Warner Bros. Discovery reported second-quarter results Thursday that fell below Wall Street expectations across the board and revealed subscriber totals that were down from the previous quarter.
Global direct-to-consumer streaming subscribers at the end of the period were 95.8 million, below the 96.7 million subscribers analysts were expecting according to StreetAccount, and a decrease of nearly 2 million from the end of the first quarter.
The company launched its combined Max streaming service during the second quarter, merging HBO content with unscripted hits from the Discovery networks into one platform.
Customers dropping their Discovery+ subscriptions for Max were likely to blame for the decline in subscribers. Data provider Antenna estimated that Discovery+ cancellations were up about 68% compared with June 2022 due to the switchover to Max.