jb perrette

Last year was a massive success for Warner Bros. Discovery’s content – but maybe not so much for its financials.

For CTV advertisers, Warner Bros. Discovery’s first earnings report of the 2025 fiscal year was a bit of a mixed bag.

Warner Bros. Discovery’s overall ad revenue dropped 7% last year. Its survival depends on its streaming service, Max, its lifeline in the intensifying streaming wars.

Warner Bros. Discovery announced the birth of its new streaming service, Max, combining HBO Max and Discovery+ content offerings. Starting May 23, HBO Max will be no more – but Discovery+ gets to also remain a standalone app.

Warner Bros. Discovery is rushing the launch date of its AVOD streaming service meant to combine WarnerMedia’s HBO Max and Discovery’s Discovery+. Combined, WBD networks lost 8% in total Q3 revenue, but the company doubled its streaming ad revenue, giving WBD hope as it smooths out its rocky post-acquisition start.

Warner Bros. Discovery lost 1% in total Q2 revenue, closing out the quarter with $9.8 billion, $2 billion behind expectations. So it plans to do some belt-tightening of its streaming services. Specifically, it’s HBO Max productions that are getting the cut.