Warner Bros. Discovery reaches 110.5M streaming subscribers

Warner Bros. Discovery reached 110.5 million subscribers across its global streaming services at the end of the third quarter, with an increase of 7.2 million subscribers from the previous quarter.

This represents the highest quarterly growth since the launch of WBD’s Max streaming platform. The news pushed WBD stock up more than 10% by early afternoon on Nov. 7.

Six media companies now account for over half of global content spend

International markets primarily drove the company’s subscriber growth, while U.S. subscribers rose modestly by 200,000 to 52.6 million. This gradual domestic growth aligns with trends across the streaming industry, where international markets are becoming increasingly significant to subscriber gains.

Despite solid performance in streaming, WBD reported a 4% decline in total revenue compared to the same period last year, bringing in $9.673 billion. The company, however, reported net income of $136 million, a shift from a $417 million loss in the third quarter of 2023.

Revenue from WBD’s direct-to-consumer (DTC) streaming segment rose 9% year-over-year, adjusted for foreign currency impacts, with ad revenue in the segment increasing by 51%. This growth reflects higher demand for the ad-supported version of Max, a trend WBD continues to support as it expands its DTC offerings.

The results were mixed for WBD’s traditional networks business, where revenue from distribution declined 8% and advertising dropped 13%. 

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