Discovery reaches 20 million total paying streaming subscribers

Discovery, Inc. reached 20 million total paying streaming subscribers worldwide by the end of September, the company announced during its third quarter earnings report. This number encompasses the group’s entire portfolio, although the company revealed that the majority of the figure comes from its Discovery+ streaming service.

Financially speaking, the company announced total revenues of $3,150 million, which is an increase of 23%, as reported and ex-FX (methodology for calculating growth rates excluding the impact of currency effects), compared to the prior year quarter. US advertising revenues increased 5% and distribution revenues increased 21%, while international advertising revenues were up 28%, or 26% ex-FX, and distribution revenues 7%, or 6% ex-FX.

"We made great strides in the quarter operationally, financially and creatively. The team drove solid momentum in our direct-to-consumer business, which we grew to 20 million paid subscribers at quarter end on the strength of our global brands and fan-favorite content, including the Summer Olympic Games and Shark Week,”  commented David Zaslav, President and Chief Executive Officer of Discovery.

“Additionally, we delivered double-digit growth in both advertising and distribution revenues, as we doubled next generation revenues year over year. This strong performance once again drove very healthy cash flows during the quarter, further strengthening our balance sheet and financial profile. We are very excited about our pending merger with WarnerMedia and the opportunity to bring these two companies together, combining iconic and globally cherished franchises and brands, and positioning us to more efficiently drive global scale across the combined portfolio,"  he added.

During his statement, Zaslav referred to the imminent addition of another streaming service, HBO Max, once the acquisition of WarnerMedia is complete. This will give the company a huge number of new customers, as HBO and HBO Max currently boast a combined 47 million US subscribers and 69 million global customers.