HBO grows to nearly 77 million total subscribers as Netflix reports a decline

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An HBO Boxing truck outside Madison Square Garden in New York.
Scott Mlyn | CNBC

HBO and HBO Max had 76.8 million subscribers at the end of the first quarter of 2022, former parent company AT&T reported Thursday.

That marks a 3 million subscriber increase from the previous quarter and a 12.8 million year-over-year increase. Domestic average revenue per user (ARPU) reached $11.24, up from $11.15 last quarter.

The news comes shortly after Netflix reported its first subscriber loss in more than a decade. Netflix’s disappointing earnings sent the stock plunging 35% the day after the report, wiping $50 billion from its market cap. Netflix has about 222 million paying households, but it estimates 100 million households are sharing passwords.

Netflix pointed to increased competition and reduced pandemic restrictions that had kept many users glued to their screens contributing to the slowdown.

Though AT&T reported the HBO results, WarnerMedia, the company that owns HBO, is now a part of Warner Bros. Discovery. The newly merged company will report HBO results for the next quarter.

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