Warner Bros. Discovery, Inc. (WBD): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des médias et du divertissement, Warner Bros. Discovery (WBD) émerge comme une puissance, tissant stratégiquement une tapisserie complexe de création de contenu, de distribution et d'engagement du public. En mélangeant magistralement les canaux médiatiques traditionnels avec des plateformes de streaming de pointe, WBD a conçu un modèle commercial qui transcende les frontières conventionnelles, offrant aux téléspectateurs une expérience de divertissement immersive et multidimensionnelle qui couvre les genres, les plates-formes et les marchés mondiaux. Cette toile commerciale complexe révèle comment l'entreprise exploite sa vaste bibliothèque de contenu, son puissant portefeuille de marques et sa infrastructure numérique innovante pour capturer et captiver le public dans un paysage médiatique de plus en plus fragmenté.

Warner Bros. Discovery, Inc. (WBD) - Modèle commercial: partenariats clés

Major studios et sociétés de production

Warner Bros. Discovery entretient des partenariats stratégiques avec les studios de cinéma et les sociétés de production suivants:

Partenaire	Détails de collaboration	Année établie
Nouveau cinéma	Filiale pleinement détenue	1967
Divertissement DC	Production intégrée de films et de contenu	2009
Productions HBO	Création de contenu premium	1972

Distributeurs de télévision par câble et satellite

Les partenariats de distribution clés comprennent:

• Comcast Corporation
• DirectV
• COMMUNICATIONS CHARTER
• Câble de spectre

Plateformes de streaming et fournisseurs de technologies

Partenaire	Technologie / plate-forme	Détails du partenariat
Services Web Amazon	Infrastructure cloud	Contrat pluriannuel de 100 millions de dollars
Roku	Distribution de streaming	Contrat de licence de contenu
Apple TV	Distribution de contenu	Intégration HBO Max

Agences de publicité et partenaires médiatiques

Partenariats publicitaires et médias majeurs:

• Groupe
• Publicis Media
• Groupe interpublique
• Groupe de médias Omnicom

Réseaux de licence de contenu international

Région	Partenaires clés de licence	Catégories de contenu
Europe	Réseau de ciel	Film et série télévisée
Asie	Inde star	Contenu de divertissement
l'Amérique latine	Globo	Distribution des médias

Warner Bros. Discovery, Inc. (WBD) - Modèle d'entreprise: Activités clés

Création et production de contenu

Warner Bros. Discovery produit du contenu sur plusieurs genres et plateformes:

Type de contenu	Volume de production annuel	Budget de production estimé
Productions cinématographiques	20-25 films par an	150 à 250 millions de dollars par film
Productions de séries télévisées	40-50 séries par an	3 à 5 millions de dollars par épisode
Streaming de contenu original	30-40 séries / films originaux	100-200 millions de dollars d'investissement annuel total

Distribution des médias sur plusieurs plateformes

Canaux de distribution et portée:

• Réseaux de télévision linéaires: HBO, CNN, TBS, TNT
• Plates-formes de streaming: hbo max, découverte +
• Territoires de distribution mondiale: 200+ pays
• Plateformes numériques: Roku, Amazon Prime, Apple TV

Gestion des services de streaming

Métriques de service de streaming:

Plate-forme	Abonnés (2023)	Coût d'abonnement mensuel
HBO Max	76,8 millions	$9.99 - $15.99
Discovery +	22 millions	$4.99 - $6.99

Gestion et marketing de la marque

Détails d'investissement marketing:

• Budget marketing annuel: 1,2 à 1,5 milliard de dollars
• Attribution du marketing numérique: 40 à 45% du budget total
• Dépenses de promotion de contenu: 500 à 700 millions de dollars

Développement et licence de propriété intellectuelle

Portfolio IP et revenus de licence:

Catégorie IP	Assets IP totaux	Revenus de licence annuelle
Franchises de films	100+ franchises actives	750 à 900 millions de dollars
Franchises d'émissions de télévision	50+ franchises actives	350 à 500 millions de dollars
Droits de marchandisage	Plus de 500 propriétés sous licence	250 à 400 millions de dollars

Warner Bros. Discovery, Inc. (WBD) - Modèle commercial: Ressources clés

Bibliothèque de contenu multimédia

Warner Bros. Discovery possède environ 200 000 heures de contenu dans plusieurs genres et formats.

Catégorie de contenu	Nombre d'actifs
Longs métrages	8,500+
Séries télévisées	2,500+
Titres animés	1,200+

Portfolio de marque de divertissement solide

Discovery Warner Bros. 14 marques de divertissement premium.

• Hbo
• Studios Warner Bros.
• Discovery Channel
• CNN
• Tnt
• TBS
• HGTV
• Réseau alimentaire

Équipes créatives talentueuses et personnel de production

Le total des employés compte en 2023: 10 300 professionnels.

Département	Compte
Production de contenu	3,500
Équipes créatives	2,800
Personnel technique	4,000

Infrastructure de streaming numérique avancée

HBO Max et Discovery + Base combinée d'abonnés: 98,2 millions au T4 2023.

Réseaux de distribution des médias mondiaux

Présence de distribution dans Plus de 200 pays et territoires.

Région	Nombre de marchés
Amérique du Nord	50
Europe	75
Asie-Pacifique	45
l'Amérique latine	30

Warner Bros. Discovery, Inc. (WBD) - Modèle d'entreprise: propositions de valeur

Contenu de divertissement diversifié sur plusieurs genres

Warner Bros. Discovery génère 44,2 milliards de dollars de revenus annuels (2022) avec du contenu sur plusieurs genres, notamment:

Catégorie de contenu	Franchises clés
Film	DC Comics, Harry Potter, Dune
Télévision	HBO, CNN, Discovery Channel
Streaming	HBO Max, Discovery +

Programmation originale de haute qualité

L'investissement de contenu original atteint environ 8,5 milliards de dollars par an, avec des plateformes clés:

• Série originale HBO
• Discovery Channel Documentaires
• Programmation originale maximale

Options complètes de streaming et de médias traditionnels

Streaming Abonné base: 97,4 millions d'abonnés mondiaux (T4 2022)

Plate-forme	Abonnés
HBO Max	76,8 millions
Discovery +	20,6 millions

Expériences de consommation de médias multiplateformes

Revenus de plates-formes numériques: 12,3 milliards de dollars (2022)

Marque de divertissement mondiale avec des franchises reconnues

Présence du marché mondial dans plus de 200 pays avec du contenu disponible en plusieurs langues

Région	Contribution des revenus
Amérique du Nord	68%
Marchés internationaux	32%

Warner Bros. Discovery, Inc. (WBD) - Modèle d'entreprise: relations avec les clients

Services de streaming basés sur l'abonnement

Warner Bros. Discovery exploite les plates-formes HBO Max et Discovery + Streaming avec les métriques des abonnés suivantes:

Service de streaming	Abonnés mondiaux (Q4 2023)	Gamme de prix d'abonnement
HBO Max / Max	95,1 millions d'abonnés	9,99 $ - 15,99 $ par mois
Discovery +	22 millions d'abonnés	4,99 $ - 6,99 $ par mois

Recommandations de contenu personnalisés

Warner Bros. Discovery utilise des algorithmes de recommandation dirigés par l'IA sur toutes les plates-formes avec les capacités suivantes:

• Précision de recommandation d'apprentissage automatique de 78%
• Personnalisation basée sur l'histoire de la visualisation
• Mécanismes de suggestion de contenu multiplateforme

Stratégies d'engagement multiplateforme

Warner Bros. Discovery maintient l'engagement sur plusieurs plates-formes numériques:

Plate-forme	Utilisateurs actifs mensuels	Métriques d'engagement
Application mobile HBO Max / Max	43,5 millions d'utilisateurs actifs	Temps de visualisation en moyenne 2,7 heures par jour
Application Discovery + Mobile	18,2 millions d'utilisateurs actifs	Temps de vision en moyenne 1,9 heures par jour

Interactions de la communauté des fans

Warner Bros. Discovery Engagement via les réseaux sociaux:

• Followers Instagram: 12,3 millions
• Abonnés Twitter: 5,6 millions
• Fonds Facebook: 8,9 millions

Canaux de support client numérique directs

Infrastructure de support client de Warner Bros. Discovery:

Canal de support	Temps de réponse	Taux de satisfaction client
Chat en direct	Moyenne 7 minutes	Taux de satisfaction de 87%
Assistance par e-mail	Moyenne 24 heures	Taux de satisfaction de 82%
Support téléphonique	Moyenne 12 minutes	Taux de satisfaction de 85%

Warner Bros. Discovery, Inc. (WBD) - Modèle d'entreprise: canaux

Plateforme de streaming HBO Max

En janvier 2024, HBO Max / Max compte 95,1 millions d'abonnés mondiaux. Le prix de l'abonnement varie de 9,99 $ (soutenu par la publicité) à 15,99 $ (sans publicité) par mois.

Plate-forme	Abonnés	Fourchette de prix mensuelle
HBO Max / Max	95,1 millions	$9.99 - $15.99

Discovery + Streaming Service

Discovery + a déclaré 22 millions d'abonnés au quatrième trimestre 2023. Le prix d'abonnement est de 4,99 $ (soutenu par la publicité) et 6,99 $ (sans publicité) par mois.

Plate-forme	Abonnés	Fourchette de prix mensuelle
Discovery +	22 millions	$4.99 - $6.99

Réseaux de câbles et de télévision traditionnels

Warner Bros. Discovery exploite plusieurs réseaux avec une audience importante:

• CNN: 278 millions de ménages dans le monde entier
• TBS: 89,4 millions de ménages
• TNT: 85,5 millions de ménages
• Discovery Channel: 279 millions de ménages dans le monde

Applications de streaming numérique

WBD a intégré des capacités de streaming sur plusieurs plates-formes, notamment:

• Application Max (iOS et Android)
• Roku
• Amazon Fire TV
• Apple TV
• Google Chromecast

Médias sociaux et plateformes de marketing en ligne

La présence des médias sociaux de WBD comprend:

Plate-forme	Nombre de suiveurs
Instagram	15,2 millions
Twitter / x	8,7 millions
Facebook	22,5 millions
Youtube	6,3 millions d'abonnés

Warner Bros. Discovery, Inc. (WBD) - Modèle d'entreprise: segments de clientèle

Consommations de contenu de divertissement

Au quatrième trimestre 2023, Warner Bros. Discovery a rapporté 96,1 millions d'abonnés en streaming mondial sur HBO Max, Discovery + et d'autres plateformes.

Segment de clientèle	Marché total adressable	Taux de pénétration
Consommations de contenu de divertissement	254 millions de ménages américains	37.8%

Streaming Service abonnés

Les revenus de streaming de Warner Bros. Discovery ont atteint 10,4 milliards de dollars en 2023.

• Abonnés HBO Max / Max: 76,8 millions
• Discovery + abonnés: 19,3 millions
• Taux d'abonnement mensuel moyen: 15,99 $

Visionneurs de télévision par câble

Le public de télévision linéaire pour Warner Bros. Discovery Networks en 2023:

Réseau	Téléspectateurs quotidiens moyens
CNN	653,000
TBS	412,000
Tnt	387,000

Antariens des médias numériques

Warner Bros. Discovery Digital Platforms Engagement Metrics:

• Visiteurs mensuels du site Web: 82,4 millions
• Abonnés des médias sociaux: 235 millions
• Téléchargements d'applications mobiles: 44,6 millions

Public international et national

Distribution géographique des revenus en 2023:

Région	Contribution des revenus
États-Unis	36,2 milliards de dollars (68%)
Marchés internationaux	17,1 milliards de dollars (32%)

Warner Bros. Discovery, Inc. (WBD) - Modèle d'entreprise: Structure des coûts

Frais de production et d'acquisition de contenu

Warner Bros. Discovery a rapporté des coûts de production et d'acquisition de contenu de 10,8 milliards de dollars pour l'exercice 2023. La répartition comprend:

Catégorie de contenu	Coût annuel
Production cinématographique	3,2 milliards de dollars
Contenu télévisé	4,5 milliards de dollars
Streaming de contenu original	2,1 milliards de dollars
Licence et acquisitions	1 milliard de dollars

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique annuels ont totalisé 1,5 milliard de dollars, notamment:

• Infrastructure de cloud computing: 650 millions de dollars
• Technologie de la plate-forme de streaming: 450 millions de dollars
• Cybersécurité et protection des données: 250 millions de dollars
• Maintenance du réseau et du centre de données: 150 millions de dollars

Marketing et investissements promotionnels

Les dépenses de marketing pour 2023 ont atteint 2,3 milliards de dollars, réparties:

Canal de marketing	Dépenses
Marketing numérique	850 millions de dollars
Publicité médiatique traditionnelle	750 millions de dollars
Campagnes de médias sociaux	350 millions de dollars
Événements promotionnels	350 millions de dollars

Talent et rémunération de l'équipe créative

La rémunération totale des talents pour 2023 était de 2,7 milliards de dollars, notamment:

• Rémunération des cadres: 180 millions de dollars
• Salaires de talents créatifs: 1,2 milliard de dollars
• Contrats d'acteurs et d'interprète: 850 millions de dollars
• Frais d'écrivain et de producteur: 470 millions de dollars

Coûts opérationnels de la plate-forme de streaming

Les dépenses opérationnelles de la plate-forme de streaming pour 2023 ont totalisé 1,9 milliard de dollars:

Zone opérationnelle	Coût annuel
Support technique	450 millions de dollars
Réseaux de livraison de contenu	350 millions de dollars
Service client	250 millions de dollars
Développement de plate-forme	850 millions de dollars

Warner Bros. Discovery, Inc. (WBD) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement des services de streaming

Au quatrième trimestre 2023, Warner Bros. Discovery a rapporté des revenus de streaming de 3,2 milliards de dollars sur les plates-formes HBO Max et Discovery +. La base combinée des abonnés en streaming a atteint 24,1 millions d'abonnés mondiaux.

Plate-forme de streaming	Abonnés	Taux d'abonnement mensuel
HBO Max	15,9 millions	$9.99 - $15.99
Discovery +	8,2 millions	$4.99 - $6.99

Revenus publicitaires

Warner Bros. Discovery a généré 4,7 milliards de dollars de revenus publicitaires en 2023, avec des contributions importantes des réseaux de télévision linéaires et des plateformes numériques.

• Publicité télévisée linéaire: 3,2 milliards de dollars
• Publicité numérique: 1,5 milliard de dollars

Licence et distribution de contenu

Les revenus de licence de contenu ont atteint 2,1 milliards de dollars en 2023, la distribution internationale représentant une partie substantielle.

Type de contenu	Revenus de licence
Droits cinématographiques	1,3 milliard de dollars
Droits d'émission de télévision	0,8 milliard de dollars

Monétisation des marchandises et de la franchise

Warner Bros. Discovery a généré 1,6 milliard de dollars auprès des ventes liées aux marchandises et aux franchises en 2023.

• DC Comics Marchandise: 750 millions de dollars
• Marchandise de franchise de films Warner Bros.: 850 millions de dollars

Ventes de contenu du marché international

Les ventes de contenu international ont contribué 2,5 milliards de dollars aux revenus de l'entreprise en 2023.

Région	Revenus de vente de contenu
Europe	1,1 milliard de dollars
Asie-Pacifique	0,9 milliard de dollars
l'Amérique latine	0,5 milliard de dollars

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.