Warner Bros. Discovery adds 2.8 million DTC subscribers in 3Q 2022

Nov, 11 2022

NEW YORK — Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter ended September 30, 2022.

Direct-to-Consumer Segment

The debut of House of the Dragon was the largest series premiere in HBO’s history and also marked the largest series launch on HBO Max across the U.S., Latin America, and EMEA. All episodes of the series are averaging around 29 million viewers in the U.S.,(12) more than triple the average debut night audience, demonstrating strong catch-up viewing.

●Total DTC subscribers* were 94.9 million, an increase of 2.8 million global subscribers since the end of Q2. Global DTC ARPU** was $7.52.
●DTC reported revenues were $2,317 million. Revenues decreased 6% ex-FX compared to the prior year quarter, on a pro forma combined basis.
●Advertising revenue more than doubled to $106 million ex-FX, primarily driven by subscriber growth on our DTC ad-supported tiers.
●Distribution revenue decreased 6% ex-FX, as declines in wholesale revenues primarily due to the Amazon Channels expiration in September 2021 were partially offset by retail gains.
●Content revenue decreased 25% ex-FX, primarily driven by licensing of HBO library content in September 2021.
●DTC reported operating expenses were $2,951 million. Operating expenses increased 7% ex-FX compared to the prior year quarter, on a pro forma combined basis.
●Costs of revenues increased 22% ex-FX, primarily driven by increased programming expenses and the impact of measurement period adjustments to the fair value of content assets acquired during the Merger, resulting in increased amortization.
●SG&A decreased 18% ex-FX, primarily driven by more efficient marketing spend.
●DTC reported Adjusted EBITDA was $(634) million.

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Post time: Nov-14-2022