In today’s quarter 2 earnings report, AT&T gave an update on the “successful launch” of HBO Max. In that update, the company noted ha HBO Max and HBO subscribers total 36.3 million in the US. That number is up from 34.6 million at the end of 2019, showing a 5% increase.
AT&T focused on strong customer engagement from HBO Max subscribers, sharing that engagement is “significantly higher compared to HBO NOW.” HBO Max alone has signed up just over 4 million subscribers since launching in May.
Before launch, AT&T CEO John Stankey told investors he had a goal for the new service to reach 50-55 million US subscribers by 2025, with plans to expand globally and offer multiple subscription tiers to include an ad-supported tier. That plan got off to a rocky start when AT&T failed to make distribution deals with Amazon and Roku before launch. All three companies made statements suggesting they’re open to negotiating.
While AT&T is looking at the launch of HBO Max as an overall success, investing in the new streaming service brought down adjusted earnings by around $400 million for quarter 2, according to the company. In May, Variety reported that AT&T plans to invest $4 billion in growing the service in its first three years.
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