Warner Bros. Discovery added 6.4 million direct-to-consumer subscribers in Q4 to reach 116.9 million, with the company reporting total quarterly revenues of $10 billion.
Q4 revenues were down 1 percent ex-FX on the prior-year quarter.
Distribution revenues were up 2 percent ex-FX to $4.9 billion as DTC gains helped to offset declines in U.S. linear pay-TV subs. Advertising revenues were down 11 percent ex-FX to $1.8 billion, again with the Max ad tier helping to mitigate a soft U.S. ad market and linear declines. Content revenues were flat at $2.9 billion.
In the studios segment, overall revenues were up 15 percent to $3.66 billion, with content revenues rising 16 percent to $3.4 billion. TV revenue was up 64 percent ex-FX, driven by higher inter-segment content licensing and deliveries following last year’s strike-impacted quarter. Theatrical revenues fell 9 percent ex-FX and gaming was down 29 percent ex-FX.
At the networks segment, revenues fell 4 percent ex-FX to $4.8 billion, with distribution down to $2.6 billion and ad revenues down 17 percent to $1.6 billion, while content revenues surged to $452 million.
DTC revenues rose to $2.65 billion, a 6 percent gain ex-FX. The company reported ad revenues in this segment of $235 million, a 26 percent increase.
