---
type: source
title: "WBD Q4 2025: 132M Max Subscribers, Final Subscriber Report — IP Accumulation Path Signaling"
author: "Variety / TheWrap / Stream TV Insider"
url: https://variety.com/2026/film/news/hbo-max-subscribers-132-million-warner-bros-discovery-earnings-1236673104/
date: 2026-02-25
domain: entertainment
secondary_domains: []
format: article
status: processed
processed_by: clay
processed_date: 2026-05-04
priority: medium
tags: [WBD, Max, subscribers, streaming, Q4-2025, legacy-IP, convergence, earnings, PSKY-WBD-merger]
intake_tier: research-task
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Content

**Subscriber count (Q4 2025):** 131.6M (nearing 132M) — domestic subscribers up 1.2M QoQ, international up 2.4M QoQ.

**Q1 2026 guidance:** Company expecting >140M subscribers by end of Q1 2026.

**Year-end 2026 target:** >150M subscribers.

**International expansion drivers:** Successful recent launches in Germany and Italy; upcoming launches in UK and Ireland (March 26, 2026); further international rollout planned.

**Financial performance:** WBD narrowed losses to $252M in Q4 2025. Streaming segment: $1.37B adjusted EBITDA for full-year 2025.

**CRITICAL SIGNAL — Subscriber reporting discontinuation:** Q4 2025 is the FINAL quarter WBD will regularly report subscriber numbers. "Following in the recent footsteps of Netflix and Disney in discontinuing this practice."

**Merger context:** WBD merger with PSKY ($31/share payout, Q3 2026 close targeted). Combined entity will be the largest traditional media IP holder globally.

**Harry Potter strategy signals:**
- Pre-production underway for new Harry Potter series (WBD anchor franchise)
- DC Extended Universe strategy announced: structured multi-year cinematic plan
- IP focus: Harry Potter, DC, Game of Thrones, True Detective as "community anchor" franchises

**Q1 2026 earnings:** May 6, 2026 at 4:30pm ET.

## Agent Notes

**Why this matters:** Two separate signals worth tracking. First: the subscriber count trajectory (131.6M → target 140M Q1) continues confirming the IP accumulation path is growing — WBD is not collapsing, it's expanding internationally. Second: the SUBSCRIBER REPORTING DISCONTINUATION is a significant industry inflection. When Netflix, Disney, and now WBD stop reporting subscribers, the metric for "winning" the streaming wars disappears. This obscures the underlying battle between IP accumulation and community-creation paths.

**What surprised me:** That WBD is growing subscribers meaningfully (3.6M in Q4 2025 alone, targeting +8.4M in Q1 2026). The IP accumulation path is not failing — it's growing from a solid base. The PSKY/WBD combined entity will have ~220M subscribers (79M PSKY + 140M WBD) — larger than Netflix's US subscriber base. That's not a declining incumbent; that's a formidable platform.

**What I expected but didn't find:** Any community-building language. Like PSKY, WBD's strategy is entirely: IP depth + subscriber acquisition + international expansion. No mention of governance rights, fan ownership, or co-creation beyond traditional IP licensing. The divergence between IP accumulation and community-creation paths is now a fully-funded, fully-operational two-sided competition.

**KB connections:**
- [[proxy inertia is the most reliable predictor of incumbent failure because current profitability rationally discourages pursuit of viable futures]] — WBD's subscriber growth is "current profitability" that rationally discourages pursuing community-creation paths. The IP accumulation trajectory is the rational response to their cost structure and debt load.
- what matters in industry transitions is the slope not the trigger — WBD's 131.6M subscribers is impressive; the slope (3.6M QoQ, internationally driven) is the key metric. If international expansion plateaus, the slope changes fast.
- [[streaming churn may be permanently uneconomic because maintenance marketing consumes up to half of average revenue per user]] — WBD isn't disclosing ARPU or churn; stopping subscriber reporting is partly to avoid scrutiny of these metrics.

**Extraction hints:**
1. The "subscriber reporting discontinuation" trend — Netflix, Disney, WBD all stopping — is extractable as a meta-claim: "Major streamers discontinuing subscriber reporting signals maturation of the streaming race; future competition will be measured by engagement, ARPU, and willingness-to-pay rather than subscriber counts." This has implications for how we measure the IP accumulation vs. community-creation divergence.
2. WBD's >140M Q1 2026 target is a live test: if achieved, it confirms international expansion is the growth engine for IP accumulation path; if missed, international saturation is a headwind.

**Context:** Q1 2026 actual data will be reported May 6 at 4:30pm ET. The 140M target is aggressive (+8.4M QoQ) — achievable if UK/Ireland launch and other international markets contribute strongly.

## Curator Notes (structured handoff for extractor)

PRIMARY CONNECTION: [[the media attractor state is community-filtered IP with AI-collapsed production costs where content becomes a loss leader for the scarce complements of fandom community and ownership]]

WHY ARCHIVED: WBD subscriber trajectory (131.6M → targeting 140M+) confirms the IP accumulation path is growing, not collapsing. The PSKY/WBD combined entity will have ~220M subscribers — formidable scale. Critical secondary finding: subscriber reporting discontinuation (Netflix + Disney + WBD) means the streaming race metric is becoming opaque, which changes how we should measure the IP accumulation vs. community-creation divergence.

EXTRACTION HINT: Two extraction targets: (1) WBD subscriber trajectory as evidence for IP accumulation path's continued viability; (2) subscriber reporting discontinuation as a claim about how streaming competition metrics are shifting — "major streamers are discontinuing subscriber reporting, suggesting the metric is no longer strategically useful to disclose as competition shifts from subscriber acquisition to ARPU and engagement optimization."
