AT&T expects 120 million to 150 million HBO Max subs by end of 2025


In this photo illustration an HBO Max logo seen displayed on a smartphone.

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AT&T increased its subscriber forecast for HBO Max and HBO on Friday.

The telecommunications company, which owns WarnerMedia, said it now expects global subscribers of between 120 million and 150 million for HBO Max and HBO by the end of 2025.

Back in October 2019, the company set a goal of hitting 50 million U.S. subscribers by 2025, a relatively low bar considering the premium cable channel HBO already had around 33 million subscribers ahead of the HBO Max’s launch.

The company also expects to see between 67 million and 70 million HBO Max subscribers worldwide by the end of 2021. AT&T had previously set a forecast of between 75 million and 90 million subscribers globally by 2025.

HBO Max is expected to expand to around 60 markets outside the U.S. this year and will launch a lower-cost version with advertising in June.

In January, WarnerMedia, reported that HBO and HBO Max had a combined 41.5 million domestic subscribers, up 20% from 34.6 million a year prior.

Of the 37.7 million HBO Max-eligible subscribers, 30 million came from wholesalers and 6.8 million were through retail channels. Retail subscribers are those that purchase the streaming service directly, not through a cable subscription or other streaming subscription.

This means that nearly half of HBO subscribers who were eligible to get HBO Max have not signed up yet.

AT&T’s new forecast comes as Netflix recently surpassed 200 million subscribers during the fourth quarter 2020, and and Disney’s streaming service Disney+ surpassed 100 million subscribers just 16 months after its launch.

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