Warner Bros. Discovery Sees Streaming Subs Rocket To 110 Million As International Rollout Gathers Pace, But Q3 Revenues Dip With Box Office Down

deadline.com:

Warner Bros Discovery (WBD) added more than seven million net subscribers in the third quarter of 2024 as its international Max rollout gathered pace, but other key earnings metrics dipped versus 2023 as box office revenues tumbled.

Growth in the DTC segment was attributed to international expansion, as Max rolls out globally. Later this month on November 19, the service will launch in several Asia-Pacific markets.

European rollout began in May. As such, global DTC subscribers were 110.5 million at the end of the quarter, with the 7.2 million added representing the biggest quarterly increase since the launch of Max.

Total WBD revenues were $9.62 billion, a 3% fall year-on-year, while total adjusted EBITDA was $2.41 billion, down 18%. Net income was just $135 million, thanks in large part to a $1.6 billion pre-tax cost relating to “acquisition-related amortisation of intangibles, content fair value step-up and restructuring expenses.” Free cash flow was down a significant 69% to $632 million.