Discovery ends last standalone quarter on a high
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Editor
| 26 April 2022
With the merger of Warner Bros and Discovery expected to create great waves as a pure-play media company with a strong brand portfolio, Discovery In. has revealed a strong start to 2022, with marked increases in revenues both in the US and globally.
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For the quarter from 1 January to 31 March 2022, Discovery revealed total revenues of $3.159 billion, 13% compared with the prior year quarter, 15% on an ex-FX basis. US advertising revenues increased 5% on an annual basis while distribution revenues increased 11%. By contrast, non-US international advertising revenues increased 5%, or 11% ex-FX, and distribution revenues increased 4%, or 8% ex-FX.

After the quarter, net income available to Warner Bros. Discovery, Inc. was $456 million with total adjusted OIBDA of $1.027 billion, up 23% year-on-year. Cash provided by operating activities increased to $323 million and free cash flow increased to $238 million.

The company ended Q1 2022 with 24 million direct-to-consumer (DTC) subscribers, an increase of 2 million subscribers since the end of Q4. In Q1, it generated nearly $450 million of what it called next generation revenues, that is those from DTC subscription and advertising revenues as well as revenues from TV Everywhere, GO applications and other digital properties. This represented 55% growth compared with the prior year quarter.

Commenting on how the first quarter Discovery results have set up the company for the future, Warner Bros. Discovery president and chief executive officer David Zaslav said: "With Warner Bros. Discovery, we are creating a pure-play media company with diversified revenues and the most compelling IP ownership, franchises, and brand portfolio in our industry. Importantly, we also have an unrivalled global footprint of touchpoints to get our content into the hands of consumers on every screen. We are putting together the strategic framework and organisation to drive our balanced approach to growing our businesses and maximising the value of our storytelling, news and sports.”