Apart from its financial results for the third quarter of 2024, Warner Bros. Discovery also focused on its streaming service Max, which has shown impressive growth. The company also reported record active subscribers with Max adding 7.2 million new global subscribers during the quarter. This is the largest quarterly increase in subscribers since the inception of the platform and further highlights its expansion in the competitive world of streaming.  The total number of subscribers of Max as of September 30, 2024, reached 110.5 million, which is very promising for the growth of the platform especially taking into consideration that this development occurred following the global rollout earlier that year. 

This rapid growth of subscribers came as good news in the midst of harsh losses even within the quarter for the media giant. In every announcement of WBD cytokines revenues which was reported at $9.62 billion, Warner Bros. Discovery indicated a total revenue reduction of 4%. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter were reported at $2.41 billion, reflecting a 19% decrease compared to the same period last year. However, the company posted a net profit of $135 million, or 5 cents per share, reversing the loss of $417 million, or 17 cents per share, recorded in the third quarter of the previous year. 

Particularly the streaming segment, the one that comprises Max’s operations, experienced 8% more revenues than the preceding period which was $2.63 billion. This development was on the back of growing global subscribers, improved ad revenues and better average revenue per user (ARPU). In addition, adjusted EBITDA from the streaming segment increased by $178 million to $289 million thus reaffirming the positive earnings turnaround of the company. 

On the other hand, Warner Bros. Discovery’s cable channels saw even more challenges, with issues of cord cutting and weak advertising leading to a mere 3% growth in the revenues from this segment to $5.01 billion. The revenues from the studios division also dropped considerably by 17 percent standing at $2.68 billion, mainly due to disappointing box office revenues from films such as Beetlejuice and Twisters. 

Indeed, the rapid increase in Max’s subscribers increases the significance of the streaming services for Warner Bros. Discovery as it wades through the turbulent waters of the media industry.