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Discovery's (NASDAQ: DISCA) relatively new streaming platform is in a race to retain paying customers in the crowded streaming market that includes Netflix Inc (NASDAQ: NFLX) and Walt Disney (NYSE: DIS) Co's Disney+. , which coupled with an increase in cable-cutting means that the company has had to make larger investments in content.
“ As we launch new markets during the second half of the year, we expect that we will continue to incur investment losses, although more or less in the same ballpark as last quarter, primarily due to content and marketing costs ”
Gunnar said. Wiedenfels. The chief financial officer of the company.
Discovery's total paid streaming subscribers stood at 17 million globally at the end of the second quarter compared to Netflix and Disney's more than 100 million subscriber base.
Total costs and expenses were $2.28 billion in the quarter ended June 30, up 25% year-over-year.
The owner of Animal Planet and TLC is also about to combine with AT&T's (NYSE: T ) unit WarnerMedia to create a new media business, seeking scale to take on streaming rivals.
“ Streaming is arguably not growing fast enough and financial metrics like free cash flow are down significantly from year to year. ”
Said Paolo Pescatore, an analyst at PP Foresight.
However, the company's bet is on unscripted programming, including food and home improvement. As the European rights holder of the Olympic Games, it is also on its way to attracting viewers.
It said earlier on Tuesday that more than 275 million viewers have watched the Games across its platforms so far, representing a 10% higher reach compared to the 2018 Pyeongchang Winter Games.
Discovery posted revenue of $3.06 billion in the reported quarter, above estimates of $2.99 billion, driven by higher subscriber additions and ad sales across its network.


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