Warner Bros. Discovery, Inc. (WBD): Business Model Canvas

In der dynamischen Welt der Medien und Unterhaltung erweist sich Warner Bros. Discovery (WBD) als Kraftpaket, das strategisch ein komplexes Geflecht aus Inhaltserstellung, -verbreitung und Publikumseinbindung zusammenfügt. Durch die meisterhafte Kombination traditioneller Medienkanäle mit hochmodernen Streaming-Plattformen hat WBD ein Geschäftsmodell geschaffen, das konventionelle Grenzen überschreitet und den Zuschauern ein immersives, mehrdimensionales Unterhaltungserlebnis bietet, das Genres, Plattformen und globale Märkte umfasst. Dieser komplexe Business Canvas zeigt, wie das Unternehmen seine umfangreiche Inhaltsbibliothek, sein leistungsstarkes Markenportfolio und seine innovative digitale Infrastruktur nutzt, um das Publikum in einer zunehmend fragmentierten Medienlandschaft zu gewinnen und zu fesseln.

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Wichtige Partnerschaften

Große Filmstudios und Produktionsfirmen

Warner Bros. Discovery unterhält strategische Partnerschaften mit folgenden Filmstudios und Produktionsfirmen:

Partner	Details zur Zusammenarbeit	Gründungsjahr
New Line Cinema	Hundertprozentige Tochtergesellschaft	1967
DC-Unterhaltung	Integrierte Film- und Content-Produktion	2009
HBO-Produktionen	Erstellung von Premium-Inhalten	1972

Kabel- und Satellitenfernsehverteiler

Zu den wichtigsten Vertriebspartnerschaften gehören:

• Comcast Corporation
• DirecTV
• Charter-Kommunikation
• Spektrumkabel

Streaming-Plattformen und Technologieanbieter

Partner	Technologie/Plattform	Einzelheiten zur Partnerschaft
Amazon Web Services	Cloud-Infrastruktur	Mehrjahresvertrag über 100 Millionen US-Dollar
Roku	Streaming-Verteilung	Lizenzvereinbarung für Inhalte
Apple TV	Inhaltsverteilung	HBO Max-Integration

Werbeagenturen und Medienpartner

Wichtige Werbe- und Medienpartnerschaften:

• GruppeM
• Publicis Media
• Interpublic-Gruppe
• Omnicom Media Group

Internationale Netzwerke zur Lizenzierung von Inhalten

Region	Wichtige Lizenzpartner	Inhaltskategorien
Europa	Sky-Netzwerk	Film- und Fernsehserien
Asien	STAR Indien	Unterhaltungsinhalte
Lateinamerika	Globo	Medienverteilung

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Hauptaktivitäten

Erstellung und Produktion von Inhalten

Warner Bros. Discovery produziert Inhalte für mehrere Genres und Plattformen:

Inhaltstyp	Jährliches Produktionsvolumen	Geschätztes Produktionsbudget
Filmproduktionen	20-25 Filme pro Jahr	150–250 Millionen US-Dollar pro Film
Produktionen von TV-Serien	40-50 Serien pro Jahr	3–5 Millionen US-Dollar pro Folge
Streaming von Originalinhalten	30-40 Originalserien/Filme	Jährliche Gesamtinvestition von 100–200 Millionen US-Dollar

Medienverteilung über mehrere Plattformen

Vertriebskanäle und Reichweite:

• Lineare TV-Netzwerke: HBO, CNN, TBS, TNT
• Streaming-Plattformen: HBO Max, Discovery+
• Globale Vertriebsgebiete: Über 200 Länder
• Digitale Plattformen: Roku, Amazon Prime, Apple TV

Streaming-Service-Management

Streaming-Service-Metriken:

Plattform	Abonnenten (2023)	Monatliche Abonnementkosten
HBO Max	76,8 Millionen	$9.99 - $15.99
Entdeckung+	22 Millionen	$4.99 - $6.99

Markenmanagement und Marketing

Details zur Marketinginvestition:

• Jährliches Marketingbudget: 1,2–1,5 Milliarden US-Dollar
• Zuweisung für digitales Marketing: 40–45 % des Gesamtbudgets
• Ausgaben für Content-Werbung: 500–700 Millionen US-Dollar

Entwicklung und Lizenzierung von geistigem Eigentum

IP-Portfolio und Lizenzerlöse:

IP-Kategorie	Gesamtes IP-Vermögen	Jährliche Lizenzeinnahmen
Film-Franchises	Über 100 aktive Franchises	750–900 Millionen US-Dollar
TV-Show-Franchises	Über 50 aktive Franchises	350-500 Millionen US-Dollar
Merchandising-Rechte	Über 500 lizenzierte Immobilien	250-400 Millionen Dollar

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Bibliothek mit Medieninhalten

Warner Bros. Discovery besitzt etwa 200.000 Stunden an Inhalten in verschiedenen Genres und Formaten.

Inhaltskategorie	Anzahl der Vermögenswerte
Spielfilme	8,500+
Fernsehserie	2,500+
Animierte Titel	1,200+

Starkes Entertainment-Markenportfolio

Warner Bros. Discovery verwaltet 14 Premium-Unterhaltungsmarken.

• HBO
• Warner Bros. Studios
• Discovery Channel
• CNN
• TNT
• TBS
• HGTV
• Lebensmittelnetzwerk

Talentierte Kreativteams und Produktionsmitarbeiter

Gesamtzahl der Mitarbeiter im Jahr 2023: 10.300 Fachkräfte.

Abteilung	Personalanzahl
Content-Produktion	3,500
Kreative Teams	2,800
Technisches Personal	4,000

Fortschrittliche digitale Streaming-Infrastruktur

Gemeinsame Abonnentenbasis von HBO Max und Discovery+: 98,2 Millionen im vierten Quartal 2023.

Globale Medienvertriebsnetzwerke

Vertriebspräsenz in Über 200 Länder und Gebiete.

Region	Anzahl der Märkte
Nordamerika	50
Europa	75
Asien-Pazifik	45
Lateinamerika	30

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Wertversprechen

Vielfältige Unterhaltungsinhalte über mehrere Genres hinweg

Warner Bros. Discovery erwirtschaftet einen Jahresumsatz von 44,2 Milliarden US-Dollar (2022) mit Inhalten verschiedener Genres, darunter:

Inhaltskategorie	Wichtige Franchises
Film	DC Comics, Harry Potter, Dune
Fernsehen	HBO, CNN, Discovery Channel
Streaming	HBO Max, Discovery+

Hochwertige Originalprogrammierung

Die Investitionen in Originalinhalte belaufen sich jährlich auf etwa 8,5 Milliarden US-Dollar, wobei die wichtigsten Plattformen folgende sind:

• HBO-Originalserie
• Dokumentationen des Discovery Channel
• Max Originalprogrammierung

Umfassende Streaming- und traditionelle Medienoptionen

Streaming-Abonnentenbasis: 97,4 Millionen weltweite Abonnenten (4. Quartal 2022)

Plattform	Abonnenten
HBO Max	76,8 Millionen
Entdeckung+	20,6 Millionen

Plattformübergreifende Medienkonsumerlebnisse

Umsatz mit digitalen Plattformen: 12,3 Milliarden US-Dollar (2022)

Globale Unterhaltungsmarke mit anerkannten Franchises

Weltweite Marktpräsenz in über 200 Ländern mit Inhalten in mehreren Sprachen

Region	Umsatzbeitrag
Nordamerika	68%
Internationale Märkte	32%

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Kundenbeziehungen

Abonnementbasierte Streaming-Dienste

Warner Bros. Discovery betreibt die Streaming-Plattformen HBO Max und Discovery+ mit den folgenden Abonnentenkennzahlen:

Streaming-Dienst	Globale Abonnenten (4. Quartal 2023)	Abonnementpreisspanne
HBO Max/Max	95,1 Millionen Abonnenten	9,99 $ bis 15,99 $ pro Monat
Entdeckung+	22 Millionen Abonnenten	4,99 $ bis 6,99 $ pro Monat

Personalisierte Inhaltsempfehlungen

Warner Bros. Discovery nutzt plattformübergreifende KI-gesteuerte Empfehlungsalgorithmen mit den folgenden Funktionen:

• Empfehlungsgenauigkeit des maschinellen Lernens von 78 %
• Personalisierung basierend auf dem Anzeigeverlauf
• Plattformübergreifende Mechanismen für Inhaltsvorschläge

Multiplattform-Engagement-Strategien

Warner Bros. Discovery engagiert sich auf mehreren digitalen Plattformen:

Plattform	Monatlich aktive Benutzer	Engagement-Kennzahlen
HBO Max/Max Mobile-App	43,5 Millionen aktive Nutzer	Durchschnittlich 2,7 Stunden tägliche Sehzeit
Discovery+ Mobile-App	18,2 Millionen aktive Nutzer	Durchschnittliche tägliche Sehdauer 1,9 Stunden

Interaktionen mit der Fan-Community

Warner Bros. Discovery-Engagement über Social-Media-Kanäle:

• Instagram-Follower: 12,3 Millionen
• Twitter-Follower: 5,6 Millionen
• Facebook-Follower: 8,9 Millionen

Direkte digitale Kundensupportkanäle

Kundensupport-Infrastruktur von Warner Bros. Discovery:

Support-Kanal	Reaktionszeit	Kundenzufriedenheitsrate
Live-Chat	Durchschnittlich 7 Minuten	87 % Zufriedenheitsrate
E-Mail-Support	Durchschnittlich 24 Stunden	82 % Zufriedenheitsrate
Telefonsupport	Durchschnittlich 12 Minuten	85 % Zufriedenheitsrate

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Kanäle

HBO Max-Streaming-Plattform

Im Januar 2024 hat HBO Max/Max weltweit 95,1 Millionen Abonnenten. Die Abonnementpreise liegen zwischen 9,99 $ (werbefinanziert) und 15,99 $ (werbefrei) pro Monat.

Plattform	Abonnenten	Monatliche Preisspanne
HBO Max/Max	95,1 Millionen	$9.99 - $15.99

Discovery+ Streaming-Dienst

Discovery+ meldete im vierten Quartal 2023 22 Millionen Abonnenten. Der Abonnementpreis beträgt 4,99 $ (werbefinanziert) und 6,99 $ (werbefrei) pro Monat.

Plattform	Abonnenten	Monatliche Preisspanne
Entdeckung+	22 Millionen	$4.99 - $6.99

Traditionelle Kabel- und Fernsehnetze

Warner Bros. Discovery betreibt mehrere Netzwerke mit bedeutenden Zuschauerzahlen:

• CNN: 278 Millionen Haushalte weltweit
• TBS: 89,4 Millionen Haushalte
• TNT: 85,5 Millionen Haushalte
• Discovery Channel: 279 Millionen Haushalte weltweit

Digitale Streaming-Anwendungen

WBD verfügt über integrierte Streaming-Funktionen auf mehreren Plattformen, darunter:

• Max-App (iOS und Android)
• Roku
• Amazon Fire TV
• Apple TV
• Google Chromecast

Social Media und Online-Marketing-Plattformen

Die Social-Media-Präsenz von WBD umfasst:

Plattform	Anzahl der Follower
Instagram	15,2 Millionen
Twitter/X	8,7 Millionen
Facebook	22,5 Millionen
YouTube	6,3 Millionen Abonnenten

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Kundensegmente

Konsumenten von Unterhaltungsinhalten

Im vierten Quartal 2023 meldete Warner Bros. Discovery 96,1 Millionen weltweite Streaming-Abonnenten auf HBO Max, Discovery+ und anderen Plattformen.

Kundensegment	Gesamter adressierbarer Markt	Penetrationsrate
Konsumenten von Unterhaltungsinhalten	254 Millionen US-Haushalte	37.8%

Abonnenten des Streaming-Dienstes

Der Streaming-Umsatz von Warner Bros. Discovery erreichte im Jahr 2023 10,4 Milliarden US-Dollar.

• HBO Max/Max-Abonnenten: 76,8 Millionen
• Discovery+-Abonnenten: 19,3 Millionen
• Durchschnittlicher monatlicher Abonnementpreis: 15,99 $

Kabelfernsehzuschauer

Lineare TV-Zuschauerzahlen für Warner Bros. Discovery-Netzwerke im Jahr 2023:

Netzwerk	Durchschnittliche tägliche Zuschauer
CNN	653,000
TBS	412,000
TNT	387,000

Enthusiasten digitaler Medien

Kennzahlen zum Engagement der digitalen Plattformen von Warner Bros. Discovery:

• Monatliche Website-Besucher: 82,4 Millionen
• Social-Media-Follower: 235 Millionen
• Downloads mobiler Apps: 44,6 Millionen

Internationales und inländisches Publikum

Geografische Umsatzverteilung im Jahr 2023:

Region	Umsatzbeitrag
Vereinigte Staaten	36,2 Milliarden US-Dollar (68 %)
Internationale Märkte	17,1 Milliarden US-Dollar (32 %)

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion und den Erwerb von Inhalten

Warner Bros. Discovery meldete für das Geschäftsjahr 2023 Produktions- und Akquisitionskosten für Inhalte in Höhe von 10,8 Milliarden US-Dollar. Die Aufschlüsselung umfasst:

Inhaltskategorie	Jährliche Kosten
Filmproduktion	3,2 Milliarden US-Dollar
Fernsehinhalte	4,5 Milliarden US-Dollar
Streaming von Originalinhalten	2,1 Milliarden US-Dollar
Lizenzierung und Erwerb	1 Milliarde Dollar

Wartung von Technologie und Infrastruktur

Die jährlichen Kosten für die Technologieinfrastruktur beliefen sich auf insgesamt 1,5 Milliarden US-Dollar, darunter:

• Cloud-Computing-Infrastruktur: 650 Millionen US-Dollar
• Streaming-Plattform-Technologie: 450 Millionen US-Dollar
• Cybersicherheit und Datenschutz: 250 Millionen US-Dollar
• Wartung von Netzwerk und Rechenzentrum: 150 Millionen US-Dollar

Marketing- und Werbeinvestitionen

Die Marketingausgaben für 2023 erreichten 2,3 Milliarden US-Dollar, verteilt auf:

Marketingkanal	Ausgaben
Digitales Marketing	850 Millionen Dollar
Traditionelle Medienwerbung	750 Millionen Dollar
Social-Media-Kampagnen	350 Millionen Dollar
Werbeveranstaltungen	350 Millionen Dollar

Vergütung für Talent- und Kreativteams

Die Gesamtvergütung für Talente belief sich im Jahr 2023 auf 2,7 Milliarden US-Dollar, darunter:

• Vergütung der Führungskräfte: 180 Millionen US-Dollar
• Gehälter für kreative Talente: 1,2 Milliarden US-Dollar
• Verträge mit Schauspielern und Darstellern: 850 Millionen US-Dollar
• Autoren- und Produzentenhonorare: 470 Millionen US-Dollar

Betriebskosten der Streaming-Plattform

Die Betriebskosten der Streaming-Plattform beliefen sich im Jahr 2023 auf insgesamt 1,9 Milliarden US-Dollar:

Einsatzgebiet	Jährliche Kosten
Technischer Support	450 Millionen Dollar
Content-Delivery-Netzwerke	350 Millionen Dollar
Kundenservice	250 Millionen Dollar
Plattformentwicklung	850 Millionen Dollar

Warner Bros. Discovery, Inc. (WBD) – Geschäftsmodell: Einnahmequellen

Abonnementgebühren von Streaming-Diensten

Im vierten Quartal 2023 meldete Warner Bros. Discovery einen Streaming-Umsatz von 3,2 Milliarden US-Dollar über die Plattformen HBO Max und Discovery+. Die kombinierte Streaming-Abonnentenbasis erreichte weltweit 24,1 Millionen Abonnenten.

Streaming-Plattform	Abonnenten	Monatlicher Abonnementpreis
HBO Max	15,9 Millionen	$9.99 - $15.99
Entdeckung+	8,2 Millionen	$4.99 - $6.99

Werbeeinnahmen

Warner Bros. Discovery erwirtschaftete im Jahr 2023 Werbeeinnahmen in Höhe von 4,7 Milliarden US-Dollar, mit erheblichen Beiträgen von linearen TV-Netzwerken und digitalen Plattformen.

• Lineare TV-Werbung: 3,2 Milliarden US-Dollar
• Digitale Werbung: 1,5 Milliarden US-Dollar

Lizenzierung und Vertrieb von Inhalten

Die Einnahmen aus der Lizenzierung von Inhalten erreichten im Jahr 2023 2,1 Milliarden US-Dollar, wobei der internationale Vertrieb einen erheblichen Anteil ausmachte.

Inhaltstyp	Lizenzeinnahmen
Filmrechte	1,3 Milliarden US-Dollar
Rechte an Fernsehsendungen	0,8 Milliarden US-Dollar

Monetarisierung von Merchandise- und Franchise-Produkten

Warner Bros. Discovery erwirtschaftete im Jahr 2023 1,6 Milliarden US-Dollar aus Merchandise- und Franchise-Umsätzen.

• DC Comics-Merchandise: 750 Millionen US-Dollar
• Warner Bros.-Film-Franchise-Waren: 850 Millionen US-Dollar

Vertrieb internationaler Marktinhalte

Der internationale Content-Verkauf trug im Jahr 2023 2,5 Milliarden US-Dollar zum Umsatz des Unternehmens bei.

Region	Umsatzerlöse aus Inhalten
Europa	1,1 Milliarden US-Dollar
Asien-Pazifik	0,9 Milliarden US-Dollar
Lateinamerika	0,5 Milliarden US-Dollar

Warner Bros. Discovery, Inc. (WBD) - Canvas Business Model: Value Propositions

The value propositions Warner Bros. Discovery, Inc. (WBD) offers to its customers center on a deep library of intellectual property (IP) delivered across premium and flexible platforms, anchored by tentpole theatrical events.

Premium, high-quality, exclusive scripted content (HBO Originals).

The value proposition is rooted in the prestige and perceived quality of its premium scripted library, which drives subscriber acquisition and retention for the Max streaming service. The company is on a clear path towards at least 150 million streaming subscribers by the end of 2026, having ended Q3 2025 with 128.0 million global streaming subscribers, an increase of 2.3 million sequentially. This segment is a significant profit driver, expected to contribute over $1.3 billion in Adjusted EBITDA for the full 2025 year.

Broad, unscripted, and factual entertainment across multiple genres.

This value is delivered through the Discovery content portfolio, which is being strategically separated into a distinct entity, Discovery Global, as part of a planned mid-2026 split. While the Global Linear Networks segment saw revenues decrease 22% ex-FX to $3,883 million in Q3 2025, the content remains a core part of the overall offering, particularly within the Discovery+ component of the streaming base.

Live sports and news content via TNT Sports, CNN, and Eurosport.

The company is actively valuing this content by preparing to move it to separate platforms, signaling its distinct worth to specific audiences. Warner Bros. Discovery announced plans to launch a standalone TNT Sports app in 2026 and has already removed the CNN feed from the main Max service in November 2025 to prop up CNN's new standalone service. This separation highlights the premium nature of these live offerings.

Flexible consumption via ad-supported and ad-free streaming tiers.

WBD offers choice in how consumers access its content, balancing premium ad-free experiences with lower-cost, ad-supported options. The company is pushing its ad-lite model, though advertising revenues overall decreased 17% ex-FX in Q3 2025, as growth in ad-supported streaming subscribers was offset by domestic linear audience declines. The Average Revenue Per User (ARPU) reflects this mix shift:

Metric	Value (Q3 2025)
Global Streaming ARPU	$6.64
Domestic Streaming ARPU	$10.40

The domestic ARPU of $10.40 compares to $11.16 in Q2 2025, showing the impact of subscriber mix changes.

Theatrical event experiences with major box office hits like Superman.

The theatrical slate provides massive cultural moments and significant revenue spikes, validating the IP. The Warner Bros. Motion Picture Group became the first studio to surpass $4 billion in 2025 global box office revenue. The value derived from these events is substantial, as demonstrated by key releases:

• Superman opened to $125 million domestically and earned $613 million globally, with an expected theatrical profit of around $125 million.
• Superman was part of an unprecedented streak of seven consecutive releases opening above $40 million at the domestic box office.
• Theatrical content revenue, excluding the impact of the 2024 Olympics, increased 23% ex-foreign exchange in Q3 2025.

Here's the quick math on the overall Q3 2025 performance that underpins these value streams:

Financial Metric (Q3 2025)	Amount
Total Revenues	$9.0 billion
Total Adjusted EBITDA	$2.5 billion
Net Loss (Reported)	$148.0 million
Debt Repaid in Quarter	$1.2 billion

What this estimate hides is the ongoing challenge in the linear business, where profit fell 20% to $1.7 billion in the quarter, cementing the need to focus on the growth areas like streaming and studios.

Warner Bros. Discovery, Inc. (WBD) - Canvas Business Model: Customer Relationships

You're managing customer relationships for a massive global entertainment entity, so the scale is the first thing that hits you. As of the end of the third quarter of 2025, Warner Bros. Discovery, Inc. (WBD) was supporting 128.0 million global streaming subscribers across its Max and Discovery+ platforms. This base is growing, with 2.3 million net additions in Q3 2025 alone, putting the company on a clear path toward its goal of at least 150 million by the end of 2026.

The relationship management for the direct-to-consumer (DTC) side relies heavily on automation and data to keep those millions engaged. Personalized recommendations are baked into the Max experience, which is crucial given the shift in revenue mix. For instance, the domestic streaming Average Revenue Per User (ARPU) saw an 8% decrease to $11.16 in Q2 2025, largely due to the broader wholesale distribution of the ad-supported Max Basic tier. Still, the streaming advertising revenue in that same quarter surged 17% to $282 million, directly tied to the growth in ad-lite subscribers, showing the success of this tiered, personalized approach. The streaming segment's adjusted EBITDA grew 24% ex-foreign exchange year-over-year in Q3 2025, with the segment expected to contribute over $1.3 billion in adjusted EBITDA for the full year 2025.

For the business-to-business side, dedicated account management is non-negotiable for major advertisers and linear network affiliates. These relationships are under pressure, though. The Global Linear Networks segment saw domestic linear pay TV subscribers decline 9% in Q3 2025, and overall advertising revenues decreased 17% ex-FX in Q3 2025, as linear audience declines offset streaming ad-lite growth. Keeping these key distribution and advertising partners satisfied requires high-touch service, especially as the linear footprint remains vast, reaching 1.1 billion unique viewers across 200 countries and territories.

Direct-to-consumer engagement is also fostered through community building, moving beyond simple transactions. Warner Bros. Discovery, Inc. uses direct feedback loops to inform content and product development. For example, their research team utilizes a gamified Member Tier program to drive participation in feedback activities. One of these subcommunities achieved an impressive response rate of up to 90%, showing deep fan investment. This level of engagement helps the company standardize tested shareback strategies across new global communities.

Handling the sheer volume of users requires robust support infrastructure for billing and technical issues across all platforms. The support systems must service the 128.0 million streaming subscribers and the audience accessing content via the linear networks. The complexity is high, as evidenced by the domestic ARPU drop linked to wholesale distribution deals, which likely generates complex billing inquiries that customer service must resolve. Here's the quick math: supporting 128.0 million streaming users plus the linear audience means support operations must handle millions of potential touchpoints daily.

The relationship management structure can be summarized by the scale of the user base and the dual focus on high-touch B2B partners versus automated B2C personalization:

Relationship Type	Key Metric/Data Point (Late 2025)	Context/Impact
Streaming Subscribers (Max/Discovery+)	128.0 million (Q3 2025 End)	Scale of automated self-service required.
Streaming Subscriber Growth (Q3 2025)	2.3 million net additions	Indicates ongoing need for effective onboarding and retention efforts.
Streaming Advertising Revenue Growth (Q2 2025)	Increased 17% to $282 million	Success metric for the ad-supported tier relationship.
Domestic Linear Pay TV Subscribers (Q3 2025)	Decreased 9%	Pressure point for dedicated account management with affiliates.
Fan Community Engagement Rate	Up to 90% response rate in one subcommunity	Measure of success for direct-to-consumer engagement strategies.

The company's focus on direct feedback is evident in its internal processes, which aim to increase access to research and insights across the organization. This commitment to understanding the audience directly informs the content and product development, which is the core of the value proposition delivered through these customer relationships. The success of the international rollout, adding 3.2 million subscribers internationally in Q2 2025, shows the relationship strategy is scaling globally.

You'll want to watch the domestic linear audience declines, which were 26% in Q3 2025, as that directly pressures the need for high-quality dedicated account management to retain linear affiliate fees. Still, the overall streaming segment profitability is improving, with an expected $1.3 billion in adjusted EBITDA for 2025.

The key relationship touchpoints involve:

• Automated personalization driving ad-lite adoption.
• Dedicated management for linear affiliates and major advertisers.
• Gamified research communities for direct fan feedback.
• Scalable technical and billing support for 128.0 million+ streamers.

Finance: draft 13-week cash view by Friday.

Warner Bros. Discovery, Inc. (WBD) - Canvas Business Model: Channels

You're looking at the channels Warner Bros. Discovery, Inc. uses to get content to the customer as of late 2025. It's a mix of legacy and digital, and the numbers show the transition is still in full swing.

For the three months ended September 30, 2025, total reported revenues for Warner Bros. Discovery, Inc. were $9.0 billion, a 6% decrease compared to the prior year quarter, though flat excluding the impact of the 2024 Olympics in Europe.

Direct-to-Consumer (DTC) streaming platforms: Max and Discovery+.

The DTC side is where the growth story is focused, aiming for scale. Global streaming subscribers reached 128.0 million at the end of Q3 2025, adding 2.3 million net subscribers sequentially. The company maintains its projection for at least 150 million streaming subscribers by the end of 2026.

The segment posted revenue of $2.633 billion in Q3 2025, which was relatively unchanged compared to the prior year quarter. The streaming business is expected to generate at least $1.3 billion in Adjusted EBITDA for the full year 2025. Profit for the streaming segment specifically climbed 19% to $345 million in the quarter.

Subscriber distribution across the platforms shows a clear international lean:

• US streaming subscribers: 58 million.
• Ex-US streaming subscribers: 70 million.
• International subscribers grew 21% year-over-year in Q3 2025.

Global Linear TV Networks: CNN, TNT, TBS, Discovery Channel, HGTV.

The traditional linear networks continue to face headwinds from subscriber loss, which affects distribution revenue. Global Linear Networks revenues for Q3 2025 were $3.883 billion, a 22% decrease ex-FX from the prior year quarter. Profit for this segment tumbled 20% to $1.7 billion in the same period.

Distribution revenue from these linear channels fell 8%, largely due to a 9% decrease in domestic linear pay TV subscribers. Advertising revenue was down 17% ex-FX, or $1.19 billion in Q3 2025.

Theatrical distribution for major motion pictures.

Theatrical performance provided a significant boost to the Studios segment. Theatrical revenue increased 74% ex-FX in Q3 2025 due to strong box office results. Warner Bros. surpassed $4 billion in 2025 global box office revenue after releasing just 11 films year-to-date.

Key film grosses contributing to this channel's success include:

• DC's Superman: $615 million worldwide gross.
• Weapons: $267 million worldwide gross.
• The Conjuring: Last Rites: More than $490 million globally.

Digital storefronts and retail for video games and home entertainment.

While specific revenue for digital storefronts and home entertainment isn't isolated in the top-line segment reporting, content revenue context gives us a clue. Games content expense decreased 51% ex-FX in Q3 2025, which was primarily driven by $122 million of impairments recorded in the prior year quarter. Home entertainment revenues were noted as being lower in Q1 2025 compared to the prior year due to the release slate timing.

Consumer Products retail channels for licensed merchandise.

Specific revenue figures for Consumer Products retail channels were not explicitly broken out in the Q3 2025 segment reporting provided, which groups content revenue broadly. The overall Studios segment revenue, which encompasses theatrical, home entertainment, and content licensing, was $3.321 billion in Q3 2025, up 23% ex-FX.

Here's a quick look at the major revenue-generating channels for the three months ended September 30, 2025:

Channel/Segment	Q3 2025 Reported Revenue ($ in millions)	Year-over-Year % Change (Reported)
Global Linear Networks	$3,883	(22)%
Streaming (DTC)	$2,633	- %
Studios (Excluding Streaming)	$3,321	23 %
Linear Networks Distribution Revenue	$2,390 (Derived from $3.883B Rev and $1.493B Ad/Content)	(8)%
Theatrical Revenue (Part of Studios)	Not explicitly stated, but up 74% ex-FX.	74 % (ex-FX)

The combined Streaming & Studios revenue was $5.279 billion, an 8% increase reported.

If onboarding takes 14+ days, churn risk rises, which is a constant consideration for the 128.0 million streaming base. Finance: draft 13-week cash view by Friday.

Warner Bros. Discovery, Inc. (WBD) - Canvas Business Model: Customer Segments

You're looking at the customer base for Warner Bros. Discovery, Inc. (WBD) as the company navigates its planned separation and the ongoing media shift. Honestly, the customer segments are clearly splitting between the legacy linear world and the digital-first streaming future.

Global streaming subscribers seeking premium and broad content represent the growth engine. As of the third quarter of 2025, Warner Bros. Discovery, Inc. reported a total of 128 million global streaming subscribers. This was after adding 2.3 million net subscribers in that quarter alone. The company is definitely on a path toward its stated goal of reaching at least 150 million subscribers by the end of 2026. The growth is heavily weighted internationally, following successful launches like HBO Max in Australia.

Domestic linear pay-TV subscribers (a declining but high-ARPU base) are shrinking, but they still provide significant, albeit shrinking, revenue. In the second quarter of 2025, domestic linear pay TV subscribers declined by 9%. This trend is part of a larger industry movement, with pay-TV subscriptions plummeting by more than 20% year-on-year across major markets as of late 2025. This segment is high-ARPU (Average Revenue Per User) but is contracting fast.

Global advertisers targeting specific demographics across linear and streaming are a crucial, though pressured, segment. In the third quarter of 2025, total advertising revenue for all platforms was down 16% to $1.4 billion. The linear TV ad business is suffering the most, with global linear TV networks sinking by a massive 20% to $1.19 billion in Q3 2025 advertising revenue. Still, the ad-lite streaming tier is growing, as seen by the 14% advertising revenue increase to $235 million in that segment for Q3 2025.

Theatrical audiences for major film releases are proving highly engaged, driving significant content revenue. Warner Bros. Discovery, Inc. was the first studio in 2025 to cross $4 billion at the worldwide box office, achieving this milestone with only 11 films as of mid-September. The domestic box office gross year-to-date as of July 2025 stood at $1.32 billion. The theatrical revenue segment saw a 74% increase in the third quarter of 2025.

Here's a quick look at how the key revenue-driving customer groups performed in the third quarter of 2025:

Customer Segment Driver	Latest Reported Metric (Q3 2025 or YTD)	Value/Amount
Global Streaming Subscribers	Total Subscribers (Q3 2025)	128 million
Theatrical Audiences	Global Box Office YTD (as of mid-Sept 2025)	$4 billion+
Global Advertisers (Linear TV)	Global Linear TV Networks Advertising Revenue (Q3 2025)	$1.19 billion
Domestic Linear Pay-TV Subscribers	Year-on-Year Decline (across major markets)	>20%
Streaming Subscribers	Domestic Subscribers (Q3 2025)	58 million

Wholesale distributors (cable, satellite, telecom companies) are key partners in the linear ecosystem and increasingly in streaming distribution. The domestic linear pay-TV subscriber decline directly impacts affiliate fees from these distributors. Furthermore, the domestic streaming ARPU in Q2 2025 dropped 8% to $11.16, which was partly due to the broader wholesale distribution of the HBO Max Basic with Ads tier. International ARPU for streaming was reported at $3.85 in the same quarter.

The composition of the streaming customer base shows a clear international tilt:

• International streaming subscribers grew from 59.8 million to 64.6 million in Q1 2025.
• Domestic streaming subscribers grew from 57.1 million to 57.6 million in Q1 2025.
• The Q2 2025 domestic streaming ARPU was $11.16.
• The company is projecting $2.4 billion in total Studios profit for 2025.
• The company is projecting a total Studios profit of $3 billion in the longer term.

If onboarding for new international wholesale partners takes longer than expected, churn risk rises.

Warner Bros. Discovery, Inc. (WBD) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Warner Bros. Discovery, Inc. (WBD) engine as of late 2025, and honestly, it's dominated by things that don't change much quarter-to-quarter, plus some big one-time hits.

The sheer scale of content investment means high fixed costs are baked in. This is where you see the amortization of those big film and series budgets hit the books. For example, in Q3 2025, the net loss of $148.0 million included a significant $1.3 billion pre-tax charge covering acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses. That $1.3 billion is a major non-cash component reflecting past content spending decisions.

Debt servicing is another massive, non-negotiable cost. As of September 30, 2025, Warner Bros. Discovery, Inc. carried $34.5 billion in gross debt. This debt load translates directly into substantial interest expense, which you need to factor in before you even get to operating profit.

Restructuring and integration costs continue to be a drain as the company moves toward its planned separation. Beyond the amortization charge, Free Cash Flow in Q3 2025 was unfavorably impacted by approximately $500 million in separation-related items. This shows the real cash cost of unwinding the merger structure.

Technology and distribution costs are tied up in keeping the global streaming platform running. Streaming operating expenses in Q3 2025 were reported at $2,288 million, a 3% decrease ex-FX from the prior year quarter, showing some cost control even as they expand internationally.

Marketing and theatrical release costs are variable but significant, especially when a major slate is active. Studios operating expenses increased 10% ex-FX to $2,626 million in Q3 2025. This was partly driven by theatrical marketing and overhead costs, with theatrical content expense itself jumping 79% ex-FX due to strong box office performance from titles like Superman.

Here's a quick look at how some of the key operating expense buckets stacked up in Q3 2025:

Cost Component	Q3 2025 Amount (in millions)	Year-over-Year Change (ex-FX)
Studios Operating Expenses	$2,626	Increased 10%
Streaming Operating Expenses	$2,288	Decreased 3%
Theatrical Content Expense Change	N/A (Percentage Change)	Increased 79%
Separation-Related Cash Impact	$500 (unfavorable FCF impact)	N/A

To be fair, the total operating expenses for the twelve months ending September 30, 2025, were $37.312B, which represented a 25.31% decline year-over-year, showing the overall cost-cutting efforts are having a material impact on the run rate. Still, the fixed nature of debt and amortization keeps the floor high.

You should watch the marketing spend closely, especially with the planned international streaming launches. The company is trying to manage SG&A, which decreased 13% ex-FX in Q3 2025, largely due to lower marketing costs overall, but theatrical marketing is pushing that number back up.

The cost structure is clearly bifurcated:

• Fixed/Non-Operating Costs: Debt interest and content amortization charges.
• Operating Costs: Content production, technology platform maintenance, and marketing spend.

Finance: draft 13-week cash view by Friday.

Warner Bros. Discovery, Inc. (WBD) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Warner Bros. Discovery, Inc. as of late 2025, based on the latest reported figures from the third quarter of 2025. This is where the money actually comes in, and it's a mix of recurring digital fees and big-ticket content sales.

The overall top line for Warner Bros. Discovery in Q3 2025 was $9.0 billion in total revenues, a 6% decrease ex-FX from the prior year quarter, though total revenues excluding the impact of the 2024 Olympics in Europe were flat ex-FX.

Subscription Fees from Max and Discovery+ Streaming Services

The direct-to-consumer (DTC) business, which houses Max and Discovery+, is a major focus. As of the end of Q3 2025, Warner Bros. Discovery reported 128.0 million global streaming subscribers across its services. The company is still tracking toward its goal of at least 150 million subscribers by the end of 2026.

For Q3 2025, streaming revenues were relatively unchanged compared to the prior year quarter, with subscriber-related revenues specifically increasing 1% ex-FX. The streaming segment itself posted a profit of $345 million in the quarter, a 19% climb year-over-year.

Affiliate Fees from Cable/Satellite Providers for Linear Networks

Revenue from the Global Linear Networks segment, which includes affiliate fees, saw a significant drop. Total Global Linear Networks revenues decreased 23% ex-FX to $3,883 million in Q3 2025. Distribution revenue within this segment decreased 8% ex-FX. This decline was primarily driven by a 9% decrease in domestic linear pay TV subscribers, which was only partially offset by a 2% increase in domestic affiliate rates. Excluding the impact of the 2024 Olympics in Europe, Global Linear Networks revenues decreased 12% ex-FX.

Advertising Revenue from Linear Networks and Ad-Lite Streaming Tiers

Advertising revenue across the board took a hit, decreasing 17% ex-FX in Q3 2025. This was because growth in ad-lite streaming subscribers was overshadowed by domestic linear audience declines. However, on the streaming side, total streaming advertising revenue increased 14% year-over-year, fueled by the growth in the ad-supported tier.

Theatrical Box Office and Content Licensing

The Studios segment was a bright spot, with revenues increasing 23% ex-FX to $3,321 million in Q3 2025, as you noted. Content revenue, a key part of this, increased 26% ex-FX. Theatrical revenue specifically jumped 74% ex-FX, driven by strong box office performance from releases like Superman and The Conjuring: Last Rites, alongside higher content licensing. For the year 2025, Warner Bros. surpassed $4 billion in global box office revenue after releasing 11 films. The Studios segment profit for the quarter reached $695 million, up from $308 million a year ago.

Here's a quick look at the segment revenue breakdown for Q3 2025:

Revenue Source	Q3 2025 Reported Revenue (in millions USD)	Year-over-Year Change (ex-FX)
Total Company Revenue	$9,000	-6%
Studios Revenue	$3,321	+23%
Global Linear Networks Revenue	$3,883	-23%
Streaming Revenue	$2,600 (approx.)	Flat

Home Entertainment, Video Game Sales, and Consumer Product Licensing

These activities fall primarily under the Studios segment, but specific standalone figures are less detailed in the top-line summary. Content revenue, which encompasses licensing and home entertainment sales, increased 26% ex-FX. However, the video game component showed weakness; games revenue fell 23% in Q3 2025, attributed to lower carryover from prior periods. Consumer product licensing is a driver within the overall Studios revenue growth, but a distinct revenue amount for this stream isn't broken out separately from the $3,321 million Studios total.

You should watch the domestic linear TV revenue, which decreased 13% ex-FX, driven by lower initial telecast deliveries.