Netflix Inc.'s Competitors are Filling the Gap's in its Product Portfolio

The streaming media giant has some serious competition coming its way as company collaborate to expand sports streaming service.

Netflix, Inc. has managed to stand its ground in the face of increased competition from both domestic and foreign competitors, with its 75 million subscriber base in over 190 countries. Competitors of the company have been looking for loopholes to overtake its success in the video streaming media market and it seems that two of them namely Fox and Sky, largest sports broadcasters, have already achieved to do so.

21^st Century Fox along with Sky have invested $15 million in FuboTV, one of the fastest growing MVPD in the United States. The investment will be used to expand FuboTV’s sports streaming video offering along with developing new features and further market the service to increase the user base. The multichannel video programming distributor was established in 2015 and has over 40,000 subscribers currently. Its prime focus is on the sports and entertainment sector – some of the channels available on the network are Univision Network, beIN Sports and BenficaTV.

This news came right after Sky Plc bough t a $45 million stake in an Asian streaming service, iFlix. The British telecommunication company provided on-demand service all across the European countries. And the recent stake indicates its first foray into the Asian market in an attempt to heat its battle up with the streaming media giant. iFlix was founded last year in May and has over 1 million subscribers currently in the Philippines, Thailand and Malaysia.

Netflix, Inc., Hulu and Amazon have managed to attract most of the streaming media consumers in the market along with attracting top creators of Hollywood movies and TV shows; while FuboTV aims at attracting younger viewers as most of these consumers like to watch big sport events live on television.

The company stated that they offer their programming services for a month subscription of $9.99 which is mostly catered at the young viewers who are not so fond of paying for cable along with men of Latin American descent. As per a statement, the company has managed to raise as much as $20.6 million to date. Others who have provided the sports media company include Edgar Bronfman Jr. Chris Silberman and David Stern along with DCM Ventures and LionTree Partners.

The executive vice president of business operations and development for 21^st Century Fox operating unit Fox Networks Group, Ravi Ahuja stated in the press release that they were quite impressed with the management team of FuboTV and the amount of progress they have made in the short span of time that the company’s been around for. He added that they believe that services like FuboTV will drive innovation further and create a situation which is a win-win for consumers as well as the programmers.