FUBO - Here's Why fuboTV Stock Got Smacked Down Today
2024-02-07 11:20:10 ET
Shares of streaming service fuboTV (NYSE: FUBO) got smacked down today -- as of 10:45 a.m. ET, fuboTV stock was down a disheartening 28% and still sliding. The company offers a streaming service for live sports. And news broke yesterday that competition in this space is about to become much more fierce.
As of the third quarter of 2023, fuboTV had nearly 1.5 million paying subscribers to its sports-centric service, which was a healthy 20% year-over-year increase. But it may not be so easy to attract subscribers in the future. On Feb. 6, Walt Disney , Fox , and Warner Bros. Discovery announced a joint venture to create their own sports streaming service.
The announced joint venture has rights to the biggest sports properties, including professional football, professional basketball, college sports, and more. Simply put, this new streaming service -- expected to launch this fall -- will be attractive to anyone looking to switch from cable and still have access to live sports.
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Here's Why fuboTV Stock Got Smacked Down Today