WBD's Max Subscriber Surge: A Path to 150 Million by 2026

Warner Bros. Discovery (WBD) has reason to celebrate as it added a staggering 6.4 million Max subscribers in Q4 2024, bringing its global direct-to-consumer (DTC) subscriber base to 117 million. The company's aggressive expansion strategy and content localization efforts have fueled this remarkable growth, with international markets driving the majority of subscriber additions. As WBD looks ahead, it forecasts reaching 150 million Max subscribers by the end of 2026, solidifying its position as a major player in the global streaming landscape.



WBD's subscriber growth can be attributed to several key factors:

1. Paris Olympics: The company's streaming operations featured various international markets, which contributed to subscriber growth.
2. Streaming launches in new markets: Expanding Max's availability to new markets also led to subscriber growth.
3. Fresh content: The return of fresh content following last year's dual Hollywood strikes also contributed to subscriber growth.
4. U.S. subscriber growth: Despite a small gain, U.S. subscribers also contributed to the overall growth.

To maintain its competitive edge, WBD plans to employ several strategies:

1. International Expansion: WBD aims to launch Max in numerous markets with significant potential, including Australia at the end of March 2025, Germany and Italy in the first quarter of 2026, and the UK and Ireland right after. This expansion will help WBD tap into new subscriber bases and increase its global reach.
2. Content Strategy: WBD will continue to invest in high-quality, diverse content to attract and retain subscribers. The company has seen success with its Max platform, which has contributed to 19 million new subscribers in 2024. By offering a strong content slate, WBD can differentiate itself from competitors and maintain its subscriber base.
3. Advertising and Pricing Strategy: WBD plans to expand the ad-supported tier of Max internationally, which will drive better segmentation and monetization. This strategy will help WBD reach a broader audience and generate additional revenue streams.
4. Partnerships and Acquisitions: WBD has struck a nonexclusive agreement to launch on Sky in the U.K. and Ireland, which will bring Max to approximately 10 million of their current subscribers by the second quarter of 2026. This partnership, along with other lucrative deals, will help WBD scale more efficiently and accelerate its growth.



In comparison to its competitors, WBD's forecast of 150 million Max subscribers by the end of 2026 is in line with the growth trajectory of other major streaming platforms. For instance, Netflix had 221.84 million paid subscribers as of the fourth quarter of 2021, while Disney+ had 118.05 million subscribers as of the end of 2021. However, it is essential to note that the streaming market is highly competitive, and WBD will need to continue innovating and executing its strategies effectively to maintain its competitive edge.

In conclusion, WBD's significant subscriber growth for Max in Q4 2024 was driven by the Paris Olympics, streaming launches in new markets, fresh content, and U.S. subscriber growth. The sustainability of this growth rate depends on WBD's content strategy, international expansion, and ability to compete in the increasingly competitive streaming market. With a forecast of 150 million Max subscribers by the end of 2026, WBD is well-positioned to solidify its status as a major player in the global streaming landscape.