HBO Max Surpasses Expectations with 140 Million Subscribers in Q1; WBD Anticipates 150 Million by Year’s End
HBO Max, which has experienced significant fluctuations since its launch in 2020, is projected to reach 150 million subscribers by the end of 2026. This optimistic outlook was shared by Warner Bros. Discovery executives during the announcement of the company’s first-quarter earnings.
The company attributed its growing subscriber count to successful global launches in key markets, such as the UK, contributing to HBO Max surpassing internal projections and ending the first quarter with over 140 million subscribers.
In recent years, major streaming services like Netflix have prioritized profit and other financial metrics over subscriber counts. However, amid struggles—including a delayed launch compared to competitors, the impact of the COVID-19 pandemic, and changes in corporate ownership—HBO Max aims to signal progress.
According to CEO David Zaslav, the successful expansion into markets previously restricted due to legacy distribution agreements allowed HBO Max to “meaningfully exceed our guidance” in Q1. He emphasized that the platform is experiencing “strong and accelerating momentum.”
Zaslav noted, “We are seeing healthy acceleration and subscriber-related revenue growth, which we expect will pick up real pace in Q2 and through the rest of the year.”
The service is also anticipated to gain enhanced strength from the upcoming $110 billion acquisition by Paramount, which is slated to close by September. While details on pricing and service integration remain unclear, Zaslav hinted at the potential benefits of this merger.
Despite its growth, HBO Max remains significantly behind Netflix, which reported over 325 million subscribers at the end of 2025. Meanwhile, Disney has ceased regular subscriber updates, but recent estimates suggest it is on par with Warner Bros. Discovery, ahead of competitors like NBCUniversal’s Peacock and Paramount+, and alongside Amazon Prime Video.
JB Perrette, Chief of Streaming and Gaming, stated that a surge of new content, including a planned 10-year run of *Harry Potter* seasons starting in 2027, will provide a “huge tailwind” for HBO Max. He highlighted that the current management team, formed after the merger of WarnerMedia and Discovery, has seen improved engagement and lower churn rates, with over 50 million new subscribers added and a financial turnaround from a $2 billion loss to a profit exceeding $1 billion.
Perrette remarked that the recent territory launches signify that HBO Max is “still in the very early days of that growth trajectory.” He noted that HBO Max’s situation is distinct from competitors who have been in the market for 15 to 20 years, asserting, “We’re in the early innings” compared to those established players.
