Warner Bros Discovery reported a loss of nearly $1 billion in the first quarter

Warner Bros Discovery’s fiscal result shows losses of $966 million between January and March 2024, and that’s good news for the company

A Warner Bros.. Discovery ended the first quarter of 2024 with a loss of nearly $1 billion. According to the report presented in its latest fiscal results, the company ended the period between January and March with a loss of $966 million – and that was cause for celebration.

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Although losses are always negative, the company celebrated a reduction in losses of 9.6% compared to the same period in 2023. In practice, this means that Warner was able to react and reduce the volume of money it makes it goes.

On the other hand, however, the conglomerate’s revenues also decreased. During the first quarter there were $9.96 billion, which represents a decrease of 6.9% compared to the same period last year.

However, the giant was very positive with the results. “We are pleased with our performance in the first quarter, managing to deliver robust results across several key indicators,” says David Zaslav, CEO of Warner Bros. Discovery, in a statement.

Streaming growth

Among these achievements cited by Zaslav are the services of streaming related to the company. Adding Max, HBO and Discovery+ – remembering that the unification of the platforms has not yet occurred worldwide – the total revenue was $2.46 billion. The result is very similar to what Warner achieved in 2023, showing comfortable stability.

In relation to the number of subscribers, however, the numbers are a little more favourable. These services grew by 1.11%, an increase that can be interpreted as a modest increase, but still consistent in a very competitive scenario. Overall, Warner Bros. Discovery has 99.6 million users worldwide.

It’s worth noting, however, that the company’s streaming services didn’t bring big news at the start of the year, unlike 2023, which was marked by the phenomenon The last of us. So if you still get a positive result, it’s cause for celebration.

Additionally, in June, HBO will premiere the second season of House of the Dragon, one of the main novelties of the year in the series market. This should certainly attract new subscriptions to the service and improve the company’s numbers, but it’s something we should only see in the second quarter numbers.

Cinema in decline

On the other hand, movie studios saw a 12% drop in revenue. Part of this is also linked to the actors’ and screenwriters’ strike in mid-2023, which forced the company to change the schedule of many of its productions. However, the good commercial performance of the Dune: part 2 helped make ends meet.

The film is interpreted Timothée Chalamet It was released in theaters in March and is still the highest-grossing film of the year worldwide, with a total gross of $708.6 million.

The good news for the foreseeable future is that the second quarter for Warner Bros. Pictures is quite optimistic. It will be in this balance that the results will arise Godzilla and Kong: The New Empire will enter and the studio will be able to celebrate the second highest box office of the year, with $548 million worldwide.

Not to mention, of course, the arrival of Furiosa: the Mad Max sagamain release in theaters this May and which will definitely have a positive impact on the production house’s revenues.

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Source: Terra

Rose

Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.