At Extreme Investor Network, we strive to provide our readers with the most comprehensive and valuable information in the world of business news. Today, we are excited to share with you the latest update from Warner Bros. Discovery, which reported impressive growth in its Max streaming platform.
According to Warner Bros. Discovery, Max added 7.2 million global subscribers in the third quarter, marking its biggest quarterly growth since its inception. The platform now boasts 110.5 million subscribers as of Sept. 30, thanks to its rapid international expansion in the first half of the year.
While traditional TV networks have faced challenges due to cord-cutting and a soft advertising market, Warner Bros. Discovery’s streaming business has emerged as a bright spot. The company reported a revenue decrease of 4% to $9.62 billion in the third quarter, with total adjusted earnings before interest, taxes, depreciation, and amortization down 19% to $2.41 billion.
Despite these challenges, Warner Bros. Discovery swung to a profit of $135 million, or 5 cents per share, compared to a loss of $417 million in the same period last year. TV networks revenue rose 3% to $5.01 billion, while the studios segment revenue dropped 17% to $2.68 billion.
On the streaming front, revenue for the segment increased by 8% to $2.63 billion, driven by an increase in global subscribers and higher advertising revenue. Adjusted EBITDA for the streaming segment was $289 million, up $178 million from last year.
In the current landscape where media companies are focusing on streaming profits over subscriber growth, Warner Bros. Discovery’s success in expanding its Max platform is noteworthy. Stay tuned to Extreme Investor Network for more updates on the ever-evolving world of business news.