As February 2021 began, FuboTV Inc. saw its NYSE-traded shares reach an all-time high of $48.78, rising from just $3 in 2019. Over the next two years, however, severe share erosion followed, with FUBO ending the March 20 trading session at just $1.10.
Now, co-founder and CEO David Gandler, CFO John Janedis and the rest of the executive leadership team have signed off on a rebranding of its products by eliminating any “TV” references. It’s doing so via a national ad campaign co-produced by actor and Mint Mobile billionaire Ryan Reynolds‘ Maximum Effort Productions, an effort tied to an investment in Fubo made by Reynolds in August 2022.
This means FuboTV is now simply Fubo, and the company seeks to fuel a much-needed Wall Street turnaround by putting all of its chips in its core vision of serving as a “sports-first live TV streaming platform.”
In an era where regional sports networks (RSNs) distributed via MVPDs and virtual cable TV service providers is a sour opportunity, it’s an intriguing value proposition. And, to lure sports fans, a campaign featuring National Basketball Association Hall of Famer Kevin Garnett and veteran National Football League quarterback Mark Sanchez has been lensed. The theme? “What if sports fans built a streaming service?”
Is it a swipe at Amazon or YouTube TV? Perhaps not, but could help FuboTV Inc. better tell investors and consumers just what its core intentions are: to serve sports fans.
Despite its fiscal challenges, FuboTV Inc. claims to be the “fastest-growing virtual MVPD” in the fourth quarter of 2022, achieving 251,000 net subscriber additions compared to a total of 371,000 additions amongst all reporting companies in the space.
Then, there is the top customer satisfaction rating among Live TV Streaming Providers as measured by J.D. Power, “a result of its commitment to delivering a premium customer experience,” FuboTV Inc. says.
“FuboTV has grown in size and scope, with multiple brands under our global umbrella, since we launched our core cable TV replacement product in 2015,” said Gandler, a Fubo co-founder. “Alongside our continued growth, our consumers have affectionately shortened our name to Fubo and we feel that name represents the premium media brand we are today. We’re building on this momentum with an updated visual identity and new ad campaign.”
The timing is tied to the upcoming start of the Major League Baseball season.
“The reason Maximum Effort believes in Fubo is it’s the one product that captures the best of cable and the best of streaming, while having the very meaningful differentiator of live sports,” Reynonds said. “While cable fights cord-cutters and streaming services fight the cash content war, Fubo is building an experience and suite of services that can win.”
Meanwhile, Reynolds and his team are putting the finishing touches on the forthcoming launch of the Maximum Effort Channel, a linear network on Fubo, as part of an exclusive first-look for unscripted TV series as well as a blind scripted deal.
