Warner Bros. Discovery is considering additional opportunities to cut costs and raise prices for its Max streaming platform, Bloomberg News reported Wednesday, citing people familiar with the matter. The cost-cutting plans could include possible job cuts at the media company, which has already cut more than 2,000 positions in the past year, the report said.
The company's streaming businesses, including Max and Discovery Plus, could see hundreds of millions of dollars in budget cuts, mainly in marketing and technology, according to Bloomberg News.
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According to a report, Warner Bros. Discovery has decided to increase subscription fees as it aims to reach $1 billion in revenue from its Max and Discovery Plus streaming services next year.
Max's starting price for US subscribers is $9.99 per month for an ad-supported plan.
The company did not respond to Reuters' request for comment.
Warner Bros. Discovery has been affected by last year's twin Hollywood strikes and a weak advertising market.
The company is focused on reducing its debt burden and improving its cash flow. As of the end of 2023, the company had cash on hand of $4.3 billion and total debt of $44.2 billion.
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