Warner Bros. Discovery is planning significant global growth for HBO Max, aiming to reach 150 million subscribers by the end of next year. The company expects 2026 to be a key year for the streaming service, driven by a focus on high-quality content and increased brand recognition in new international markets.

At the end of the third quarter, WBD reported 128 million streaming subscribers worldwide, an increase of 2.3 million from the previous quarter. This includes 200,000 new subscribers in the U.S. and Canada, bringing the domestic total to 58 million, and 2.1 million new international subscribers, raising the international base to 70 million.

Third-quarter streaming revenues remained steady at $2.6 billion year-over-year, while streaming Adjusted EBITDA improved to $345 million from $289 million a year earlier. However, the global average revenue per user (ARPU) dropped 16% to $6.64, mainly due to growth in lower-revenue international markets. Domestic ARPU was $10.40, down 13% year-over-year, and international ARPU decreased from $4.05 to $3.70. Streaming ad revenue rose 14% to $235 million, thanks to more ad-supported subscribers, but WBD expects a negative impact in the next quarter due to the loss of NBA rights.

Streaming content revenue fell to $79 million in Q3, as new international launches led to less third-party licensing. Executives highlighted that previous licensing of HBO and Warner Bros. content in international markets, along with a focus on quality programming, is helping HBO Max gain traction outside the U.S.

HBO Max is now available in over 100 global markets, following recent launches in regions such as EMEA, APAC, and Australia. Early success in Australia is encouraging WBD as it prepares to launch HBO Max in key markets like Italy, Germany, the UK, and Ireland. In these countries, consumers are already familiar with the brand due to earlier licensing agreements.

WBD CEO David Zaslav described HBO Max as a unique global product with a strong library of films, TV shows, and local content. He emphasized the company’s commitment to quality, which he believes will drive growth and strengthen the brand’s position in the market. JB Perrette, President and CEO of Global Streaming & Games, pointed to data from Australia as evidence of the brand’s potential in new markets, especially as content moves from third-party licenses to the standalone HBO Max service.

WBD plans to keep more of its top content in-house, focusing on exclusive programming for HBO Max. The company is optimistic about its upcoming 2026 content slate and beyond, which includes the start of a ten-year plan for the Harry Potter franchise and more original productions. In May, WBD reinstated the HBO brand to its flagship streamer, reinforcing its identity in the market.

Recent original series like The Pitt, The Last of Us, and the mini-series Task have shown strong performance, with Task averaging 12 million viewers per episode. IT: Welcome to Derry also debuted as one of HBO Max’s top launches, attracting 15 million viewers for its first episode in the opening week.

WBD has established partnerships to help reach its subscriber goals, and executives are confident that 2026 will be a standout year for HBO Max’s growth. However, the company’s future structure remains uncertain as it considers potential sales of parts or all of its business and a possible spin-off of its linear networks.

In Q3, WBD’s studios business saw a 24% revenue increase to $3.3 billion, supported by strong theatrical releases and content licensing. Meanwhile, global linear network revenues declined 22% to $3.88 billion. Overall, WBD reported total Q3 revenues of $9.05 billion, down 6% year-over-year, while Adjusted EBITDA rose 2% to $2.47 billion.

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