Warner Bros. Discovery, Inc. reported a total revenue of $39.3 billion for the fiscal year ending December 31, 2024, a decrease of approximately 5% from $41.3 billion in 2023. The company experienced a net loss of $11.3 billion, significantly higher than the previous year's loss of $3.1 billion. This loss was primarily driven by a $9.1 billion goodwill impairment charge related to its Networks segment, reflecting ongoing challenges in the linear advertising market and subscriber declines. The company’s operating loss for the year was $10.0 billion, compared to a loss of $1.5 billion in 2023.
In terms of strategic developments, Warner Bros. Discovery has undergone significant restructuring since its merger with WarnerMedia in April 2022. The company has implemented a new corporate structure aimed at enhancing strategic flexibility, which includes the establishment of two distinct operating divisions: Global Linear Networks and Streaming & Studios. As part of its restructuring efforts, the company has incurred approximately $4.7 billion in pre-tax restructuring charges as of December 31, 2024, with the program expected to be substantially completed by the end of 2024.
Operationally, Warner Bros. Discovery reported a total of 116.9 million direct-to-consumer (DTC) subscribers as of December 31, 2024, marking a 20% increase from 97.7 million in 2023. The DTC segment generated $10.3 billion in revenue, with distribution revenue increasing by 5% due to subscriber growth and pricing adjustments following the launch of Max in new markets. However, advertising revenue decreased by 7% to $8.1 billion, attributed to a decline in viewership across domestic linear networks.
The company’s financial outlook remains cautious, with expectations of continued challenges in the linear advertising market and subscriber retention. Warner Bros. Discovery anticipates further declines in linear subscribers and advertising revenues, while also focusing on expanding its DTC offerings globally. The company plans to launch its streaming services in additional major markets in 2025 and 2026, aiming to leverage its extensive content library and brand portfolio to drive growth.
Overall, Warner Bros. Discovery's financial performance in 2024 reflects the complexities of integrating its operations post-merger, alongside navigating a rapidly evolving media landscape characterized by shifting consumer preferences and competitive pressures.
About Warner Bros. Discovery, Inc.
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