Warner Bros Discovery on Thursday projected at least 150 million users for its streaming service by 2026, following higher-than-expected fourth-quarter subscriber gains driven by Max’s global expansion.
For comparison, Netflix had nearly 302 million global subscribers, while Disney+ had 124.6 million, according to the latest data.
The company rebranded HBO Max to Max and expanded into international markets, launching in Southeast Asia, Taiwan, and Hong Kong in November, with an Australia rollout planned for March. Max is now available in over 70 countries, with launches in Germany and Italy scheduled for the first quarter of 2026.
Warner’s streaming business, which includes Max and Discovery+, added 6.4 million direct-to-consumer subscribers in the fourth quarter, surpassing estimates of 4.89 million. The segment reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $409 million, exceeding the expected $289.1 million, according to LSEG data.
The company continues to navigate a shifting media landscape as audiences move away from linear TV, affecting advertising and subscription revenue. Advertising revenue in its TV networks division, which includes Discovery Channel, Animal Planet, and Food Network, declined 17% to $1.62 billion.
Warner Bros Discovery reported total revenue of $10.03 billion for the three months ending December 31, below analysts’ estimates of $10.19 billion. Excluding special items, the company posted a loss of 20 cents per share, while analysts had expected a profit of 1 cent.
