Since its launch in 2020, Warner Bros. Discovery’s streaming platform has undergone multiple transformations from name changes and catalog shifts to branding overhauls. After updating its streaming platform to reflect HBO’s visual identity, Warner Bros. Discovery announced during its May upfronts presentation that it is bringing back the HBO Max name. Despite frequent brand changes and a churn rate that remains above the average for the top eight subscription video on demands (SVODs) in the United States/Canada (UCAN) region, Warner’s streaming platform has shown steady performance improvements over time.
Back in the fourth quarter of 2022, when the service was still branded HBO Max, Parrot Analytics estimated its UCAN churn rate above 7%. However, two years and a rebranding later, Parrot’s module estimates that the Max had a churn rate falling below 6% in the region in the fourth quarter of 2024. On the other hand, the platform’s (average revenue per user) ARPU in the same quarter increased 8% compared to HBO Max in the fourth quarter of 2022, a sign of growing stability and value in the region.
Parrot Analytics’ Streaming Economics model estimates the retention and acquisition of platform subscribers and individual titles. In the fourth quarter of 2024, TV series with six or more seasons drove approximately 36% of Max’s retained users, despite representing just 20% of the platform’s supply. While releases like “The Penguin” and “Dune: Prophecy” topped the charts in that quarter, it is long-running IPs like “Sex and the City” that continue to anchor retention.
Each platform’s strategy and context influence retention patterns, but the role of catalog depth is undeniable. Netflix, which recorded the lowest churn rate among major SVODs in the fourth quarter of 2024 in UCAN, relies more on shorter-run series to retain users due to its larger supply. However, shows with six or more seasons accounted for 21% of Netflix’s TV shows retained users, but they made up just 7% of the platform’s supply, indicating a high efficiency from a platform that is well known for its frequent new releases.
This is where Max’s deep reservoir of legacy content becomes a competitive advantage. Series that premiered in the early 2000s or in previous decades accounted for 23% of retained users in the fourth quarter of 2024. These titles help keep subscribers engaged after watching a new season of “The White Lotus” or trying out a debut like “The Pitt.” Beyond rebrands and aesthetic updates, Max’s greatest asset may be its vast library, a century’s worth of Warner Bros. Discovery storytelling that continues to resonate and retain.
