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HBO Max shines in AT&T Q2

Overall, consolidated revenues for the quarter ended 30 June 2021 totalled $44.0 billion versus $41.0 billion in the year-ago quarter, up 7.6% reflecting partial recovery from the prior-year impacts of Covid- 19. Higher revenues in the WarnerMedia, Mobility, Mexico, and Consumer Wireline business lines offset declines in US video and Business Wireline. Operating income was $3.3 billion compared with $3.5 billion in the year-ago quarter due to higher impairments at the Vrio Latin American video business which AT&T has just announced is being sold to Grupo Werthein.

Operating expenses were $12.9 billion, up 14.0% year over year due to higher equipment costs, higher network costs, higher commission expenses and higher content costs associated with bundling HBO Max.

Yet HBO Max was worth the investment as at the end of the quarter, there were 47.0 million US HBO Max and HBO subscribers, up from 44.2 million at the end of the first quarter of 2021. US HBO Max and HBO subscribers increased 10.7 million year over year, driven by HBO Max retail subscriber growth. US subscriber ARPU was $11.90. as a result of the growth As a result, AT&T said that it was raising its global HBO Max year-end forecast to 70 million to 73 million subscribers.

Overall for media, revenues for the second quarter were $8.8 billion, up 30.7% versus the year-ago quarter, reflecting said the company the partial recovery from prior-year impacts of the pandemic and driven by higher content and other, subscription, and advertising revenues. Subscription revenues were $4.0 billion, up 21.3%, primarily reflecting 38.5% growth of direct-to-consumer HBO Max and HBO subscription revenues following the launch of HBO Max in the year-ago quarter.

The second quarter results also showed advertising revenues were $1.7 billion, up 48.5% when compared to the prior year due to the return of the NBA and performance in news. Content and other revenues were $3.1 billion, up 34.9%, driven by higher third-party TV production and theatrical. Operating income was $1.7 billion, down 11.3% compared with the same time a year ago, with higher revenues were more than offset by continued HBO Max investment and higher sports costs. Operating income margin was 19.2%, compared with 28.4% in the year-ago quarter. Rapid TV News

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