HBO Max and HBO had 76.8 million global subscribers as of March – up by 3 million from the previous quarter and 12.8 million from the year earlier. Domestic subscribers of 48.6 million rose 4.4 mil…
WarnerMedia first quarter highlights:
Revenue was $8.7 billion, up 2.5% from the year before year before, driven by higher subscription revenues and higher content and other revenues, partially offset by lower ad sales.Content and other revenues was $3.1 billion, up 3.4%, driven by higher theatrical and HBO Max licensing, offset in part by lower TV licensing. Advertising revenues fell $1.7 billion, down 3% due to lower linear audiences and tough comps to the prior-year political ads, partially offset by higher sports.
Operating expenses totaled $7.4 billion, up 13% year over year driven by higher marketing costs as well as higher programming costs and incremental selling costs associated with DIRECTV advertising revenue sharing arrangements. Operating income of $1.3 billion fell 32.7% on continued investments in HBO Max and the launch of CNN+. Operating income margin was 15.1%, compared to 23%.
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