HBO and HBO Max ended 2021 with 76.8 million global subscribers, according to a regulatory filing from AT&T Wednesday. The number marks a gain of 3 million subscribers in Q1 2022.
The 76.8 million subscribers include 48.6 million domestic HBO Max and HBO subscribers, up 4.4 million year over year.
WarnerMedia is now part of Warner Discovery after the merger between Warner Bros. and Discovery closed earlier this month. Now that the deal is done, the new company has plans to combine Discovery+ and HBO Max. However, for now, the two will remain separate and will be offered in a bundle deal.
The growth of HBO Max comes just after its top competitor, Netflix, announced an unexpected subscriber loss this week. Netflix lost 200,000 subscribers during the first quarter of the year.
WarnerMedia revenues for Q1 were $8.7 billion, up 2.5% year over year, driven by higher subscription revenues and higher content and other revenues. Subscription revenues were $4.0 billion, up 4.4%, due to the growth of HBO Max. Content and other revenues were $3.1 billion, up 3.4%, driven by higher theatrical revenues and higher HBO Max licensing. Advertising revenue was down 3% year over year.
WarnerMedia reported an operating income of $1.3 billion, down 32.7% year over year. AT&T said the drop resulted from “continued investments in HBO Max” and the launch of CNN+, the cable news channel’s new streaming service, and incremental advertising revenue sharing costs.