Q2 Gains for Discovery

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Total revenues at Discovery, Inc. were up 21 percent year-on-year to $3.06 billion, with the company ending the period with 17 million direct-to-consumer subs.

“Discovery delivered very strong results this quarter as we executed well amidst a recovering global advertising market,” said David Zaslav, president and CEO. “Advertising revenue increased in every region of the globe and accelerated throughout the quarter, particularly in our international segment as revenue increased 70 percent. Indeed, many key markets such as the U.K., Italy, Germany, as well as a number of LatAm and APAC markets, all demonstrated a marked resurgence and finished ahead of 2019. We continued to steadily execute in our emerging next-generation businesses, with 17 million paying direct-to-consumer subscribers at the end of the quarter, and 18 million as of today. This contributed to 130 percent revenue growth in the second quarter. Our first Summer Olympic Games have thus far been a success, supporting healthy viewing and subscriptions across both our linear and streaming platforms, and underscores the importance of our commitment and investment in marquee IP. We continue to fire on all cylinders, and I am very pleased with our momentum as we work to complete our transformational WarnerMedia transaction.”

U.S. ad revenues increased by 12 percent to $1.1 billion, with distribution revenues rising 12 percent to $828 million and other revenues up 30 percent to $26 million.

At the international networks, ad revenues surged to $518 million, with distribution revenues up 6 percent to $540 million and other revenues rising by 64 percent to $35 million (all excluding foreign currency fluctuations).

Discovery also revealed today record engagement on its European digital platforms driven by its Summer Olympics coverage. In the first week of the games, more than 275 million viewers have tuned in. Over 100 million watched through Discovery’s coverage on TV and digital, with an additional 175 million accessing the games through Discovery’s sub-license agreements with free-to-air broadcasters. Almost three-quarters of a billion streaming minutes of Olympics content has been consumed on discovery+ and Eurosport subscription services during the first week.

“The Olympic Games is the biggest global event that goes far beyond sports and traditional sports audiences,” said Jean-Briac Perrette, president and CEO of Discovery International. “When we look back at the first week, it is clear the Olympics has brought new and different audiences to our platforms in impressive numbers. The Tokyo Games are seeing digital numbers never seen before, and we are thrilled that so many fans across Europe are watching the Games on discovery+ and Eurosport Player.”