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• Gained 12.8 million paid users compared to last year
• Warner Bros Discovery will report both Discovery and HBO results in next quarter
HBO and HBO Max had seen a substantial jump in subscribers on the platform, former parent company AT&T Inc (NTSE: T) reported on Thursday.
The video streaming platform now boasts 76.8 million subscribers at the end of the first quarter of 2022, a jump of 3 million from the previous quarter.
In a year, there is an increase of 12.8 million paid users.
The company said its average domestic revenue per user, or ARPU, hit $11.24, up from $11.15 in December.
The news comes days after Netflix Inc (NASDAQ: NFLX) reported that it lost around 200,000 subscribers between January and March, marking the first loss of paid customers in more than a decade.
The streaming giant also pointed towards increased competition, with rivals like Disney, Apple TV+, Amazon Prime, Warner Bros Discovery, Paramount Global, and NBCUniversal eating into Netflix’s growth.
Moreover, COVID-19 lockdowns had also kept many users glued to their screens, and with vaccines rolled out and restrictions being eased, Netflix is seeing a drop in subscriber counts.
The disappointing earnings report sent the stock tumbling 35% on Wednesday, wiping around $50 billion from its market cap.
Although Netflix currently has about 222 million paying households globally, which is much higher than any other video streaming platform, it estimates that almost half of them share passwords with family members and friends.
Though the telecom giant AT&T reported HBO results, WarnerMedia, the company that owns HBO, is now a part of Warner Bros Discovery Inc (NASDAQ: WBD). The newly merged company will report both Discovery and HBO results for the next quarter.
Picture Credit: Digital Trends
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