Q3 Shareholder Letter

November 9, 2021

Fellow Shareholders,

Before we dive into our record third quarter, we are thrilled to announce that, since closing the quarter, fuboTV has passed the one million subscriber mark. This is an extraordinary milestone by any measure but particularly remarkable given the momentum of our business over six short years. To put this in perspective, as of the end of the second quarter 2020, we had approximately 286,000 subscribers.

The implications of this milestone are significant and far-reaching. One million subscribers means increased relevance, leverage and influence with content partners and leagues and the opportunity to go upstream on tentpole sports properties. It also means billions of data points for product iteration and personalization, greater advertising sales opportunities, increased mindshare with potential and current subscribers, and more MFN protection. And, even at the one million subscriber mark, we are still just scratching the surface of the massive opportunity ahead of us with 72.6 million subscribers still active on traditional pay television1.

When we reported our second quarter 2020 results, we asserted that consumers would continue to choose streaming over traditional pay television due to the more personalized, premium viewing experience. We also highlighted our advantage over traditional pay television, due to the strength of our product offering and our modern technology stack that we are continuously optimizing, enabling us to innovate faster than the incumbents.

Our mission to define a new category of interactive sports and entertainment television is characterized by the delivery of a differentiated consumer experience. We do this through a laser focus on the acquisition and presentation of compelling content and ongoing product advancements including FanView and free-to-play predictive games. Today, we are announcing the acquisition of Edisn.ai to enhance our AI-driven interactive experiences, personalization and platform stability.

Additionally, we continue to extend our value proposition to a greater number of consumers worldwide with the expansion of our international footprint. We are also thrilled to announce today an agreement

• MoffettNathanson estimates and analysis as of Q2 2021

1

to acquire France's leading live TV streaming platform, Molotov SAS - a strategic asset that we believe will help accelerate our goal of achieving global scale and operating leverage.

And we are further poised to transform how consumers watch and engage with live television with the recent launch of our first generation integrated Fubo Sportsbook, now live in our first state. This will not only serve as an important new on-ramp to our platform, but it is also expected to extend the engagement and lifetime value of our existing subscribers.

Collectively, we believe these initiatives will create a flywheel effect of driving subscriber growth, increasing engagement and enhancing monetization while also attracting advertising dollars to our premium paying audience. At the same time, we will continue to benefit from our position at the intersection of three industry mega-trends: the secular decline of traditional pay television; the shift of TV ad dollars to connected devices; and the rapid adoption of online sports wagering.

Our record third-quarter2021 results again showcase consistent and strong execution in support of our mission and continued traction towards our long-term growth and margin targets.

In the quarter, we delivered triple-digityear-over-year growth in total paid subscribers (up 108% to 944,605), total revenue (up 156% to $156.7 million) and advertising revenue (up 147% to $18.6 million). Additionally, we added 262,884 net subscribers in the third quarter - more subscribers than added throughout all of 2020. Viewership also reached record highs, with fuboTV customers streaming 284 million hours of content during the quarter, a 113% increase year-over-year.

We also made meaningful progress towards our profitability goals. Adjusted Contribution Margin (ACM) was 12.4%, up 189 basis points compared to the normalized third quarter 2020 results2. This is on the back of a 10% year-over-year increase in Monthly Advertising Average Revenue Per User (ARPU) and a 10% increase in total monthly ARPU.

In light of our strong execution in the quarter, and the continued strength of the macro tailwinds we have consistently highlighted and continue to see, we are increasing our full year 2021 revenue guidance to $612-617 million, representing 135% year-over-year growth at the midpoint, and increasing our guidance on year-end subscribers to 1,060,000-1,070,000, representing a 94% year-over-year increase at the mid-point compared to our subscribers at year-end 2020.

Q3 2021 Highlights

• Total revenue grew 156% YoY to $156.7 million
• Advertising revenue grew 147% YoY to $18.6 million
• Subscription revenue increased 158% YoY to $138.1 million
• Subscribers grew 108% YoY and 39% QoQ to 944,605
• Average Revenue Per User (ARPU) per month increased 10% YoY to $74.54

• Q3 2020 reported ACM was 16.1% and benefitted in part from the unusual timing of some content deals in July. Normalized for this unusual, one-time impact, the Q3 2020 ACM would have been 10.5%, as detailed in the Q3 2020 Shareholder Letter. Refer to the reconciliation of Revenue to ARPU and Adjusted Contribution Margin in the non-GAAP information in the tables.

2

• Advertising ARPU per month increased 10% YoY to $8.23
• Adjusted Contribution Margin was positive 12.4%, up 189 bps YoY from the normalized 10.5%2

Note: 2019 financials and metrics represent pro-forma fuboTV pre-merger plus FaceBank pre-merger.

Key Operating Metrics	3Q19		3Q20		3Q21		3Q21 YoY %
Subscribers (thousands)	288	455	945	+108%
Content Hours Streamed (millions)	73	133	284	+113%
ARPU	$59.28	$67.70	$74.54	+10%
Advertising ARPU	$4.52	$7.52	$8.23	+10%
Adjusted Contribution Margin %	0.5%	10.5%2	12.4%		+189 bps2

Summary Financials (millions)	3Q19		3Q20		3Q21		3Q21 YoY %
Revenue	$41.7	$61.2	$156.7	+156%
Total Operating Expenses	$97.5	$363.4	$259.9	-28%
Net Loss	-$56.2	-$274.1	-$105.9	+61%
Net Loss Margin	-134.9%	-447.9%	-67.6%		+38,033 bps
Adjusted EBITDA	-$50.4	-$47.5	-$81.3		-71%
Adjusted EBITDA Margin	-120.9%	-77.6%	-51.9%		+2,570 bps

Guidance	4Q21		FY21
Revenue ($ in millions)	$205-$210		$612-$617
Subscribers (thousands)	1,060-1,070	1,060-1,070

Earnings per share (EPS) in the third quarter of 2021 was a loss of $0.74, including $0.05 impact from expenses incurred for our wagering business and $0.01 impact from deal-related expenses. This compared to a loss of $6.20 in the third quarter of 2020. Adjusted EPS in the third quarter of 2021 was a loss of $0.59, excluding the non-cash impact of stock-based compensation, the re-measurement of warrant liabilities and the amortization of intangibles and debt discount3. This compares to an Adjusted EPS loss of $1.08 a year prior.

As we continue to lay the foundation for future growth, our strategic investments in programming, team, technology and infrastructure resulted in expected increased expenses on an absolute dollar value basis in the third quarter compared to the prior year. However, expenses continue to be significantly reduced in proportion to revenue year-over-year, resulting in a material improvement in Adjusted EBITDA margin which improved 25.7 percentage points to -51.9% in the third quarter of 2021 from -77.6% a year prior, as we continuously improve our operating leverage and further advance on our path to profitability.

• Refer to the reconciliations of GAAP Net Loss to Non-GAAP Adjusted Net Loss in the non-GAAP information in the tables. Adjusted EPS represents Adjusted Net Loss divided by the number of weighted average shares outstanding for the applicable period.

3

We ended the quarter with $398.5 million of cash, cash equivalents and restricted cash. This included $70.0 million net proceeds from sales of securities pursuant to our At-The-Market (ATM) program, partially offset by $7.0 million interest payment and $33.7 million cash outflow on wagering activities, primarily in connection with our market access licensing deals. As we have previously highlighted, the filing of our shelf registration statement in August and our ATM program are part of our ongoing capital optimization plan to build optionality in order to fund growth initiatives.

Operating cash flow in the quarter was negative $55.7 million, inclusive of the negative impacts of $5.0 million non-recurring payments, $5.2 million operating cash outflow associated with the wagering business and $7.0 semi-annual interest payment on the 2026 convertible notes.

As of September 30, 2021 the Company had 144,559,694 common shares issued and outstanding.

Operational Highlights

The Company delivered record results during the third quarter of 2021, growing total revenue by 156%, increasing advertising revenue by 147% and delivering subscriber growth of 108%, each compared to the prior year period.

Net subscriber additions in the third quarter were approximately 263,000, 56% more than in the third quarter of 2020 and more than we added in the entire year of 2020. We have added approximately 490,000 net subscribers since the third quarter of 2020, resulting in subscriber growth of 108% year-over-year, compared to the 34% growth for the entire vMVPD market over the same period.4 We drove this strong subscriber growth with efficient deployment of sales and marketing dollars, which came in at 32% of revenue in the quarter, down from 36% in the third quarter of 2020. We also saw churn improve by 78 basis points year-over-year.

Turning to engagement, in the third quarter of 2021, our users (paid and trial) streamed 284 million hours, an increase of 113% year-over-year. Our monthly active users (MAUs) watched 121 hours per month on average, impacted by the strong influx of new subscribers at the end of the quarter and consistent with the seasonal trends that we typically see in the third quarter. We are also very pleased with the initial data we see on the retention metrics of these new cohorts, highlighting the quality of these additions.

• Source: Nielsen Media Research NPower, 3Q21 vs. 3Q20 Based on Household Universe Estimates

4

The third quarter was also record-breaking for our advertising business, as we delivered the company's strongest ad sales quarter in our history. Ad revenue reached $18.6 million and grew 147% year-over-year, accounting for 12% of total revenue in the third quarter of 2021. Advertising ARPU was up 10% year-over-year to $8.23, driven by enhanced monetization and impacted by the large influx of subscribers at the end of the quarter.

Alongside our record revenue growth in the quarter, we also reported continued margin expansion year-over-year, with an adjusted contribution margin of 12.4%, up 189 basis points from the normalized third quarter of 2020. This growth was driven by ARPU expansion of both advertising and subscriptions, partly as a result of strong execution associated with upsells and packaging. This is evidenced by our Attach Rate of 2.3, up from 1.8 in the third quarter of 2020, and the 2.2 million attachments sold as of the end of the quarter. This is also illustrative of our ability to extend the lifetime value of our customers through the provision of additional products and services on our platform.

International Expansion

We are thrilled to announce today that fubo has achieved a major milestone towards global expansion with the acquisition of Molotov SAS, France's leading live TV streaming platform with nearly four million monthly active users. Molotov operates a freemium business model, which leverages a free tier to drive growth and upsell customers to premium add-on channel packages. The technology capabilities between the companies will enable us to more efficiently launch our interactive sports and entertainment streaming platform on a global scale. The transaction is expected to close in the first quarter of 2022, subject to certain closing conditions.

5