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warner bros discovery On Thursday, the company announced that its streaming platform Max added 7.2 million global subscribers in the third quarter.
This marked the streaming platform’s largest quarterly growth since its inception. Max had 110.5 million subscribers as of September 30th. Warner Bros. Discovery’s flagship streaming service has rapidly expanded its subscriber base this year after expanding internationally in the first half of the year.
Warner Bros. Discovery stock rose more than 10% on Thursday.
Streaming has been a bright spot for Warner Bros. Discovery as traditional TV networks are weighed down by cord-cutting and a weak advertising market. Warner Bros. Discovery reported a $9.1 billion writedown on its television networks last quarter.
On Thursday, Warner Bros. Discovery reported third-quarter results, with revenue down 4% year-over-year to $9.62 billion. Total adjusted earnings before interest, taxes, depreciation and amortization decreased 19% to $2.41 billion.
Warner Bros. Discovery reported a profit of $135 million, or 5 cents per share, compared with a loss of $417 million, or 17 cents per share, in the year-ago period.
Television network revenues rose 3% year over year to $5.01 billion, despite a decline in both the division’s distribution and advertising revenues. Studio segment revenue fell 17% to $2.68 billion, and theatrical revenue fell 40% excluding currency effects. This was because Beetlejuice and Twisters performed poorly at the box office compared to Barbie’s predecessors. year.
However, streaming revenue increased 8% to $2.63 billion due to global subscriber growth, higher advertising revenue, and global average revenue per user. The segment’s adjusted EBITDA was $289 million, an increase of $178 million from the prior year.
Increase in subscribers
Even as Wall Street focuses on streaming profits in favor of subscriber growth, media companies are still reporting customer gains so far this quarter.
Streaming giants in October Netflix reported adding 5.1 million subscribers during the quarter, driven by its ad-supported plans and beating Wall Street expectations. Netflix currently has a total of 282.7 million members.
However, starting in 2025, Netflix will no longer provide investors with up-to-date information on subscriber numbers as it shifts its focus to revenue and other financial metrics as performance metrics.
comcast’s Streaming platform Peacock added 3 million subscribers in the third quarter due to the Paris Summer Olympics, reaching 36 million subscribers as of September 30th.
In August, disney The company said Disney+ core subscribers (excluding Disney+ Hotstar in India and other regional countries) grew by 1% to 1, despite the company’s previous guidance not to add new customers during the fiscal third quarter. It was reported that there were 18.3 million people.
Disney’s Hulu saw a 2% increase in subscribers to 51.1 million. Disney will announce its next quarterly results on November 14th.
Paramount Global Inc. The streaming division posted a surprise profit last quarter. Still, the company’s Paramount+ streaming platform lost 2.8 million subscribers to 68 million as it ended a partnership with South Korea. Paramount is scheduled to report quarterly results on Friday.
Disclosure: 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. broadcast rights holder for all Summer and Winter Olympics through 2032.
