In spite of industry slowdown HBO Max records growth
By MYBRANDBOOK
HBO Max streaming service gained subscribers through the holidays, defying the slowing pace of growth at some rival services, thanks to a programming lineup that included the revival of its popular “Sex and the City” series and newly released films such as “The Matrix Resurrections.”
HBO ended the year with 73.8 million subscribers to its streaming service and namesake cable network, up from 69.4 million in September. These gains, together with the addition of nearly 900,0000 paying monthly phone subscribers, sent shares up 3% to $26.46 in midday trading.
WarnerMedia CEO Jason Kilar, in an interview said, “I do believe the ceiling on streaming services is much higher than we’ve seen to date. This is going to quickly become, for storytelling companies, a three-horse race.”
HBO Max still has a long way to go to catch market-leader Netflix Inc , with its 214 million subscribers, and Walt Disney Co's (DIS.N) Disney+, with 118 million. Disney’s growth slowed down in the company’s fiscal fourth-quarter, prompting one banker to downgrade the stock. Disney+ added just 2.1 million in the October quarter.
WarnerMedia’s HBO Max logged gains as it expanded the service’s reach from a single market, the United States, to 46 countries. Kilar said global expansion would continue this year, with the goal of eventually reaching 190 countries.
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