AT&T Inc said on Friday it expects global subscribers of between 120 million and 150 million for HBO Max and HBO by the end of 2025, raising its forecast as more people turn to streaming services for entertainment on the go.
In October 2019, the company had said it expected to add 75 million to 90 million subscribers for the same period.
The forecast raise comes as HBO Max, which includes 10,000 hours of content from WarnerMedia brands and libraries such as Warner Bros, New Line Cinema and Cartoon Network, competes in a crowded streaming landscape dominated by Netflix Inc, Walt Disney Co-owned Disney+ and Amazon.com Inc’s Prime Video.
The company also expects to launch an advertising-supported (AVOD) version of HBO Max in the United States in June.
AT&T expects its HBO business unit revenues to more than double over the next 5 years.
The company’s shares were up nearly 1% before the bell.