Yes that is a very good point.
Also, when you consider the a bunch of the 74M HBO MAX subs are freebies to cable channel subs...it would be interesting to know how many of the 74M are people that value the service enough to pay for it.
From a pure streaming perspective, I think that number would be a better comparison against NETFLIX and Disney+.
To me, it further highlights the importance of distribution partners to Warner. NETFLIX and Disney+ are by far and away the dominant global streaming services. NETFLIX because...well, they are just awesome. Disney+ because it is awesome too...but also has a very unique value proposition which virtually guarantees them a lot of subs.
Very hard for other companies like Warner to get the kind of streaming numbers required to justify ditching their partnerships. There are only so many streaming services the average punter is prepared to juggle. Which is why, so far, we have not seen them do that. They may want to include their HBO MAX in future deals, but I don't see them killing the Golden Goose anytime soon.
And in the meantime, the Bundle lives on.
On another note...just 6 weeks until we find out what goodies Bowman has in store for us. Unless someone comes in before then with a deal.
Some possible candidates (in order of likelihood imo):
- Private Equity
- Spark
- Discovery
- Warner (though they usually do deals with their own PE vehicle...)
- Foxtel
- MIRA-Aware (owners of Orcon and soon-to-be 2D. If it wasn't for the fact they are busy sorting out the 2D merger right now they would have featured higher on the list)
Vodafone not included in the mix. I think them shutting down VTV is a clear signal that their owners see little value in content.