Jakub Porzycki Nurphoto Getty Images
The invention of Warner Bros said there was a streaming platform Max added 7.2 million global subscribers in the third quarter.
This marks the biggest quarterly growth for the streaming platform since its inception. Max now has 110.5 million subscribers as of September 30. Warner Bros. Discovery’s flagship streaming service has grown its subscriber base at a fast clip since expanding internationally in the first half of the year.
Shares of Warner Bros. Discovery rose more than 10% on Friday.
The streaming business has been a bright spot for Warner Bros. Discovery as traditional TV networks have been pressured by cable-cutting and a soft advertising market. Last quarter, Warner Bros. Discovery reported a $9.1 billion write-down on its TV network.
On Thursday, Warner Bros. Discovery reported third-quarter results that showed revenue down 4% to $9.62 billion compared to the same period last year. Total adjusted earnings before interest, taxes, depreciation and amortization fell 19% to $2.41 billion.
Warner Bros. Discovery swung to a profit of $135 million, or 5 cents a share, compared to a loss of $417 million, or 17 cents per share, in the same period last year.
TV network revenue rose 3% to $5.01 billion compared to last year, despite lower distribution and advertising revenue for the segment. Studios segment revenue fell 17% to $2.68 billion, with theater revenue down 40%, excluding the impact of foreign currency exchange, due to the lower box-office performance of “Beetlejuice Beetlejuice” and “Twisters” compared to the last “Barbie” . year.
However, streaming business revenue rose 8% to $2.63 billion, driven by an increase in global subscribers, higher advertising revenue and global average revenue per user. Adjusted EBITDA for the segment was $289 million, an increase of $178 million compared to last year.
customer growth
While Wall Street has turned its attention to streaming revenues to increase subscriber growth, media companies are still reporting subscriber additions to date.
In October, the streaming giant Netflix reported 5.1 million additional customers during the quarter, propelled by advertising-supported plans and beat Wall Street’s expectations. In total, Netflix currently has 282.7 million members.
However, starting in 2025, Netflix will no longer update investors on subscriber numbers as it focuses on revenue and other financial metrics as performance indicators.
Comcast’s streaming platform Peacock added 3 million subscribers during the third quarter – spurred by the Summer Olympics in Paris – bringing the total to 36 million on September 30.
In August, Disney reported that Disney + Core subscribers – which excludes Disney + Hotstar in India and other countries in the region – increased 1% to 118.3 million, despite previous guidance that the company would not add new subscribers during the fiscal third quarter.
Hulu Disney saw subscribers grow 2% to 51.1 million. Disney reports its next quarterly earnings on November 14.
Paramount Global The streaming division swung to an unexpected profit last quarter. However, the Paramount+ streaming platform dropped 2.8 million subscribers to 68 million because it did not complete the Korean partnership deal. Paramount is scheduled to report quarterly earnings on Friday.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. Comcast is the co-owner of Hulu. NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the US broadcast rights holder for all Summer and Winter Games through 2032.
