Warner Bros. Discovery has reported its financial performance for the first quarter of 2024, with total revenue of $9.958 billion, a 7% decrease from the same quarter the previous year, resulting in a loss of $996 million after expenses.
A notable point of interest is Warner Bros. Discovery’s explanation for the disappointing financial figures, citing the success of the game Hogwarts Legacy in Q1 2023, while the highlighted game in Q1 2024, Suicide Squad: Kill the Justice League, an action hero game in the DC universe by Rocksteady Studio, did not meet expectations, receiving an average review score of 59/100.
Revenue from other media businesses saw a decline in TV revenue due to a writers-actors association protest, leading to reduced program production, while film business revenue significantly increased from Dune: Part Two.
Streaming service Max now has 99.6 million subscribers, up by 2 million from the previous quarter, generating $2.46 billion in streaming revenue, a slight increase with profits before tax and depreciation (EBITDA) at $86 million.
Source: Warner Bros. Discovery, IGN
TLDR: Warner Bros. Discovery reported a decrease in revenue for Q1 2024, attributing it to the underperformance of Suicide Squad: Kill the Justice League compared to Hogwarts Legacy, along with changes in TV and film revenue, while streaming service Max showed subscriber growth and increased revenue.
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