Global DTC subscribers were at 110.5 million at the end of Q3, an increase of 7.2 million subscribers vs Q2, the company’s largest ever quarterly growth in subscribers since the launch of Max and with subscriber growth across all regions. Global DTC ARPU was $7.84, a 1 per cent ex-FX increase on prior year quarter. The Batman spin-off series The Penguin (pictured) ranked as one of the largest premieres on Max, with WBD saying audiences were similar to The Last of Us and House of the Dragon.

Studios revenues decreased 17 per cent ex-FX to $2,68 billion compared to the prior year quarter. Content revenue decreased 18 per cent ex-FX.

Theatrical revenue decreased 40 per cent ex-FX, primarily driven by lower box office revenue as the performance of Beetlejuice Beetlejuice and Twisters in the current year was more than offset by the stronger performance of Barbie in the prior year.

Games revenue declined 31 per cent ex-FX, primarily driven by the better performance of the prior year slate, mainly Mortal Kombat 1, compared to the current year slate.

TV revenue increased 30 per cent ex-FX, primarily driven by higher initial telecast revenue as a result of the impact from the WGA and SAG-AFTRA strikes in the prior year.

Networks revenues increased 3 per cent ex-FX to $5,010 million compared to the prior year quarter. The AT&T SportsNet exit negatively impacted the growth rate by approximately 200 bp.

David Zaslav, President and CEO at WBD, commented: “Warner Bros Discovery’s Q3 results demonstrate once again that while we continue to confront extraordinary disruption in our environment, the strategy we have undertaken to ready Warner Bros Discovery for future success is showing important results. Thanks to our rapid international expansion and continued investment in high quality, diverse content, we saw momentum accelerate in our global Direct-to-Consumer business in Q3. In total, Max delivered 7.2 million net subscriber adds, the strongest quarterly gain since the platform’s launch, resulting in healthy subscriber-related revenue growth and meaningful progress toward achieving our 2025 Direct-to-Consumer segment financial objectives.