Warner Bros. Discovery sheds 1.8m subscribers following HBO Max rebrand

share on

twitter /
facebook /
linkedin /
- email
- telegram
- whatsapp
- wechat
- pinterest
- line
- snapchat
- reddit

Warner Bros. Discovery has shed 1.8 million subscribers over the past three months across all of its services including its Max streaming service, which was recently rebranded from HBO Max, according to an earnings report seen by MARKETING-INTERACTIVE.

Across its services, the company reported having 95.8 million global subscribers which was a decrease from 97.6 million at the end of the first quarter of this year.

Don't miss: Tom and Jerry take their rivalry through Singapore in new localised series

Despite the loss of subscribers, Warner Bros. Discovery has reported improved cashflows in its portfolio that includes CNN, Cartoon Network and Discovery.

“The important work we are doing to transform our businesses for the future continues to drive our strong financial performance as demonstrated by meaningful improvements to our balance sheet and our now increased synergy target of more than $5 billion,” said David Zaslav, president and CEO Warner Bros. Discovery.

The company has reported a US$1.7 billion free cash flow in the second quarter and aims to leverage on growth opportunities to drive shareholder value and Direct-to-Consumer business, continued Zaslav.

Zaslav also clarified that the launch of Max in the United States of America has performed financially well ahead of the company’s projections as it generated positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the first half of 2023.

The earnings report also showed that Warner Bros. Discovery saw a 5% increase in its total revenue from the second quarter of 2022 to that of 2023.

However, its earnings for the studios segment in the second quarter have fallen to US$2,581 million this year compared to 2022’s US$2,796 million total revenue.

In April this year, Warner Bros. Discovery rebranded its streaming service, HBO Max, to Max in an effort to bolster its programming lineup and attract more subscribers, according to a statement by the brand.

Max is Warner Bros.' enhanced streaming service which will launch in US on 23 May and Latin America later in the year. It will include the expansive suite of Warner Bros' offerings such as Warner Bros. films, Max Originals, the DC universe and more.

Alongside the rebrand, HBO will be introducing new titles such as a new Harry Potter series, a comedy series derived from The Big Bang Theory, a Game of Thrones prequel, a drama series based off The Conjuring films and more.

Join #PRAsia on 2 November in Singapore and 8 November in Malaysia, connecting 100+ PR and communication leaders worldwide to share ideas, forge partnerships, and unlock endless possibilities.

share on