HBO grows to 76.8 million subscribers as Netflix reports a decline
At the close of the first quarter 2022, HBO Max and HBO had 76.8 millions subscribers. Former parent company AT&T reported Thursday.
It represents an increase of 3 million subscribers over the quarter before and 12.8 million more year-over. Average domestic revenue per user (ARPU), reached $11.24, an increase from $11.15 in the last quarter.
Shortly after the announcement comes, Netflix reported its first subscriber loss in more than a decade. Netflix’s poor earnings caused the stock to plummet 35% the day after the report, wiping $50 billion from its market cap. Netflix currently has approximately 222.5 million subscribers. estimates 100 million households are sharing passwords.
Netflix cited increased competition and decreased pandemic restrictions as contributing factors to the slowdown.
Though AT&T reported the HBO results, WarnerMedia, the company that owns HBO, is now a part of Warner Bros. Discovery. HBO will be reporting its results in the next quarter from the newly-merged company.