HBO Max Loses 700,000 Subscribers in Q3 2023 as Weak Content Offers Poor Value
In the past three months, Warner Bros. Discovery (WBD) has confirmed that its primary streaming service, HBO Max, lost 700,000 subscribers, bringing the total user base down to 95.1 million. This number pales in comparison to rival Netflix’s nearly 250 million subscribers. Despite its lower availability, HBO Max’s user base should still be larger than it is, as the service is currently only available in the US, set to expand into Latin America in early 2024, Europe in mid-2024, and the Asia-Pacific territory in late 2024.
Reasons for the declining user base were not included in the Q3 2023 earnings report. However, it is widely speculated that the high price of HBO Max compared to other streamers such as Netflix and Disney Plus. Additionally, the lack of exclusive high-quality content has contributed to the decline. The failure to produce a hit show akin to Succession, in the form of a TV or movie, has played a role in this negative trend.
One potential bright spot is the impending arrival of the hit movie Barbie to HBO Max, recently declared the highest-grossing Warner Bros. Pictures movie ever. This release could provide a much-needed boost to the platform’s subscribers. With fall underway, viewers may not have to wait much longer to add Barbie to their must-watch list.
