Discovery at 20 million DTC subscribers

Discovery has added 3 million DTC subscribers to reach a total of 20 million for discovery+ and the to-be-discontinued Eurosport Player.

The broadcast group saw its total revenues increase by 23% year-over-year to US$3.15 billion. International advertising revenues increased 28%, or 26% ex-FX, and distribution revenues increased 7%, or 6% ex-FX. The company’s US advertising revenues increased 5% and distribution revenues increased 21%. Total Adjusted OIBDA was $726 million.

In addition to the growth of discovery+, the company highlighted its successful broadcast of the Tokyo 2020 Summer Olympic Games, which reached over 372 million people in Europe and delivered 1.3 billion minutes on streaming services.

Commenting on the results, David Zaslav, President and Chief Executive Officer of Discovery said: “We made great strides in the quarter operationally, financially and creatively. The team drove solid momentum in our direct-to-consumer business, which we grew to 20 million paid subscribers at quarter end on the strength of our global brands and fan-favourite content, including the Summer Olympic Games and Shark Week. 

David Zaslav

“Additionally, we delivered double-digit growth in both advertising and distribution revenues, as we doubled next generation revenues year over year. This strong performance once again drove very healthy cash flows during the quarter, further strengthening our balance sheet and financial profile.”

Zaslav also commented on the announced merger of Discovery with WarnerMedia, adding: “We are very excited about our pending merger with WarnerMedia and the opportunity to bring these two companies together, combining iconic and globally cherished franchises and brands, and positioning us to more efficiently drive global scale across the combined portfolio.”