Warner Bros. Discovery has pushed its global streaming base to 128 million subscribers, up 2.3 million in the quarter and 16% year-on-year, as it expands the HBO Max streaming service through new flagship shows and stronger local originals.
HBO Max is now in more than 100 markets following launches in smaller EMEA and APAC territories, with WBD highlighting strong uptake in newer countries such as Australia.
It says the success in Australia has boosted its confidence ahead of new launches in Italy, Germany, the UK and Ireland, all markets where HBO and Warner Bros. content has historically been licensed, largely to Sky, and the brands well established.
The group continues to position its streaming offer around premium drama, pay-one movies (those fresh from the cinema) and local-language content. HBO and HBO Max secured 30 Emmy wins across 12 original programmes, while horror prequel IT: Welcome to Derry has ranked among HBO Max’s strongest launches, and series such as Task have grown audiences through their runs. WBD also reports record performances from originals in Latin America and Europe, and has added a content and distribution partnership with Korea’s CJ ENM to feed a global K-drama pipeline into HBO Max.
Streaming adjusted EBITDA rose 24% year-on-year. However, there was a slowdown caused by the first full-quarter impact of a renewed US HBO Max carriage deal with a former related party, and a negative one-off adjustment linked to an international legal matter. It expects low single-digit distribution revenue growth in Q4, before re-acceleration in the first half of 2026 driven by European roll-outs, ongoing subscriber growth, password sharing enforcement and a recent US price rise.
