There’s a very trenchant quote from HBO’s Home of the Dragon that retains popping into my head as main media firms jockey for place in pursuit of Warner Bros. Discovery: “Aegon Targaryen sits the Iron Throne. He wears the Conqueror’s crown, wields the Conqueror’s sword, has the Conqueror’s identify. He was anointed by a septon of the Religion earlier than the eyes of hundreds. Each image of legitimacy belongs to him.”
Symbols are belongings that may be leveraged for worth in several methods. Zooming out to Home of the Dragon’s residence community, HBO finds itself able to be an integral image of legitimacy and worth within the WBD sweepstakes. As all publicly circle the wagons, it’s time to discover the premium cable community’s deserves and which firm would profit most from its addition.
This text comprises a plethora of information factors that spotlight whitespace alternatives and strategic worth available in the market. Nevertheless it’s not at all times the quantifiable parts that yield the best advantages. HBO’s multi-decade monitor document as a culture-shaping authority can’t be summed up in an Excel sheet.
“It isn’t merely a content material library; relatively, it’s a model that stands for status and viewers belief, which means an acquirer immediately uplevels its model worth with the acquisition, in addition to attracts unmatched expertise,” Andrew Cussens, CEO of content material studio Movie Folks, advised Observer.
This very notion was not too long ago demonstrated when WBD re-rebranded its streaming service to HBO Max. The identify carries weight all through the trade whereas sure rival manufacturers nonetheless seek for an outlined id that elicits robust viewers associations. The info backs up its place as a go-to vacation spot and an illuminating alternative.
HBO and HBO Max by the numbers
WBD’s streaming platforms had 128 million subscribers on the finish of September, with the overwhelming majority belonging to HBO Max. (Netflix has greater than 300 million subscribers.) It’s a hits-driven platform that values status high quality over amount. That’s extremely beneficial, however it will possibly run counter to mass market ambitions.
For instance, The Final of Us Season 2 and The White Lotus Season 3 rank among the many most-watched U.S. streaming sequence of 2025, in response to Samba TV’s State of Streaming report. But, HBO Max solely accounts for 7 % of the High 100 most-streamed sequence general, per Samba, whereas WBD’s share of U.S. streaming sits at simply 1.3 %, per Nielsen, respectively. Whilst nearly all of viewing for HBO sequence happens on streaming vs linear, HBO Max stays a top-heavy platform that accounts for a surprisingly small slice of the U.S. TV pie regardless of its namesake model’s status.
From Watchmen and Penguin to Home of the Dragon and It: Welcome to Derry, HBO has labored wonders in elevating brand-name mental property and franchise fare in pursuit of higher viewership (whereas nonetheless succeeding with extra customary “status” fare like The White Lotus and Process). This raises the query: has it reached its scalable ceiling?
“There may be particular upside within the variety of subscribers and revenue-per-viewer, and HBO Max hasn’t saturated both,” Samba TV CEO and co-founder Ashwin Navin advised Observer. “By including new tier-one exhibits and tentpoles, they will proceed to broaden their viewers base. With extra subscribers on the ad-tier, mixed with extra precision focusing on and knowledge, there’s undoubtedly room to develop monetization. The ceiling is way larger with the suitable funding and progress technique.”
HBO is already doing many of the heavy lifting for HBO Max, particularly when in comparison with its high-minded cable counterparts. HBO titles account for 14 % of the streamer’s library, however greater than 18 % of its viewers demand, in response to Parrot Analytics. That tops Showtime on Paramount+ (7.2 % provide vs. 7.3 % demand) and FX on Hulu (3.6 % vs. 4.6 %).
Who stands to achieve probably the most if WBD is bought?
For higher and for worse (principally the latter), Hollywood is chasing scale to compete. But, nobody is speaking concerning the potential overlap with regards to doable streaming combos. Paramount Skydance, Comcast and Netflix might all stand to achieve from HBO’s status pricing energy, however face challenges to proceed scaling with out sacrificing high quality.
Roughly two-thirds of U.S. adults who subscribe to HBO Max additionally subscribe to Netflix, in response to Greenlight Analytics, the place I work as Director of Insights & Content material Technique. About 40 % of HBO Max subscribers additionally use Paramount+, whereas solely 20 % overlap with Peacock.
“Both Paramount or Comcast would profit probably the most,” Hernan Lopez, founder and CEO of media/tech administration consulting agency Owl & Co., advised Observer. “They’d instantly greater than double their international income and income from streaming, and the dimensions of the library — each for their very own streaming providers in addition to strategic leverage for negotiation with Netflix.”
The tip consequence for every suitor can be totally different. Typically talking, we’re speaking about extra subscribers, higher pricing energy, larger mixed lifetime worth per buyer, larger engagement, decrease churn and so forth. On paper, that’s awfully tantalizing, although not with out its obstacles.
“Netflix would solely totally understand the worth of shopping for WB streaming and studios if it retains the TV and theatrical studios open, which might imply being prepared to make and promote exhibits to 3rd events and distribute in theaters—issues they haven’t achieved up to now,” Lopez famous. Regardless of nudges within the theatrical route, Netflix co-CEO Ted Sarandos stated as not too long ago as April that film theaters are an “outmoded thought.” Oof.
Apparently, 78 % of 2025 HBO Max engagement was directed at titles launched earlier than 2025, the second-highest price among the many premium streamers, per Samba. That speaks to the enduring energy of HBO’s treasured library and the appointment-viewing gaps between high-profile HBO releases. On the flip aspect, Peacock (64%) boasts the most important share of engagement devoted to programming that debuted in 2025. In the meantime, Paramount+’s male-skewing originals match properly with HBO Max’s female-leaning viewers. To Lopez’s factors, one can see the non-Netflix suits.
It will be media malpractice to see HBO decreased to a mere tile in one other firm’s crowded streaming ecosystem. The small display screen’s crown jewel deserves higher than that, not just for its reputational worth however for the tangible outcomes it yields. Sure, time spent has grow to be the omnipotent quarry of each streaming platform. No, HBO isn’t a content material firehose designed to continually scratch that itch. However very like the throne, crown and sword, the validation it provides is step one in empowering whomever its dad or mum firm could also be to rule the realm.
