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Sometimes, a rebrand has consequences. In its Q2 earnings, Warner Bros. Discovery said its streaming business led to a loss of subscribers, about 1.8 million, to be exact, compared to the prior quarter.<\/p>\n
That\u2019s in part because the debut of Max, which rolled out in May, led some people to cancel their Discovery+ subscriptions to avoid overlap.<\/p>\n
The company\u2019s streaming business had nearly 96 million subscribers last quarter, behind Disney\u2019s 158 million and Netflix\u2019s 238 million. Despite turning a profit in Q1, WBD\u2019s streaming division posted a $3 million loss in Q2.<\/p>\n
Still, in a Barbie-pink press release, Warner Bros. Discovery president and CEO David Zaslav said its streaming offering is \u201ctracking well ahead of our financial projections.\u201d<\/p>\n
WBD\u2019s revenue, however, fell 4% last quarter to $10 billion, and its advertising revenue fell 13% year over year. The company blamed \u201csoft advertising markets\u201d and \u201caudience declines in domestic general entertainment and news networks.\u201d<\/p>\n
The writers\u2019 and actors\u2019 strikes that have frozen Hollywood (and impacted the ad market) saved Warner Bros. Discovery about $100 million, the company reported, because of lower spend on content. \u201cWe\u2019re hopeful that all sides will get back to the negotiating room soon and that these strikes get resolved in a way that the writers and actors feel they are fairly compensated and their efforts and contributions are fully valued,\u201d Zaslav told investors.<\/p>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Get marketing news you’ll actually want to read The email newsletter guaranteed to bring you the latest stories shaping the marketing and advertising world, like only the Brew can. Sometimes, a rebrand has consequences. In its Q2 earnings, Warner Bros. Discovery said its streaming business led to a loss of subscribers, about 1.8 million, to […]<\/p>\n","protected":false},"author":1,"featured_media":8036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-8035","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"\n
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