On November 6, Fubo Group (03738) disclosed unaudited operating data for the three months ended September 30, 2026. According to the announcement, during the reporting period, the company's total revenue increased by about 32% year on year, business revenue in mainland China increased by about 31% year on year, revenue in the US and other regions increased by about 32%, and monthly continuous revenue (MRR) increased by about 29% year on year. According to the information from the investor exchange meeting on the day of the contract, the company's computing power service revenue from platforms such as DreamMaker exceeded HK$140 million in the first three quarters, making a revenue contribution for the first time this year, indicating that Fubo Group's AI business has made a large-scale contribution and has become an important incremental growth engine for the Group.
Quarterly revenue growth hit a new high in recent years: the basic market is stable and subscription resilience continues to show
Fubo Group's Q3 performance hit the highest year-on-year growth rate in a single quarter in recent years. Overall, it was in line with the positive expectations anchored in previous market communication. At the semi-annual report stage, the company expected an overall growth of about 35% in the second half of the year. The Q3 business data showed strong ability to execute and deliver on targets. The company further stated at the exchange meeting that considering the revenue base for the fourth quarter of last year, if Q4 maintains a revenue scale similar to Q3 this year, the year-on-year growth rate in a single quarter is expected to reach 40%.
Looking at the quality of growth and revenue structure, MRR increased by about 29% year on year. MRR maintained a growth of close to 30% based on a high customer retention rate. The two confirm each other, indicating that the company's recurring revenue has high visibility, the service needs of large customers are still expanding, and customer value and business scale are increasing at the same time. The 99% customer retention rate reflects strong core business stickiness and strong endogenous growth momentum for revenue growth. With the rapid growth of AI content, demand for copyright identification, monitoring and management continues to increase, and the company's existing customer service scope is expected to expand further, thereby supporting new demand for subscription and copyright services.
Looking at the region and business structure, Q3 revenue growth showed characteristics driven by multi-regional and multi-business collaboration. Revenue in mainland China grew 31%, the US and other regions grew 32%, and the regional distribution was relatively balanced; core subscription, copyright protection, and value-added monetization businesses together formed the basic market for steady growth. Overall, the company's Q3 revenue growth momentum was strong, and the basic role of core subscription and copyright services was further highlighted.
AI skit scene deepening: monitoring covers key aspects of quarterly doubling rights and monetization card slots
Looking at the short drama copyright scenario, industry demand is being replicated from single-point cooperation to multiple platforms and multiple scenarios. As AI skits become the focus of market attention, the supply of relevant content is growing rapidly, and demand for copyright confirmation, monitoring and protection continues to be released. In September 2026, the Hongguo skit reached 430 million, with a penetration rate of about 30%, an increase of 81% over the previous year; Green Bubble reached 156 million, and the weekly activity in the first week of October was close to 90 million, an increase of 44% over the first week of September. Hongguo released 51,800 new AI skits in September, about eight times that of the same period last year.
The number of skits covered by Fubo Group's monitoring in the third quarter increased 106% month-on-month, doubling quarterly. The company has been serving Hongguo for over a year. As its exclusive copyright service provider, the API model has been replicated to major domestic and foreign short drama platforms, including overseas platforms such as ReelShort and StardustTV. Overall, the company has established a leading service scale in the field of AI skit copyright protection, and the skit copyright service has also formed a service model that can be replicated to different platforms.
Fubo continues to upgrade copyright monitoring and element-level recognition capabilities in response to various infringements such as unauthorized handling, demolition, piracy, and renaming of skits during dissemination, and provides services such as network-wide scanning, verification of works, collating evidence, and removing infringing content from the shelves. For example, “Lin Xia's Headwind Enters” was heavily unauthorised overseas, and the relevant infringing channel had up to 2.9 million subscribers; “Liaozhai's Laoshan Taoist” was removed from the shelves within 24 hours after connecting to the Fubo service, and “Return to the Ruins” was discovered to have issues such as name change, dissemination, and paid piracy. The removal of the infringing work began about 12 hours after connecting to the service. The relevant case shows Fubo's ability to monitor, identify, and quickly deal with short and diverse infringements.
The core value of deepening the copyright scene for short dramas lies in demand rigidity and increased revenue visibility. As platforms such as Red Fruit, Green Bubble, Kuaishou, and Youku add short dramas, exclusive content protection is changing from an optional service to a competitive standard for platforms, and copyright protection spending is highly sustainable. Fubo Group uses an API model to embed the platform's content management process. The service scale increases with the number of API calls corresponding to the copyright protection requirements of short dramas, which is conducive to generating high customer stickiness and predictable recurring revenue.
More importantly, the skit copyright service is not only about content monitoring and removal, but is also a key part of card authorization, authorization, and monetization in the early stages of commercialization of AI content. It is expected to enhance the company's bargaining power and depth of scenarios in the copyright industry chain in the medium to long term. Overall, the rapid growth in the supply of AI skit content, the quarterly doubling of monitoring coverage, and the replication of API services to more platforms are driving the skit copyright service as an important increase in the company's business growth.
New engine launch: continued expansion of AI assets, large-scale contribution to platform computing power service revenue
On the basis of stable core business and strong revenue growth momentum, the incremental highlights of Fubo Group's Q3 business data were further concentrated on AI assets and platform computing power services. During the period, the number of active assets of the company reached 6.33 million, an increase of 9.8%; of these, AI-related assets reached 1.64 million, accounting for 26%, a significant increase from 9.1% in the same period last year. As the first new business to contribute revenue this year, the platform's computing power service has surpassed HK$140 million in revenue in the first three quarters, mainly from overseas DreamMaker platforms; the domestic SeeBay platform was launched in mid-September, with more than 130,000 registered creators in less than two months, more than 90,000 works on the platform, and more than 300 super creators signed up. At the same time, the company pointed out that the current platform's computing power service still mainly relies on third-party channel computing power, and its own computing power has not yet been launched. The above data shows that AI assets and platform computing power services have begun to form large-scale contributions, becoming a new driving force for the company's business growth.
First, the expansion and upgrading of AI assets is opening up a second growth curve for copyright services. The share of AI-related assets increased from 9.1% in the same period last year to 26%, which means that the company's manageable and monetizable content assets are expanding at an accelerated pace from traditional film and television copyright to AI-derived content. The rapid growth of new content forms such as AI skits and AI-generated songs continues to drive increased demand for copyright identification, monitoring, authorization and management. In terms of music copyright, the company serves brand customers such as Warner and Sony with close to 160 million fingerprint assets; the Search search service added dozens of new customers in the third quarter, indicating that AI-generated content is being transformed into new copyright recognition requirements. At the same time, the upgrade of element-level authorization capabilities enabled the company to deal with new infringement scenarios extending from fragment handling to misappropriation of key IP elements. The company also cooperated with Ant Mathematics to jointly build a major copyright model and participate in the formulation of relevant industry standards to further improve the authentication technology and standard system for AI content. Seen from this perspective, the increase in the share of AI-related assets not only reflects an expansion in the scale of assets, but also reflects that the company's ability to confirm rights is being extended to more AI content scenarios, providing support for related business growth.
Second, the revenue of the platform's computing power service exceeded HK$140 million in the first three quarters, which initially verified the company's ability to contribute large-scale revenue to its new AI business. The business has achieved a leap from zero to large-scale revenue, and has formed a revenue contribution from overseas DreamMaker platforms as the main source; seeBay completed a cold launch for creators in a short period of time, indicating that the company's ability to confirm rights accumulated over 20 years has differentiated appeal to AI creators, and the authorization function is expected to become an important gripper for the platform's promotion in Southeast Asia and the US. As its own computing power is gradually put into operation, the revenue scale of the platform's computing power services will accelerate.
Currently, the platform's computing power service still mainly relies on third-party computing power. The progress of deploying its own computing power will become the key to the subsequent increase in revenue scale and profitability. In this context, the Brunei computing power project forms an important infrastructure for the company to improve the closed loop of AI business.
The company signed a cooperation agreement with Brunei in early September to lock down data center land and power resources. It plans to light up the first batch of 1 megawatt computing power by the end of 2026, and land 25 megawatts in 2027 and 2028, respectively, for a total of 50 megawatts over two years, corresponding to two 10,000 card clusters. Brunei Computing Power will provide private deployment and API call capabilities for application layers such as DreamMaker, Vobile Max, and SeeBay, promote the company to form a closed loop of “computational power-model-application”, and enhance its ability to provide AI content generation and copyright compliance management services for Hollywood film and television production companies and professional creators.
The first batch of 1 megawatt computing power was mainly used to verify the complete process of equipment supply, Brunei deployment, token output and actual application, and to provide a model for subsequent large-scale construction and project financing. Subsequent large-scale capital expenditure is to be mainly promoted by the Brunei Joint Venture through project financing. The company said it has now received cooperation offers from the Brunei Sovereign Fund, local banks and investors in computing power construction. With the gradual implementation of the project, its own computing power is expected to provide underlying support for platform computing power services, and promote related businesses to further expand revenue scale and improve gross profit margins.
Taken together, Fubo Group's Q3 business data not only fulfilled growth expectations, but also showed a clear path of advancement: the core subscription and copyright service infrastructure is stable, and the new engine has completed a critical leap from investment layout to revenue verification. The deepening of the short drama copyright scene and Brunei's computing power financing momentum have consolidated medium- to long-term support for “confirmed monetization+AI computing power” two-wheel drive from the two dimensions of scene depth and infrastructure. As the AI content ecosystem continues to expand, platform computing power services gradually expand, and the Brunei project progresses according to plan, Fubo is expected to open up new growth space under two-wheel drive, and the release of medium- to long-term value is worth looking forward to.