Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter.
CNBC reports it marked the biggest quarterly growth for the streaming platform since its inception. Max now has 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.
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.
TV networks revenue rose 3% to $5.01 billion compared to 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 to that of “Barbie” last year.
However, the streaming business’s 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, an increase of $178 million compared to last year.
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 subscribers numbers as it shifts focus toward revenue and other financial metrics as performance indicators.
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