Warner Bros. Discovery: Q4 Earnings Showcase Studios Growth and Max Subscriber Surge

Warner Bros. Discovery (WBD) has reported its Q4 2024 earnings, highlighting significant growth in its studios business and a surge in subscribers for its streaming service, Max. The company's studios revenues grew by 16% in the quarter, while Max added 6.4 million global subscribers, bringing the total to 116.9 million. WBD is now eyeing 150 million subscribers by 2026, driven by strategic expansion and content offerings.

The studios business' 16% revenue growth in Q4 2024 is a testament to Warner Bros. Discovery's focus on delivering consistent performance in an industry known for its hits and misses. This growth can be attributed to several factors, including successful film releases, improved box office performance, and a diversified content portfolio. Some notable releases in recent years include "Shazam! Fury of the Gods," "Magic Mike's Last Dance," "Black Adam," and "Fantastic Beasts: The Secrets of Dumbledore." Additionally, Warner Bros. Discovery's studios business ranked fifth in Oscar nominations for its productions during the 2024 Academy Awards, further validating the quality and success of its offerings.

Max's subscriber surge in Q4 2024 is a result of the company's strategic focus on global expansion and content offerings. With 116.9 million global subscribers, Max is well on its way to reaching its goal of 150 million subscribers by 2026. The company's expansion into international markets, particularly the launch on Sky in the U.K. and Ireland, will bring Max to approximately 10 million of Sky's current subscribers by the second quarter of 2026. Additionally, Max's launch in Germany and Italy in the first quarter of 2026 will further support ongoing growth. By the end of 2026, Max is expected to reach over 40% of the addressable global market where it is not yet available.



Warner Bros. Discovery's strong Q4 2024 earnings demonstrate the company's commitment to growth and profitability in the streaming and entertainment industries. The company's strategic focus on its studios business and Max streaming service has paid off, with significant revenue growth and subscriber surges. As Warner Bros. Discovery continues to expand its global presence and invest in high-quality content, it is well-positioned to achieve its goal of 150 million Max subscribers by 2026. Investors should keep a close eye on Warner Bros. Discovery as it continues to execute on its growth strategy and capitalize on the growing demand for streaming services.