Warner Bros. Discovery, Inc. (WBD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mídia e do entretenimento, a Warner Bros. Discovery (WBD) surge como uma potência, estrategicamente tecendo uma tapeçaria complexa de criação de conteúdo, distribuição e envolvimento do público. Ao misturar magistralmente canais de mídia tradicionais com plataformas de streaming de ponta, a WBD criou um modelo de negócios que transcende os limites convencionais, oferecendo aos espectadores uma experiência imersiva e multidimensional de entretenimento que abrange gêneros, plataformas e mercados globais. Essa intrincada tela de negócios revela como a empresa aproveita sua extensa biblioteca de conteúdo, portfólio de marcas poderoso e infraestrutura digital inovadora para capturar e cativar o público em um cenário de mídia cada vez mais fragmentado.

Warner Bros. Discovery, Inc. (WBD) - Modelo de negócios: Parcerias -chave

Principais estúdios de cinema e empresas de produção

A Warner Bros. Discovery mantém parcerias estratégicas com os seguintes estúdios de cinema e empresas de produção:

Parceiro	Detalhes da colaboração	Ano estabelecido
Cinema de nova linha	Subsidiária totalmente de propriedade	1967
DC Entertainment	Produção de filmes e conteúdos integrados	2009
Produções da HBO	Criação de conteúdo premium	1972

Distribuidores de TV a cabo e satélite

As principais parcerias de distribuição incluem:

• Comcast Corporation
• Diretorv
• Comunicações Charter
• Cabo de espectro

Plataformas de streaming e provedores de tecnologia

Parceiro	Tecnologia/plataforma	Detalhes da parceria
Amazon Web Services	Infraestrutura em nuvem	Contrato de US $ 100 milhões em vários anos
Roku	Distribuição de streaming	Contrato de licenciamento de conteúdo
Apple TV	Distribuição de conteúdo	Integração da HBO Max

Agências de publicidade e parceiros de mídia

Principais parcerias de publicidade e mídia:

• Grupo
• Publicis Media
• Grupo Interpublic
• Omnicom Media Group

Redes internacionais de licenciamento de conteúdo

Região	Principais parceiros de licenciamento	Categorias de conteúdo
Europa	Sky Network	Série de cinema e TV
Ásia	Star Índia	Conteúdo de entretenimento
América latina	Globo	Distribuição da mídia

Warner Bros. Discovery, Inc. (WBD) - Modelo de negócios: Atividades -chave

Criação de conteúdo e produção

A Warner Bros. Discovery produz conteúdo em vários gêneros e plataformas:

Tipo de conteúdo	Volume anual de produção	Orçamento de produção estimado
Produções cinematográficas	20-25 filmes por ano	US $ 150-250 milhões por filme
Produções da série de TV	40-50 séries por ano	US $ 3-5 milhões por episódio
Streaming conteúdo original	30-40 séries/filmes originais	US $ 100-200 milhões no investimento anual total

Distribuição de mídia em várias plataformas

Canais de distribuição e alcance:

• Redes de TV lineares: HBO, CNN, TBS, TNT
• Plataformas de streaming: HBO Max, Discovery+
• Territórios de distribuição global: mais de 200 países
• Plataformas digitais: Roku, Amazon Prime, Apple TV

Gerenciamento de serviços de streaming

Métricas de serviço de streaming:

Plataforma	Assinantes (2023)	Custo mensal de assinatura
HBO Max	76,8 milhões	$9.99 - $15.99
Discovery+	22 milhões	$4.99 - $6.99

Gerenciamento e marketing de marca

Detalhes do investimento de marketing:

• Orçamento anual de marketing: US $ 1,2-1,5 bilhão
• Alocação de marketing digital: 40-45% do orçamento total
• Gastes de promoção de conteúdo: US $ 500-700 milhões

Desenvolvimento da propriedade intelectual e licenciamento

Portfólio de IP e receitas de licenciamento:

Categoria IP	Total de ativos IP	Receita anual de licenciamento
Franquias de filmes	Mais de 100 franquias ativas	US $ 750-900 milhões
Franquias de programas de TV	Mais de 50 franquias ativas	US $ 350-500 milhões
Direitos de merchandising	500 mais de propriedades licenciadas	US $ 250-400 milhões

Warner Bros. Discovery, Inc. (WBD) - Modelo de negócios: Recursos -chave

Biblioteca de conteúdo de mídia extensa

A Warner Bros. Discovery possui aproximadamente 200.000 horas de conteúdo em vários gêneros e formatos.

Categoria de conteúdo	Número de ativos
Longas -metragens	8,500+
Série de televisão	2,500+
Títulos animados	1,200+

Portfólio de marca de entretenimento forte

Warner Bros. Discovery gerencia 14 marcas de entretenimento premium.

• HBO
• Warner Bros. Studios
• Canal de descoberta
• CNN
• Tnt
• TBS
• Hgtv
• Rede de alimentos

Equipes criativas talentosas e equipe de produção

Contagem total de funcionários a partir de 2023: 10.300 profissionais.

Departamento	Contagem de funcionários
Produção de conteúdo	3,500
Equipes criativas	2,800
Equipe técnica	4,000

Infraestrutura de streaming digital avançado

HBO Max e Discovery+ Base de assinante combinada: 98,2 milhões a partir do quarto trimestre 2023.

Redes globais de distribuição de mídia

Presença de distribuição em Mais de 200 países e territórios.

Região	Número de mercados
América do Norte	50
Europa	75
Ásia-Pacífico	45
América latina	30

Warner Bros. Discovery, Inc. (WBD) - Modelo de Negócios: Proposições de Valor

Conteúdo diversificado de entretenimento em vários gêneros

A Warner Bros. Discovery gera US $ 44,2 bilhões em receita anual (2022) com conteúdo em vários gêneros, incluindo:

Categoria de conteúdo	Franquias -chave
Filme	DC Comics, Harry Potter, Dune
Televisão	HBO, CNN, Discovery Channel
Transmissão	HBO Max, Discovery+

Programação original de alta qualidade

O investimento original em conteúdo atinge aproximadamente US $ 8,5 bilhões anualmente, com as principais plataformas:

• Série original da HBO
• Documentários do Discovery Channel
• Programação original máxima

Opções abrangentes de streaming e mídia tradicional

Base de assinantes de streaming: 97,4 milhões de assinantes globais (Q4 2022)

Plataforma	Assinantes
HBO Max	76,8 milhões
Discovery+	20,6 milhões

Experiências de consumo de mídia de plataforma cruzada

Receita de plataformas digitais: US $ 12,3 bilhões (2022)

Marca de entretenimento global com franquias reconhecidas

Presença global do mercado em mais de 200 países com conteúdo disponível em vários idiomas

Região	Contribuição da receita
América do Norte	68%
Mercados internacionais	32%

Warner Bros. Discovery, Inc. (WBD) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de streaming baseados em assinatura

A Warner Bros. Discovery opera as plataformas HBO Max e Discovery+ Streaming com as seguintes métricas de assinante:

Serviço de streaming	Assinantes globais (Q4 2023)	Faixa de preço de assinatura
HBO Max/Max	95,1 milhões de assinantes	$ 9,99 - US $ 15,99 por mês
Discovery+	22 milhões de assinantes	$ 4,99 - US $ 6,99 por mês

Recomendações de conteúdo personalizado

A Warner Bros. Discovery utiliza algoritmos de recomendação orientados para a IA entre plataformas com os seguintes recursos:

• Precisão de recomendação de aprendizado de máquina de 78%
• Personalização com base na história de visualização
• Mecanismos de sugestão de conteúdo de plataforma cruzada

Estratégias de engajamento de várias plataformas

A Warner Bros. Discovery mantém o engajamento em várias plataformas digitais:

Plataforma	Usuários ativos mensais	Métricas de engajamento
Aplicativo móvel HBO Max/Max	43,5 milhões de usuários ativos	Média de 2,7 horas de tempo de visualização ao dia
Discovery+ aplicativo móvel	18,2 milhões de usuários ativos	Média de 1,9 horas de tempo de visualização ao dia

Interações da comunidade de fãs

Warner Bros. Discovery Engagement através de canais de mídia social:

• Seguidores do Instagram: 12,3 milhões
• Seguidores do Twitter: 5,6 milhões
• Seguidores do Facebook: 8,9 milhões

Canais diretos de suporte ao cliente digital

Warner Bros. Discovery Infraestrutura de suporte ao cliente:

Canal de suporte	Tempo de resposta	Taxa de satisfação do cliente
Bate -papo ao vivo	Média de 7 minutos	Taxa de satisfação de 87%
Suporte por e -mail	Média 24 horas	Taxa de satisfação de 82%
Suporte telefônico	Média 12 minutos	Taxa de satisfação de 85%

Warner Bros. Discovery, Inc. (WBD) - Modelo de Negócios: Canais

Plataforma de streaming da HBO Max

Em janeiro de 2024, a HBO Max/Max possui 95,1 milhões de assinantes globais. O preço da assinatura varia de US $ 9,99 (suportado por anúncios) a US $ 15,99 (sem anúncios) por mês.

Plataforma	Assinantes	Faixa de preço mensal
HBO Max/Max	95,1 milhões	$9.99 - $15.99

Serviço de Discovery+ Streaming

A Discovery+ relatou 22 milhões de assinantes a partir do quarto trimestre de 2023. Os preços da assinatura são de US $ 4,99 (suportados por anúncios) e US $ 6,99 (sem anúncios) por mês.

Plataforma	Assinantes	Faixa de preço mensal
Discovery+	22 milhões	$4.99 - $6.99

Redes tradicionais de cabo e TV

A Warner Bros. Discovery opera várias redes com visualização significativa:

• CNN: 278 milhões de famílias globalmente
• TBS: 89,4 milhões de famílias
• TNT: 85,5 milhões de famílias
• Channel de descoberta: 279 milhões de famílias em todo o mundo

Aplicativos de streaming digital

A WBD integrou recursos de streaming em várias plataformas, incluindo:

• MAX APP (iOS e Android)
• Roku
• Amazon Fire TV
• Apple TV
• Google Chromecast

Mídias sociais e plataformas de marketing on -line

A presença da mídia social da WBD inclui:

Plataforma	Contagem de seguidores
Instagram	15,2 milhões
Twitter/x	8,7 milhões
Facebook	22,5 milhões
YouTube	6,3 milhões de assinantes

Warner Bros. Discovery, Inc. (WBD) - Modelo de negócios: segmentos de clientes

Consumidores de conteúdo de entretenimento

A partir do quarto trimestre 2023, a Warner Bros. Discovery registrou 96,1 milhões de assinantes de streaming global em toda a HBO Max, Discovery+e outras plataformas.

Segmento de clientes	Mercado endereçável total	Taxa de penetração
Consumidores de conteúdo de entretenimento	254 milhões de famílias americanas	37.8%

Assinantes de serviço de streaming

A receita de streaming da Warner Bros. Discovery atingiu US $ 10,4 bilhões em 2023.

• Assinantes da HBO Max/Max: 76,8 milhões
• Discovery+ assinantes: 19,3 milhões
• Taxa média de assinatura mensal: US $ 15,99

Visualizadores de TV a cabo

Visualização linear de TV para Warner Bros. Discovery Networks em 2023:

Rede	Espectadores diários médios
CNN	653,000
TBS	412,000
Tnt	387,000

Entusiastas da mídia digital

Warner Bros. Discovery Digital Platformas Engagement Métricas de engajamento:

• Visitantes mensais do site: 82,4 milhões
• Seguidores de mídia social: 235 milhões
• Downloads de aplicativos móveis: 44,6 milhões

Público internacional e doméstico

Distribuição de receita geográfica em 2023:

Região	Contribuição da receita
Estados Unidos	US $ 36,2 bilhões (68%)
Mercados internacionais	US $ 17,1 bilhões (32%)

Warner Bros. Discovery, Inc. (WBD) - Modelo de negócios: estrutura de custos

Despesas de produção e aquisição de conteúdo

A Warner Bros. Discovery relatou custos de produção e aquisição de US $ 10,8 bilhões para o ano fiscal de 2023. O detalhamento inclui:

Categoria de conteúdo	Custo anual
Produção de filmes	US $ 3,2 bilhões
Conteúdo da televisão	US $ 4,5 bilhões
Streaming conteúdo original	US $ 2,1 bilhões
Licenciamento e aquisições	US $ 1 bilhão

Manutenção de tecnologia e infraestrutura

Os custos anuais de infraestrutura de tecnologia totalizaram US $ 1,5 bilhão, incluindo:

• Infraestrutura de computação em nuvem: US $ 650 milhões
• Tecnologia da plataforma de streaming: US $ 450 milhões
• Segurança cibernética e proteção de dados: US $ 250 milhões
• Manutenção de rede e data center: US $ 150 milhões

Investimentos de marketing e promocionais

As despesas de marketing para 2023 atingiram US $ 2,3 bilhões, distribuídos:

Canal de marketing	Gastos
Marketing digital	US $ 850 milhões
Publicidade tradicional da mídia	US $ 750 milhões
Campanhas de mídia social	US $ 350 milhões
Eventos promocionais	US $ 350 milhões

Talento e compensação da equipe criativa

A compensação total de talentos para 2023 foi de US $ 2,7 bilhões, incluindo:

• Compensação de executivos: US $ 180 milhões
• Salários de talentos criativos: US $ 1,2 bilhão
• Contratos de ator e artista: US $ 850 milhões
• Taxas de escritor e produtor: US $ 470 milhões

Custos operacionais da plataforma de streaming

As despesas operacionais da plataforma de streaming de 2023 totalizaram US $ 1,9 bilhão:

Área operacional	Custo anual
Suporte técnico	US $ 450 milhões
Redes de entrega de conteúdo	US $ 350 milhões
Atendimento ao Cliente	US $ 250 milhões
Desenvolvimento da plataforma	US $ 850 milhões

Warner Bros. Discovery, Inc. (WBD) - Modelo de negócios: fluxos de receita

Taxas de assinatura de serviços de streaming

A partir do quarto trimestre 2023, a Warner Bros. Discovery relatou receita de streaming de US $ 3,2 bilhões da HBO Max e Discovery+ Platforms. A base de assinantes de streaming combinada atingiu 24,1 milhões de assinantes globais.

Plataforma de streaming	Assinantes	Taxa de assinatura mensal
HBO Max	15,9 milhões	$9.99 - $15.99
Discovery+	8,2 milhões	$4.99 - $6.99

Receita de publicidade

A Warner Bros. Discovery gerou US $ 4,7 bilhões em receita de publicidade em 2023, com contribuições significativas de redes de TV lineares e plataformas digitais.

• Publicidade linear de TV: US $ 3,2 bilhões
• Publicidade digital: US $ 1,5 bilhão

Licenciamento e distribuição de conteúdo

A receita de licenciamento de conteúdo atingiu US $ 2,1 bilhões em 2023, com a distribuição internacional representando uma parcela substancial.

Tipo de conteúdo	Receita de licenciamento
Direitos do cinema	US $ 1,3 bilhão
Direitos do programa de TV	US $ 0,8 bilhão

Mercadoria e monetização da franquia

A Warner Bros. Discovery gerou US $ 1,6 bilhão em vendas relacionadas a mercadorias e franquias em 2023.

• DC Comics Merchandise: US $ 750 milhões
• Merchandise da franquia de filmes da Warner Bros.: US $ 850 milhões

Vendas de conteúdo do mercado internacional

As vendas internacionais de conteúdo contribuíram com US $ 2,5 bilhões para a receita da empresa em 2023.

Região	Receita de vendas de conteúdo
Europa	US $ 1,1 bilhão
Ásia-Pacífico	US $ 0,9 bilhão
América latina	US $ 0,5 bilhão

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.