Discovery’s fourth-quarter earnings report beat forecasts early Monday, as the corporate additionally revealed early subscription numbers for its newly launched SVOD service, Discovery Plus.
The firm reported earnings of 76 cents per share and income of $2.889 billion, vs. Street projections for per-share earnings of 72 cents on income of $2.83 billion.
During This fall, Discovery formally entered the streaming wars with a standalone streaming of its personal, Discovery Plus, which launched on Jan. 4 for $4.99 to $6.99 a month. Execs there have preciously stated they anticipate the service to have an addressable market of 70 million domestically and 400 million globally.
In the corporate’s fourth-quarter earnings launch Monday, Discover CEO David Zaslav claimed that Discovery Plus has surpassed 11 million paying subscribers since launch, and is “on tempo to be at 12 million by the top of the month.”
The streamer debuted in the course of the firm’s present fiscal first quarter with over 50 unique packages and a library of over 55,000 beforehand aired episodes in its library from Discovery-owned channels reminiscent of HGTV, Food Network, TLC, Animal Planet and others.
While Discovery Plus joins a crowded market of newbies reminiscent of Apple TV Plus, HBO Max and the formidable Disney Plus, it has sought to distinguish itself with a deal with unscripted programming. As Variety beforehand reported, Discovery’s three way partnership with residence enchancment gurus Chip and Joanna Gaines, Magnolia Network, will debut digitally first on Discovery Plus on July 15 earlier than taking up the linear DIY Network in Jan. 2022.
Discovery additionally elevated its stake in Oprah Winfrey’s OWN to 95%, up from its prior holding of 73% throughout This fall.
Shares of Discovery had been buying and selling at a brand new 52-week excessive going into its earnings report, with the top off round 66% 12 months so far, even amid the continued coronavirus pandemic that introduced tv and movie manufacturing to a standstill for months and set the business on edge.