Fubo TV (NYSE:FUBO) Stock Consolidates After The Jump: How To Trade Now?
4:07 pm Monday, June 14th, 2021
Sports video streaming company Fubo TV (NYSE:FUBO) has come into prominence this year due to the rights it has won for some key soccer tournaments. Hence, it is no exaggeration to say that the well-being of the company for the near future is going to depend a lot on the 2022 Qatar World Cup qualifying matches that commenced on June 3.
Fubo has managed to win the exclusive rights to stream as many as 70 soccer games that are going to be played by the teams in the South American Football Confederation. These games have provided Fubo with the opportunity of potentially attracting millions of sports fans to its service.
The company has ambitious plans for the future and these qualifying games are expected to help the company in generating considerable revenues through new customers. It is important to note that Fubo TV is planning to launch its own sports betting services as well and the idea is to link it to its sports streaming service in order to present the two products as a whole.
However, the rising coronavirus cases in South America resulted in the Copa America tournament being moved to Brazil at the eleventh hour. On the other hand, many players have also complained about the risks involved with going ahead with the tournament.
Additionally, many of the multinational sponsors also opted out of the tournament and that has put Fubo TV in a spot of bother. Some of the biggest names include AmBev, Mastercard, and Diageo who have decided to pull out of the tournament altogether.
There may have been controversies in Brazil over the late decision to host the Copa America but there have not been calls yet for boycotting the games. Due to the risks to Copa America, which is available for free to subscribers, the importance of three qualifying games goes much higher for Fubo.
