During its first quarter as a merged entity, Warner Bros. Discovery posted a domestic loss of 300,000 subscribers but an international gain of 2 million, bringing the media and entertainment conglomerate’s total subscribers for the second quarter to 92.1 million. This figure includes HBO Max and Discovery+ subscribers, as well as the HBO app.
In the first quarter, WarnerMedia reported 76.8 million subscribers to HBO or HBO Max last quarter, and Discovery reported 24 million direct-to-consumer subscribers – which, taken together, suggests a drop in subscriber numbers. from the first to the second trimester. Despite this loss heading into the second quarter, The Hollywood Reporter reports that Cowen analysts previously upgraded Warner Bros. Discovery to outperform its own projections since CEO David Zaslav announced a plan not to outspend Netflix or other competitors.
“Performance will be heavily dependent on CEO David Zaslav’s ability to blend the two companies’ disparate cultures and navigate his relationship with the Hollywood community,” Cowen analysts wrote.
However, at the time of this writing and immediately following the second quarter earnings call, Warner Bros. Discovery fell 10% from 17.48 to 16.03.
Warner Bros. Discovery hopes to reach 130 million subscribers worldwide by 2025.
Netflix, historically the premier streaming service, has seen some success this year. In its July second-quarter report, the company experienced its biggest ever churn, losing nearly a million subscribers in a single quarter.
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