fuboTV Inc. (FUBO): Business Model Canvas [Dec-2025 Updated]

You're digging into fuboTV Inc. (FUBO)'s strategy right now, and honestly, it's a pivotal moment with that Disney/Hulu deal looming and the loss of NBCU channels-it changes the whole game for a sports-focused streamer. As someone who's mapped out these media plays for years, I can tell you the core model hinges on aggressively locking down premium content, like those deals with DAZN, while balancing subscriber costs against growing ad revenue, which hit $22.5 million in Q1 2025. We need to see exactly how their 1.356 million North American subscribers are being monetized through subscriptions and add-ons to gauge resilience. Below, I've broken down the entire nine-block Business Model Canvas so you can see the precise mechanics of their value proposition, cost structure, and revenue streams right now.

fuboTV Inc. (FUBO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships fuboTV Inc. (FUBO) locked down through late 2025 to fuel its content strategy, especially following the major structural changes involving Disney. These aren't just vendor agreements; they are strategic integrations defining the platform's value.

The Walt Disney Company for Pending Merger with Hulu + Live TV

The transaction to combine fuboTV Inc.'s business with Disney's Hulu + Live TV virtual MVPD business officially closed on October 29, 2025. This combination established the entity as the sixth-largest pay-TV company in the United States, boasting nearly 6 million subscribers in North America between the two services. Disney now holds the controlling stake at 70%, leaving existing fuboTV Inc. shareholders with approximately 30% interest. As part of the deal structure, the newly combined company will have access to a $145 million term loan that Disney committed to provide fuboTV Inc. in 2026. This merger also served to settle fuboTV Inc.'s prior legal action against the Venu Sports joint venture. Both Fubo and Hulu + Live TV continue to operate as distinct services post-close.

Content Providers like ESPN, NFL Network, and Regional Sports Networks

fuboTV Inc. continues to lean heavily on its sports rights, exemplified by the September 2, 2025 launch of the standalone Fubo Sports skinny bundle. This new tier offers 28 channels, including ESPN and NFL Network, and bundles in ESPN's direct-to-consumer Unlimited service. The initial promotional price for Fubo Sports was $45.99 for the first month, stepping up to $55.99 per month thereafter. The platform's standard Pro plan offers over 211+ channels as of November 2025. fuboTV Inc. is the only live TV streaming platform carrying every English-language Nielsen-rated sports channel, based on 2024 Nielsen Total Viewers data. The offering includes access to over 35 regional sports networks (RSNs), supporting more than 55,000 live sporting events annually.

Here's a look at the channel density and pricing for the core offerings as of late 2025:

Multi-year Content Exchange and PPV Deal with DAZN

In June 2025, fuboTV Inc. and DAZN struck a multi-year integrated partnership. This deal involves distributing each other's owned-and-operated linear channels in the U.S. fuboTV Inc. launched the DAZN1 linear channel, which serves as the home for DAZN's exclusive boxing and MMA events, available as a standalone subscription or an add-on. Reciprocally, DAZN hosts Fubo Sports, which features over 400 live sporting events annually. Furthermore, fuboTV Inc. customers gain the ability to purchase DAZN's live Pay-Per-View (PPV) events directly.

Weigel Broadcasting for Distribution of Entertainment Networks (MeTV, etc.)

A multi-year agreement with Weigel Broadcasting Co. was announced on June 26, 2025, adding seven networks to the platform. These networks are available to subscribers on the Pro and Elite channel plans. The networks include MeTV, America's #1 classic TV entertainment network, Heroes & Icons (H&I), Movies!, MeTV+, MeTV Toons, Catchy Comedy, and Story Television. The deal also includes local Chicago DMA access to WCIU, The U, which is carrying more than 30 games from the WNBA's Chicago Sky during the 2025 season.

MLB Teams (Reds, Guardians, Astros) for Regional Marketing Partnerships

For the 2025 season, fuboTV Inc. secured marketing partnerships with three Major League Baseball teams: the Cincinnati Reds, Cleveland Guardians, and Houston Astros, adding to an existing alliance with the Texas Rangers. These arrangements include in-stadium and digital branding along with fan engagement opportunities. fuboTV Inc. is positioned as the streaming leader in MLB coverage, carrying MLB.TV, MLB Network, and MLB Strike Zone, alongside RSNs, local broadcast networks, and national networks like ESPN and FS1. The Texas Rangers partnership specifically allows for streaming the new Rangers Sports Network as a standalone subscription on the Fubo Free or Latino plans within the Rangers' territories.

Finance: draft 13-week cash view by Friday.

fuboTV Inc. (FUBO) - Canvas Business Model: Key Activities

You're looking at the core engine driving fuboTV Inc.'s value proposition right now, late in 2025. The key activities are all about securing the content, building the tech to deliver it uniquely, and managing the economics of getting and keeping viewers.

Aggressively negotiating and securing premium live sports content rights

Securing the rights to the games is the single biggest cost and differentiator. The entire model hinges on this. Management is actively working on programming efficiencies to hit a target gross margin of 30%, up from the current ~20%, which directly relates to content cost negotiation success. The recent business combination with The Walt Disney Company's Hulu + Live TV business creates a combined entity with nearly 6 million subscribers in North America, positioning fuboTV Inc. as the sixth largest Pay TV service, which should give it better leverage in future content negotiations. Furthermore, the launch of the Fubo Sports skinny service on September 2, 2025, in over 100 U.S. markets, shows a strategy of creating lower-cost, focused content bundles to manage rights costs while still capturing sports fans.

Here are some of the content-related metrics from the third quarter of 2025:

Developing proprietary streaming technology (4K, MultiView)

The technology development is focused on enhancing the viewing experience to justify the premium price point over other streaming options. A key feature is the delivery of select sporting events in 4K resolution, which is available on higher-tier packages like the Elite plan. The company is also focused on integrating its inventory with Disney's ad ecosystem post-merger, which is a technology-driven operational activity aimed at maximizing ad revenue uplift.

The platform supports advanced features that are part of the value proposition:

• Streaming on up to 10 devices simultaneously at home (Pro Plan).
• 1,000 hours of cloud DVR storage (Pro Plan).
• Availability of select sporting events in 4K resolution.

Managing subscriber acquisition cost (SAC) and retention efforts

Managing the cost to bring in each new subscriber is critical, especially as the company focuses on profitability, evidenced by achieving positive Adjusted EBITDA of $6.9 million in Q3 2025. Management indicated they are maintaining a target subscriber acquisition cost (SAC) in the 'one in that one-time's ARPU range.' While a specific dollar figure for SAC isn't explicitly stated in the latest reports, the focus on efficiency is clear, supported by a reduced net loss of $18.9 million in Q3 2025 compared to $54.7 million in Q3 2024.

Selling and inserting targeted advertising inventory

Advertising is a crucial lever for margin expansion, with management targeting advertising uplift to help reach the 30% gross margin goal. In Q3 2025, North America advertising revenue was $25.0 million, though this represented a 7% year-over-year decline, partly due to the absence of certain ad-insertable content. However, the company is seeing success in newer formats, with revenue from innovative non-video ad formats growing by 152% year-over-year. Following the merger, The Walt Disney Company will take over ad sales for the combined inventory, aiming to boost performance.

Advertising revenue performance highlights for Q3 2025:

Integrating interactive features like game alerts and live scores

The platform's interactive nature is part of its fan-first appeal, which drives engagement and retention. While specific metrics for game alerts or live score usage aren't itemized in the latest financial disclosures, the introduction of new offerings like the Pay-Per-View platform and the Fubo Sports skinny service are designed to give consumers more choice and control, which inherently involves deeper interaction with live event data. The CEO noted that new offerings are giving consumers more choice and control than ever.

fuboTV Inc. (FUBO) - Canvas Business Model: Key Resources

The core strength of fuboTV Inc. rests on a few critical, tangible, and intangible assets that drive its sports-first streaming proposition. These resources are what allow fuboTV to compete against established cable and other streaming entities.

The licensed premium sports and entertainment content library remains the primary draw. This library is continually being optimized, especially following the combination with The Walt Disney Company's Hulu + Live TV business, which created the sixth largest Pay TV service in the U.S. with nearly 6 million subscribers in North America as of Q3 2025. The company is also preparing to launch a new "Sports & Broadcasting" package by the fall sports season to address content access challenges and competitive pressures.

Underpinning the content is the proprietary technology platform. fuboTV Inc. has historically been a leader here, being the first virtual MVPD (multichannel video programming distributor) to launch 4K streaming, MultiView, and personalized game alerts. Product investments like "Catch Up to Live," "Game Highlights," and "Timeline Markers" are credited with enhancing user engagement.

The scale of the user base is a vital resource, though subject to seasonality. The company reported achieving a significant financial milestone in Q2 2025, marking its second consecutive quarter of positive Adjusted EBITDA (AEBITDA) at $6.9 million in Q3 2025, following the first-ever positive AEBITDA of $20.7 million in Q2 2025.

You need to keep an eye on the liquidity position, which supports ongoing operations and strategic moves. The company ended Q3 2025 with a slightly lower cash balance than the prior quarter, but still substantial for near-term flexibility.

Here are the specific, required metrics that define the resource base as of the second quarter of 2025:

• Licensed premium sports and entertainment content library
• Proprietary technology platform optimized for live sports/low latency
• North American subscriber base of 1.356 million as of Q2 2025
• Cash and equivalents of $289.7 million as of Q2 2025

To give you a clearer picture of the asset base and recent performance trends leading into late 2025, here's a snapshot comparing Q2 and Q3 2025 figures:

The shift in North American subscribers from Q2 to Q3 2025, showing growth from 1.356 million to 1.631 million, suggests that seasonal churn observed in Q2 (down 110,000 sequentially) was reversed or offset by new growth leading into the fall sports season. Also, note the Free Cash Flow (FCF) usage: Q2 FCF was negative $37.7 million, improving slightly to negative $9.4 million in Q3 2025. Finance: draft 13-week cash view by Friday.

fuboTV Inc. (FUBO) - Canvas Business Model: Value Propositions

fuboTV Inc. offers a sports-first live TV streaming platform that aggregates a broad selection of content for its customer segments.

The core offering provides access to a wide channel lineup, with main English-language plans offering between approximately 215 and 330 channels, depending on the specific package selected and the user's ZIP Code.

The platform is noted as the only live TV streaming platform carrying every Nielsen-rated sports channel in the U.S. as of 2023.

Subscribers to the sports-centric service show high engagement, with 96% of Fubo subscribers watching live sports every month.

Daily active users historically watched an average of 6 hours a day.

Over 94% of all viewing hours occur on a connected TV device.

fuboTV Inc. was the first virtual MVPD to launch 4K streaming and Multiview technology, predating peers by years.

The 4K streaming capability is included in the premium Elite plan.

The MultiView feature lets customers select and stream up to four live channels simultaneously.

fuboTV pioneered MultiView, launching it on Apple TV in 2020.

The company provides a focused, more affordable entry point with the Fubo Sports skinny bundle.

This standalone plan is priced at $55.99 per month after an introductory first month price of $45.99 (a $10 discount).

The Fubo Sports package includes over 20 sports and broadcast networks, featuring national and local pro and college team coverage.

This bundle also includes access to ESPN's new direct-to-consumer Unlimited plan, which contains ESPN+.

Here's a look at the pricing structure for the Fubo Sports offering relative to other main tiers:

fuboTV Inc. drives interactive engagement by integrating free-to-play prediction games directly into the live viewing experience.

Beta testing of these free games and the FanView live stats feature during CONMEBOL matches showed that subscribers who engaged with the features watched fuboTV for up to 37% more minutes than non-engaging subscribers, depending on the platform.

The interactive games allow users to compete for prizes and track their standing on a leaderboard.

The platform offers several features that encourage active participation:

• Integration of free-to-play predictive games.
• FanView for monitoring live stats and scores alongside video.
• Leaderboards for tracking performance in prediction games.

fuboTV Inc. (FUBO) - Canvas Business Model: Customer Relationships

You're looking at how fuboTV Inc. manages the connection with its audience as of late 2025, a period defined by strategic transformation, especially the combination with The Walt Disney Company's Hulu + Live TV business.

Automated, self-service digital platform for sign-up and management

The initial touchpoint is heavily digitized. Sign-up and ongoing account management primarily run through the automated, self-service digital platform. This focus on digital efficiency is key to managing the scale of the user base. For instance, in the third quarter of 2025, management noted that trial starts increased and conversions from trial to paid meaningfully improved year-over-year. Furthermore, the platform's effectiveness in retaining users digitally is reflected in the reported churn decline of nearly 50% versus last year in that same quarter. The platform leverages proprietary data and technology, which collects billions of data points daily, to create a personalized streaming experience, which is the core of the self-service value proposition.

The platform's scale and operational health can be tracked through these key metrics as of the third quarter of 2025:

Proactive in-app communication for new features and content changes

fuboTV Inc. uses in-app communication to keep subscribers informed about platform evolution and content shifts. This is critical given the dynamic nature of programming rights. For example, following the non-renewal with TelevisaUnivision, communication would have been necessary to manage subscriber expectations. On the feature side, the company launched the Fubo Channel Store in the third quarter of 2025, which gives consumers frictionless access to premium standalone plans. This type of feature launch is communicated directly through the application interface to drive adoption.

The platform is also noted for its advanced features, which require in-app promotion to ensure usage:

• First virtual MVPD to launch 4K streaming.
• Implementation of MultiView functionality.
• Personalized game alerts.

Upselling customers to higher-tier packages and premium add-ons

Monetization relies heavily on moving customers up the value chain. fuboTV Inc. actively promotes options beyond the base subscription. In August 2024, the company introduced the "Elite with Sports Plus" and "Deluxe" packages, signaling an ongoing strategy of tiered offerings. By the third quarter of 2025, this strategy evolved with new, more focused products designed to capture different spending levels. The company highlighted new offerings like its Fubo Sports skinny service and a dedicated Pay-Per-View platform, which give consumers more choice and control, directly enabling upselling.

The push for higher revenue per user is evident in the financial trajectory. While North America ARPU was $85.37 in the first quarter of 2025, the company is focused on expanding monetization avenues beyond the subscription fee itself, such as through advertising revenue, which saw a 152% year-over-year increase in revenue from innovative non-video ad formats, including pause ads, in Q3 2025.

Dedicated customer support for technical and billing issues

With a subscriber base in North America reaching 1.631 million in Q3 2025, and a combined entity approaching 6 million, dedicated support channels are a necessity for managing technical and billing escalations that self-service cannot resolve. While specific support cost figures aren't detailed in the latest reports, the operational focus on profitability-achieving a second consecutive quarter of positive Adjusted EBITDA in Q3 2025 at $6.9 million-implies a disciplined approach to managing the cost-to-serve, which includes customer support overhead. Effective support is a direct lever against churn, which management successfully reduced by nearly 50% versus last year in Q3 2025.

The support structure must handle inquiries related to:

• Technical troubleshooting for 4K/MultiView features.
• Billing for complex, tiered packages.
• Content access following programming disputes.

fuboTV Inc. (FUBO) - Canvas Business Model: Channels

You're looking at how fuboTV Inc. (FUBO) gets its content in front of viewers as of late 2025. The channel strategy is clearly multi-pronged, mixing direct digital access with broader broadcast reach, especially following the major combination with The Walt Disney Company's Hulu + Live TV business.

The core delivery remains the Direct-to-Consumer (DTC) model, accessed via the fuboTV website and its mobile applications, which is where the bulk of the subscription revenue originates. The Q3 2025 standalone results show strong engagement in this primary channel.

Here's a quick look at the subscriber and revenue breakdown from the standalone North America streaming business for the third quarter ending September 30, 2025:

The combination of fuboTV and Hulu + Live TV creates the sixth largest Pay TV service in the U.S., with nearly 6 million subscribers in North America, based on UBS Estimates as of June 30, 2025. This scale significantly enhances its distribution leverage across all platforms.

Distribution on third-party platforms like Roku, Apple TV, Smart TVs, and consoles is the primary way the DTC offering is consumed outside of dedicated mobile apps. While specific platform revenue splits aren't public, these devices represent the digital endpoints for the 1.631 million North America paid subscribers.

The Fubo Channel Store represents a key evolution in how fuboTV Inc. monetizes content outside the main subscription bundle. This store allows for more granular access to content, which is important for customer choice.

• The Fubo Channel Store allows frictionless access to premium standalone plans.
• The company also offers a free version of its service with nearly 200 ad-supported channels.
• The new Fubo Sports skinny bundle, launched on September 2, 2025, offers 28 sports and broadcast networks.

The Over-the-air (OTA) broadcast of the Fubo Sports linear network is a strategic move to capture non-cord-cutting households. This is an extension beyond the traditional streaming app experience.

• Fubo Sports linear network is being streamed on OTA stations in more than 100 U.S. markets, including New York, Los Angeles, and Chicago.
• This OTA availability makes the network accessible to more than 12 million traditional TV households.
• Fubo Sports, the FAST (free ad-supported streaming TV) network owned by fuboTV Inc., streams over 600 live sporting events annually.

If you're modeling the combined entity, remember that the Q3 2025 numbers reflect only fuboTV's standalone operations before the Hulu + Live TV combination closed last week.

Finance: draft 13-week cash view by Friday.

fuboTV Inc. (FUBO) - Canvas Business Model: Customer Segments

You're looking at the core audience for fuboTV Inc. as of late 2025, right after the major business combination closed.

US and Canadian live sports enthusiasts and cord-cutters (core market)

• North America paid subscribers (Q3 2025 standalone): 1.63 million.
• North America revenue (Q3 2025 standalone): $368.6 million.
• The Fubo Sports linear network launched over-the-air in more than 100 U.S. markets.
• The over-the-air distribution reaches over 12 million traditional TV households (as of February 2025).

The company's North America subscriber count in Q3 2025 was its highest for that quarter in company history.

Budget-conscious sports fans targeted by the new Fubo Sports bundle

This segment is targeted by the Fubo Sports skinny bundle launched in September 2025.

Households seeking a virtual Multichannel Video Programming Distributor (vMVPD)

fuboTV Inc. operates as a virtual multichannel video programming distributor (vMVPD). Following the business combination, the combined entity is positioned as the sixth-largest Pay TV service in the U.S..

• Combined North America subscriber base (post-merger): nearly 6 million.

International streaming users in Spain and France (Molotov subsidiary)

The Rest of World (ROW) segment includes the Molotov subsidiary in France and Fubo operations in Spain.

ROW paid subscribers saw a year-over-year decline of 9.5% in Q3 2025.

fuboTV Inc. (FUBO) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for fuboTV Inc. as of late 2025, especially after the transformative combination with Hulu + Live TV. The cost structure is dominated by content, which is the lifeblood of a live TV service, but management is clearly pushing for efficiencies to hit margin targets.

Content acquisition costs (largest and most volatile expense)

Content acquisition costs are the single biggest drain on the bottom line, which is why management is targeting a gross margin of 30%, up from the current ~20%, largely through programming efficiencies. For context, in Q1 2024, fuboTV spent approximately 90% of its total revenue on content licensing fees. The largest single expense line item reported in Q2 2025 was subscriber-related expenses, totaling $291,402 (in thousands) for the quarter. This category is where the bulk of the content fees reside, and its optimization is key to achieving sustained profitability.

• Subscriber-related expenses (Q2 2025): $291,402 (thousands)
• Gross Margin Target: 30%
• Prior Content Spend as % of Revenue (Q1 2024): Approx. 90%

Technology and infrastructure investment for platform stability

Keeping the platform stable and delivering high-quality streams, like the 4K HDR video fuboTV pioneered, requires ongoing tech investment. While a specific line item for pure R&D or infrastructure isn't explicitly detailed in the latest reports, a related cost, Broadcasting & transmission, was reported at $10,877 (in thousands) for Q2 2025. Management is also targeting G&A/tech improvements as part of the path to that 30% gross margin goal.

Sales and marketing expenses to drive subscriber acquisition

Driving subscriber growth is expensive, though fuboTV reported achieving its lowest subscriber acquisition cost (SAC) to Average Revenue Per User (ARPU) ratio in Q1 2024, landing 'well below the low end of our target range of 1-1.5x.' This focus on efficient marketing spend continues to be a priority, especially as the company navigates a competitive landscape. The total operating expenses for the full fiscal year 2024 were $1.82B, which encompasses all sales and marketing efforts.

General and administrative costs, including litigation expenses

General and administrative (G&A) costs are being scrutinized as part of the margin expansion plan. On the litigation front, fuboTV benefited significantly from a one-time gain on the settlement of litigation, reported as $219,542 (in thousands) for the six months ending Q2 2025, which heavily influenced the net income result for that period. The net loss from continuing operations for Q3 2025 was $18.9 million, showing the underlying cost base before one-time items.

Here's a quick look at some of the key expense and profitability metrics around the time of the Q3 2025 report:

The company's Q3 2025 operating margin was reported at negative 5.3%, an improvement from negative 15.2% in the same quarter last year, reflecting the ongoing effort to manage this cost base. Finance: draft 13-week cash view by Friday.

fuboTV Inc. (FUBO) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for fuboTV Inc. as of late 2025. Honestly, the revenue picture is a mix of solid subscription income and a more volatile advertising segment, all while navigating a major strategic shift with the Hulu + Live TV combination.

Subscription fees remain the primary engine. As of the end of the third quarter of 2025, fuboTV Inc. reported 1.631 million paid subscribers in North America alone. The monetization of this base is key; for instance, the North America Average Revenue Per User (ARPU) in the first quarter of 2025 was $85.37. You see a tiered structure designed to capture different customer needs, from the core offering to the high-end sports enthusiast.

Here's a look at the main package pricing you'd see as of late 2025, keeping in mind that channel counts vary by ZIP Code and promotional pricing is common:

The company also implements specific fees that directly tie to content costs. For example, a regional sports network fee is applied, set at $10.99 per month for subscribers with one regional sports channel, or $13.99 per month for those with two or more. That's a direct pass-through revenue stream.

Advertising revenue provides the secondary, albeit currently challenged, stream. In the first quarter of 2025, advertising revenue was reported at $22.5 million. FuboTV Inc. executives attributed this figure to a 17 percent year-over-year decline, largely because of the absence of ad-insertable hours from channels no longer carried, such as those from Warner Bros. Discovery and TelevisaUnivision. The company's proprietary platform collects 2 billion data points daily, which is the foundation for selling more personalized ad inventory.

Revenue from add-on packages lets you customize the core offering, which helps lift that overall ARPU. You'll find several ways to layer on more content:

• Premium channel add-ons start at $6/month (e.g., MGM+, STARZ).
• Channel grouping add-ons start at $2.99/month.
• The DAZN add-on is listed at $29.99/month.
• The RAI Italia add-on is $8.99/month.
• NBA TV is available for $8.99/month after a trial period.

Finally, there's the potential revenue from Pay-Per-View (PPV) events and future wagering integration. Back in 2022, the plan included unifying the product to offer new pay-per-view options for monetization. Furthermore, the company has agreements in place that include league marks and logos for use within the Fubo Sportsbook once it rolls out, suggesting a future revenue path tied to sports betting integration. No specific 2025 financial figures for these streams are reported yet, as the focus remains on the core subscription and advertising business while the Disney merger finalizes.