Warner Bros. Discovery’s direct-to-consumer streaming platforms will be profitable in 2023, a year earlier than projected, reports The Wall Street Journal.
“We’ve turned the corner on our streaming business,” Chief Executive David Zaslav said on a call with analysts to discuss the media giant’s latest quarterly results, adding that the unit “is no longer a bleeder.”
For the quarter ended March 30, Warner Bros’ direct-to-consumer unit—which includes HBO Max and Discovery+—added 1.6 million subscribers during the first three months of the year and adjusted earnings came to $50 million, compared with a loss of $654 million a year ago.
The segment ended the quarter with 97.6 million subscribers worldwide.
On May 23, the company will launch its new “Max” streaming service, which combines content from HBO and other Warner Bros. library content with the unscripted fare on the Discovery+ service, which will continue to operate as a stand-alone entity for the foreseeable future.
Despite the success of its streaming business, Warner Bros. Discovery revenue fell in the quarter, and it posted a steep loss amid continued softness in the advertising market and a weak slate of films from its movie studio.
No comments:
Post a Comment