WarnerMedia recorded revenues of $8.8 billion in the second quarter of this year, a 30.7 percent gain on the same period in 2020.
Subscription revenues increased by 21.3 percent to $4 billion, partially driven by HBO Max gains (direct-to-consumer subscription revenues were up to $2 billion), while ad revenues increased by 48.5 percent to $1.7 billion, lifted in part by NBA coverage. Content and other revenues were $3.1 billion, up almost 35 percent, driven by higher third-party TV production and theatrical.
HBO and HBO Max now have some 47 million U.S. subscribers, with more than 67 million overall globally. The platforms added 2.8 million subs in the U.S. in the quarter. WarnerMedia expects to hit between 70 million and 73 million global subs for HBO and HBO Max by year-end.
Overall revenues at WarnerMedia parent AT&T grew by 7.6 percent to $44 billion.
Yesterday, the company announced a deal to sell its Vrio Corp. business unit—which operates DIRECTV Latin America, SKY Brasil and DIRECTV GO, reaching 10.3 million subscribers across 11 countries in Latin America and the Caribbean—to Grupo Werthein.
“Our vision of the future is to maximize these leading entertainment brands in Latin America, maintaining their leadership and increasing their value proposition by investing in technology and content aligned with the viewing habits of each one of the subscribers, including the next generation of consumers,” said Dario Werthein, shareholder at Grupo Werthein.
“This transaction will further allow us to sharpen our focus on investing in connectivity for customers,” said Lori Lee, CEO of AT&T Latin America. “We remain committed to Latin America through our wireless business in Mexico and services for multinational corporations operating in the region.”