Warner Bros. Discovery Announces 7.2m New Max Subscriptions in Q3 Report
Warner Bros Discovery (WBD) has reported financial results for the quarter ended September 30th 2024.
Q3 Financial Summary & Operational Highlights include:
- Q3 total revenues were $9.6 billion, a 3% ex-FX decrease compared to the prior year quarter.
- Net income available to Warner Bros. Discovery, Inc. was $0.1 billion, which includes $1.6 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- Q3 total Adjusted EBITDA was $2.4 billion, a 18% ex-FX decrease compared to the prior year quarter.
- Q3 cash provided by operating activities was $0.8 billion. Free cash flow was $0.6 billion.
- Repaid or repurchased $0.9 billion of debt during Q3, ending the quarter with $3.5 billion of cash on hand, $40.7 billion of gross debt, and 4.2x net leverage.
- Global DTC subscribers were 110.5 million at the end of Q3, an increase of 7.2 million subscribers vs. Q2, our largest ever quarterly growth in subscribers since the launch of Max and with subscriber growth across all regions.
- Global DTC ARPU was $7.84, a 1% ex-FX increase vs. the prior year quarter.
- Announced multi-year renewal of Charter carriage agreement for the entire suite of WBD cable networks and the inclusion of Max across all Spectrum TV Select packages.
- The Olympic Games Paris 2024 generated more than 215 million cumulative views across WBD platforms, a 23% increase vs. the Tokyo 2020 games.
- The Penguin ranks as one of the largest premieres on Max, with audiences similar to The Last of Us and House of the Dragon.
David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery said, “Warner Bros. Discovery's Q3 results demonstrate once again that while we continue to confront extraordinary disruption in our environment, the strategy we have undertaken to ready Warner Bros. Discovery for future success is showing important results. Thanks to our rapid international expansion and continued investment in high quality, diverse content, we saw momentum accelerate in our global Direct-to-Consumer business in Q3. In total, Max delivered 7.2 million net subscriber adds, the strongest quarterly gain since the platform’s launch, resulting in healthy subscriber-related revenue growth and meaningful progress toward achieving our 2025 Direct-to-Consumer segment financial objectives. Likewise, our recently announced strategic partnership with Charter Communications, for both linear network distribution and bundling of Max, not only reinforced the value of our content portfolio, but represented our willingness to work with our partners to enhance the consumers’ experience as our industry undergoes transformation.”
Related Articles
New findings from Hub Research show that expanded content licensing is offsetting the decline in studio output.
11 Nov 2024
Krafty Entertainment has acquired a minority equity stake in Sports First TV, the world's first global sports news TV channel. Sports First TV, which launched in March on FAST platforms in North America, was founded by Frank Brown, the former CEO of Viacom International Media/MTV Networks, where he served for 11 years. The channel is based in Sydney, Australia.
06 Nov 2024
Pluto TV partners with NBCUniversal Global TV Distribution to expand its content lineup in the UK and Canada.
05 Nov 2024
Big fines by regulators on tech companies are nothing new, but the scale of one imposed by a Russian court on Google is astronomical. For removing Russian state-run channels and pro-government accounts from YouTube in the wake of the country's invasion of Ukraine in 2022, Russia is demanding that Alphabet pay up 20 undecillion rubles ($2.5 decillion USD) or face its being blocked from doing business in the country indefinitely.
01 Nov 2024