Warner Bros. Discovery's Max streaming service added 7.2 million subscribers from the prior quarter, in the biggest quarterly gain since it was launched. Total subscribers reached 110.5 million.
Revenue at the company's Direct-To-Consumer division rose 8% year-over-year to $2.63 billion. Its Network segment posted a 3% increase in revenue to $5.01 billion, while revenue from its Studios unit slid 17% to $2.68 billion.
Warner Bros. Discovery shares were up nearly 11% in intraday trading Thursday, though even with Thursday's gains, they've lost close to one-fifth of their value since the start of the year.
In the third quarter, over 7 million new subscribers signed up for Warner Bros. Discovery’s streaming service Max, the largest growth in the platform’s history. As of Sept. 30, Max had 110.5 million subscribers.
Introducing Max to markets outside the U.S., specifically Latin America and Europe, significantly helped encourage subscriber growth. Over the summer, Warner Bros. Discovery partnered with Disney to launch a new bundle programming package that included Hulu and Disney+ streaming services as well as Max, which also likely contributed to new customers signing up.
Yet, as subscriber growth has risen, so have monthly prices. In June, Warner Bros. Discovery announced its ad-free streaming plans on Max would be increasing by $1 to $16.99 per month. The ultimate ad-free subscription also went up $1 to $20.99.
Warner Bros. Discovery shares surged Thursday after the media giant posted better-than-expected earnings as its Max streaming service set a record for new subscribers.
Distribution revenues increased by 8%, driven by a 15% increase in subscribers, as well as higher pricing, following the launch of Max in Latin America and Europe during the first half of the year. However, the figures were partially offset by continued domestic linear wholesale subscriber declines.
ARPU on the direct-to-consumer business includes Discovery+, HBO, HBO Max, Max, and premium sports products such as TNT Sports stands at $11.99 in the US and Canada, and $4.05 internationally.
Total Q3 revenues were $9.6 billion, a 3% reduction on the previous quarter.
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