Warner Bros Discovery Inc. will merge its HBO Max and Discovery+ streaming services into a single streaming platform. The decision was confirmed by chief executive David Zaslav on Thursday during the quarterly earnings call.
According to the company’s top streaming executive Jean-Briac Perrette, the multimedia and entertainment giant aims to create a streaming service that will offer “something for everyone in the household.” That is certainly achievable by merging the HBO Max and Discovery+ libraries since the subscribers will be able to enjoy movie franchises like Harry Potter and shows like Friends but also reality shows like Deadliest Catch, Naked and Afraid, and many more.
HBO Max and Discovery+ currently have 92 million subscribers combined. Warner Bros Discovery’s goal is to have 130 million on the merged streaming service in 2025. If achieved, the number would allow the new streamer to remain competitive with powerhouses like Netflix and Disney+.
While the details about the merger are scarce, the company did confirm that the new streaming platform will be available in the United States in the summer of 2023. It will roll out in Latin America by the end of the next year before arriving in Europe and Asia in 2024. There are also early plans for a free streaming service that would be supported by ads.
Warner Bros Discovery stock has been hit hard by recent Q2 misses, taking a 16.56% dive on Friday. It is currently 42.80% down year to date.