The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Warner Bros. Discovery adds 7.2 million Max subscribers, the streamer’s largest single-quarter jump

by admin November 10, 2024
November 10, 2024
Warner Bros. Discovery adds 7.2 million Max subscribers, the streamer’s largest single-quarter jump

Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter.

It marked the biggest quarterly growth for the streaming platform since its inception. Max now had 110.5 million subscribers as of Sept. 30. Warner Bros. Discovery’s flagship streaming service has been growing its subscriber base at a fast clip this year since expanding internationally during the first half.

Warner Bros. Discovery’s stock was up more than 10% on Thursday.

The streaming business has become a bright spot for Warner Bros. Discovery as its traditional TV networks have been pressured by cord cutting and a soft advertising market. Last quarter, Warner Bros. Discovery reported a $9.1 billion write-down on its TV networks.

On Thursday, Warner Bros. Discovery reported third-quarter results that showed revenue decreased 4% to $9.62 billion compared with the same period last year. Total adjusted earnings before interest, taxes, depreciation and amortization were down 19% to $2.41 billion.

Warner Bros. Discovery swung to a profit of $135 million, or 5 cents a share, compared with a loss of $417 million, or 17 cents per share, in the same period last year.

TV networks revenue rose 3% to $5.01 billion compared with last year, despite declines in both distribution and advertising revenue for the segment. Studios segment revenue dropped 17% to $2.68 billion, with theatrical revenue falling 40%, excluding the impact of foreign currency exchange, due to the lower box-office performances of “Beetlejuice Beetlejuice” and “Twisters” compared with that of “Barbie” last year.

However, the streaming business’ revenue increased 8% to $2.63 billion, driven by an increase in global subscribers, higher advertising revenue and global average revenue per user. Adjusted EBITDA for the segment was $289 million, a rise of $178 million compared with last year.

While Wall Street has turned its attention to streaming profits in favor of subscriber growth, media companies have nonetheless been reporting customer additions so far this quarter.

In October, streaming giant Netflix reported 5.1 million subscribers additions during the quarter, propelled by its ad-supported plan and beating Wall Street expectations. In total, Netflix now has 282.7 million memberships.

However, beginning in 2025, Netflix will no longer update investors on its subscriber numbers as it shifts focus toward revenue and other financial metrics as performance indicators.

Comcast’s streaming platform Peacock added 3 million subscribers during its third quarter — spurred by the Summer Olympics in Paris — bringing its total to 36 million as of Sept. 30.

In August, Disney reported that Disney+ Core subscribers — which excludes Disney+ Hotstar in India and other countries in the region — increased by 1% to 118.3 million, despite the company’s earlier guidance that it wouldn’t add new customers during the fiscal third quarter.

Disney’s Hulu saw subscribers increase 2% to 51.1 million. Disney reports its next quarterly earnings on Nov. 14.

Paramount Global’s streaming division swung to an unexpected profit last quarter. Still, its Paramount+ streaming platform dropped 2.8 million subscribers to 68 million as it unwound a Korean partnership deal. Paramount is scheduled to report quarterly earnings 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 to all Summer and Winter Games through 2032.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Queen Camilla makes it her mission to end domestic violence
next post
Experts predict Trump will tap his own appellate judges for Supreme Court in the event of a retirement

Related Posts

Lululemon founder slams company’s ‘whole diversity and inclusion...

January 6, 2024

Peacock raising prices by $2 ahead of the...

May 1, 2024

Fed holds interest rates but keeps door open...

August 2, 2024

Tesla shares plunge 15%, steepest drop in five...

March 12, 2025

‘Stakes are high’ in the Alaska Air flight...

January 8, 2024

We found many loose bolts on our Max...

January 25, 2024

NFL season expected to spur record $35 billion...

September 4, 2024

Bad economic news has been good for stocks,...

June 7, 2024

Willow Bay, Bob Iger to take controlling stake...

July 18, 2024

Costco cracks down on membership card sharing

August 9, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,402)
    • Investing (3,381)
    • Politics (4,562)
    • World (4,498)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved