Warner Bros. Discovery (WBD) reported mixed results for the first quarter of 2025, with strong global subscriber growth for its streaming platform Max, even as overall revenue fell year-over-year. The media giant added 5.3 million new streaming subscribers, bringing the total number of global Max users to 122.3 million by the end of the quarter. This growth was driven largely by international markets, where WBD continues to expand its presence.
WBD is targeting 150 million subscribers globally by the end of 2026, which would mark a significant milestone for the streaming service that combines content from HBO and Discovery. Despite the uptick in streaming subscribers, total revenue dropped by 9%, coming in at $9 billion for Q1 2025, compared to the same period last year. The decline reflects ongoing challenges across the company’s traditional businesses, particularly in film and linear television advertising.
WBD’s film division saw a dip in revenue for the quarter, although executives believe this trend is temporary and expect a rebound with upcoming releases. Meanwhile, linear advertising revenue continued to slide, in line with broader industry trends as more viewers shift to digital platforms.
However, there were bright spots advertising revenue from streaming grew a strong 35%, as more viewers opt for Max’s ad-supported tier, which has proven popular in key markets.
Max’s growing international content slate also appears to be paying off. Two European original series, “The Eastern Gate” (Poland) and “When No One Sees Us” (Spain), emerged as top performers not just in their home countries but also in the U.S. In fact, WBD noted that these two shows are now Max’s most-watched European originals in the U.S. since “30 Coins.”
The company is rapidly expanding Max into more countries. During Q1, Max launched in Australia and Turkey, part of a broader rollout plan that will bring the service to 85 global markets by the end of 2025. Further expansion is planned for 2026, when Max is expected to debut in major European territories such as the UK and Germany, key growth regions for global streaming platforms.
Executives remain focused on building long-term value through a mix of premium content, global expansion, and advertising monetization. The ad-supported tier is a central part of this strategy, offering subscribers lower-priced access while generating revenue through targeted video ads.
JB Perrette, CEO and President, Global Streaming & Games, Warner Bros. Discovery, said, “The international response to Max has been very encouraging, particularly in markets like Spain and Poland where local productions are performing exceptionally well.”
While the company is pushing ahead on its streaming ambitions, it must also work to stabilize revenue in traditional sectors like theatrical film and cable advertising. Cost management and content investment will play a key role in how WBD balances growth and profitability in the coming quarters.
The upcoming quarters will be crucial as Warner Bros. Discovery tries to maintain its streaming momentum while addressing revenue declines from its legacy businesses. With Max expanding to new territories and original content resonating globally, the focus is now on execution, both in terms of attracting new viewers and retaining them long-term.