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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 now 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 Channel report Television network assets were written down by $9.1 billion.
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.
Warner Bros. Discovery swung into the black, earning $135 million, or 5 cents a share, compared with a loss of $417 million, or 17 cents a share, a year earlier.
Network revenue increased 3% compared to last year, to $5.01 billion, despite declines in both distribution and advertising revenue. As the box office performance of “Beetlejuice” and “Twister” was lower than last year’s “Barbie,” studio segment revenue fell 17% to $2.68 billion, with theatrical revenue excluding currency effects falling 40%. Year.
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 report Driven by an ad-supported program, the number of subscribers increased by 5.1 million in the quarter, 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 Streaming Platform Peacock additional Driven by the Summer Olympics in Paris, the number of subscribers reached 3 million in the third quarter, bringing the total number of subscriptions 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 Streaming Media Division swing Unexpected profits were made 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 the cooperation agreement with South Korea. Paramount is scheduled to report 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.
