Warner Bros. Discovery has announced a significant milestone, reaching 128 million streaming subscribers globally. This represents an increase of 2.3 million subscribers during the quarter and a substantial 16% year-on-year growth. The expansion of the HBO Max streaming service, fueled by new flagship shows and robust local original productions, has been a key driver of this success.
With HBO Max now available in over 100 markets, following launches in smaller EMEA and APAC territories, WBD is seeing positive results. The company highlighted particularly strong uptake in countries like Australia. This success in Australia has increased their confidence as they prepare for launches in key European markets such as Italy, Germany, the UK, and Ireland. These are markets where HBO and Warner Bros. content has a strong pre-existing presence, largely due to licensing agreements with Sky.
The group's streaming strategy continues to focus on premium drama, pay-one movies, and local-language content. “HBO and HBO Max secured 30 Emmy wins across 12 original programmes,” noted a company representative. Furthermore, shows like the horror prequel "IT: Welcome to Derry" have performed exceptionally well, ranking among HBO Max's strongest launches. Series such as "Task" have also seen audience growth throughout their runs.
WBD also reported strong performances from original content in Latin America and Europe. The company has also established a content and distribution partnership with Korea’s CJ ENM to provide a steady stream of global K-drama content for HBO Max. Streaming adjusted EBITDA saw a 24% year-on-year increase.
However, the company acknowledged a slowdown caused by the impact of a renewed US HBO Max carriage deal, and a negative one-off adjustment related to an international legal issue. Looking ahead, WBD anticipates low single-digit distribution revenue growth in Q4, followed by a re-acceleration in the first half of 2026, driven by European roll-outs, continued subscriber growth, password sharing enforcement, and a recent US price increase.