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Warner Bros. Discovery Its streaming platform Max added 7.2 million global subscribers in the third quarter, it said on Thursday.
This marks the streaming platform’s biggest quarterly growth since its inception. As of September 30, Max currently has 110.5 million subscribers.
Streaming has become a bright spot for Warner Bros. Discovery Channel as traditional TV networks come under pressure from cord-cutting and soft advertising markets. Last quarter, Warner Bros. Discovery reported $9.1 billion in writedowns on its television networks.
Thursday, Warner Bros. Discovery reports third-quarter results Data showed that revenue fell 4% from the same period last year to $9.62 billion. Total adjusted earnings before interest, taxes, depreciation and amortization fell 19% to $2.41 billion.
Network revenue increased 3% compared with last year, to $5.01 billion, despite declines in both distribution and advertising revenue. As last year’s box office performance of “Beetlejuice” and “Twister” was lower than that of “Barbie,” studio segment revenue fell 17% to $2.68 billion, and theater revenue fell 40% (excluding the impact of foreign exchange).
However, streaming revenue grew 8% to $2.63 billion, driven by increased global subscribers, higher advertising revenue and global average revenue per user. Adjusted EBITDA for the segment was $289 million, an increase of $178 million from the prior year.
Subscriber growth
Media companies are still reporting subscriber gains so far this quarter, even as Wall Street has turned its attention to streaming profits to support user growth.
In October, the streaming giant Netflix According to the report, subscribers increased by 5.1 million in the quarter, driven by an ad-supported program, exceeding Wall Street expectations. Netflix currently has a total of 282.7 million members.
Starting in 2025, however, Netflix will no longer update investors on its subscriber numbers as it shifts its focus to revenue and other financial metrics as performance indicators.
Comcast Driven by the Summer Olympics in Paris, streaming media platform Peacock added 3 million subscribers in the third quarter, bringing the total number of subscribers to 36 million as of September 30.
August, disney Disney+ core subscribers (excluding Disney+ Hotstar in India and other countries in the region) grew 1% to 118.3 million, the report said, although the company earlier said it would not add new customers in the fiscal third quarter.
Disney’s Hulu subscribers increased 2% to 51.1 million. disney Report Next quarter financial results will be announced on November 14.
Paramount Universal The streaming unit unexpectedly turned a profit last quarter. Nonetheless, the number of subscribers to its Paramount+ streaming platform fell by 2.8 million to 68 million due to the termination of a cooperation agreement with South Korea. Paramount reports quarterly earnings on Friday.
Revealed: Comcast owns NBCUniversal, the parent company of CNBC. Comcast is a co-owner of Hulu. NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. rights holder for all summer and winter Olympics through 2032.
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