ( cable / satellite / telco ) . We see this trend continuing to accelerate as more consumers discover they can cut the cord without losing access to the sports teams , live channels and content they love . With 78 million households still tied to legacy pay TV according to eMarketer , fuboTV is taking advantage of these market tailwinds , continuing to increase our share of net subscriber additions among all virtual MVPDs ( vMVPDs ) . And , underlining this tailwind , our continued year - over - year adjusted contribution margin expansion underscores that we are progressing well on our path to profitability , while we continue to invest in our future growth . Note : Unless otherwise stated , 2020 and 2019 financials and metrics represent pro - forma fuboTV pre - merger plus FaceBank pre - merger less Facebank AG and Nexway , businesses sold in July 2020 . Q1 2021 Highlights • Total revenue grew 135 % YoY to $ 119.7 million Advertising revenue grew 206 % YoY to $ 12.6 million Subscription revenue increased 131 % YoY to $ 107.1 million fuboTV reached 590,430 subscribers , up 105 % YoY and up 8 % vs. Q4 2020 • Average Revenue Per User ( ARPU ) ¹ per month increased 28 % YoY to $ 69.09 Advertising ARPU per month increased 57 % YoY to $ 7.11 • Adjusted Contribution Margin was positive 5.3 % , up 230 bps from 3.0 % in Q1 2020 1 Refer to the reconciliation of Revenue to ARPU and Adjusted Contribution Margin in the non - GAAP information in the tables , which for prior periods are presented on a fuboTV pre - merger - only basis . fubo 1