WB Lost 1.8M Subscribers After HBO Max Rebrand, Reports $1.24B Total Loss-TGN

Warner Bros. Discovery posts huge losses in the 2nd quarter of 2023, including losing millions of subscribers in the wake of the HBO Max rebrand.

This article covers a developing story. Continue to check back with us as we will be adding more information as it becomes available.

Summary

• Warner Bros. Discovery has experienced significant losses in its second quarter, with a loss per share of 51 cents, more than the expected 38 cents.

• The direct-to-consumer division, which includes HBO, Max, and Discovery+, lost 1.8 million subscribers, but remains optimistic about current subscriber engagement.

• In May 2023, Warner Bros. merged with Discovery, resulting in the integration of content from the Discovery+ streaming service into HBO Max, which was then renamed Max.

Warner Bros. Discovery has turned out some extreme losses in the first months since HBO Max‘s rebrand. The streaming service, which boasts original series including And Just Like That… and Peacemaker in addition to the regular HBO library, first launched in May 2020. On May 23, 2023, after the streaming service’s parent company Warner Bros merged with Discovery, a variety of content from the Discovery+ streaming service’s library was folded into HBO Max, which was then renamed Max.

Related: HBO’s Streaming Plans Repeat Its Origin Story (With 1 Big Risk)

Per TheWrap, Warner Bros. Discovery has now posted a dismal second quarter of 2023. Although the expectation was that WBD stocks would lose 38 cents per share, the true number turned out to be a 51 cent loss per share, on revenue of $10.36 billion. The direct-to-consumer division (HBO, Max, and Discovery+) also lost 1.8 million total subscribers, though the consistent level of engagement from current subscribers leaves them optimistic for the future on that front.

More to come…

Source: TheWrap