Warner Bros. Discovery framed its streaming business as its growth engine in its first-quarter 2025 earnings report Thursday, noting that it had added 5.3 million subscribers to a total of 122.3 million, and grew streaming revenue by 8% to $2.7 billion and adjusted EBITDA to $339 million.
In a shareholder letter, WBD CEO David Zaslav underscored that Max’s focus appears to be diverting somewhat from the big, broad offering the company had initially pitched.
“It has become increasingly clear that Max stands apart on quality. Its unique recipe for success blends HBO and Max original premium storytelling, locally produced series, premium local sports, and a breadth of blockbuster and distinctive movies — all delivered with a consistently high standard of quality that few can match,” he wrote.
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