Unveiling its Q4 and 2020 financials, Discovery, Inc. reported that its new streaming service, discovery+, is on track to hit 12 million paying subscribers globally by the end of this month.
“2020 was a year of change, challenge and opportunity, and our company has shown incredible resilience, creativity and focus as one global team,” said David Zaslav, president and CEO. “We finished with strong operating momentum and great command and control across our global businesses, uniquely positioning us to balance our core and next generation businesses. We are off to a promising start in 2021 with the successful launch of discovery+. We have now surpassed 11 million total paying direct-to-consumer subscribers globally and are on pace to be at 12 million by the end of the month, underscoring the value of the investments we’ve made in content, beloved personalities and brands with huge consumer appeal, supported by industry-leading DTC capabilities. Our unmatched global scale and ability to serve consumers everywhere with a truly differentiated offering across platforms, as well as our robust cash flows, even amidst the significant investments in our next generation initiatives and the ongoing Covid-19 pandemic, position us to achieve sustainable long-term growth and drive long-term shareholder value.”
For Q4, overall revenues were flat at $2.9 billion, with net income falling by 43 percent to $271 million.
At the U.S. networks, revenues rose by 1 percent to $1.8 billion, with ad revenues flat at $1.05 billion and distribution up 5 percent to $709 million as increases in contractual affiliate rates were partially offset by a decline in linear subscribers.
At the international networks, revenues slipped to $1.1 billion, with ad revenues down to $554 million and distribution falling to $510 million.