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HBO Max AVOD Service to Launch in June, AT&T Raises Subscriber Targets

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The cheaper, ad-supported version of HBO Max is set to debut in June, AT&T said, as the telco also raised subscriber targets for 2025.

The company said it now expects 120 million-150 million HBO Max and HBO subscribers by the end of 2025, up from the 75 million-90 million it previously projected. With the upward revision, AT&T expects HBO revenue to more than double over the next five years. In 2020, WarnerMedia’s HBO segment had $6.8 billion in operating revenue.

AT&T released the updates in advance of its analyst and investor day presentation Friday.

“As HBO Max scales at a global level, the company plans to increase investment, with expectations for peak dilution in 2022 and break even in 2025,” AT&T said in the update.

AT&T also said it expects to end 2021 with between 67 million and 70 million subscribers worldwide, which would be a 10%-15% increase from about 61 million at the end of 2020. The tally of worldwide HBO Max and HBO subscribers comprises U.S. HBO Max subscribers and domestic and international HBO subscribers, and excludes free trials, basic and Cinemax subscribers.

The company also outlined its previously announced international expansion plans. AT&T expects to launch HBO Max in 60 markets outside the U.S. in 2021 (39 territories in Latin America and the Caribbean in late June and 21 territories in Europe in the second half of 2021).

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