HBO Max Revenue and Usage Statistics (2022)

David Curry

Updated: October 18, 2022

HBO Max launched at a time when almost every cable TV conglomerate was releasing their own streaming service, to compete with Netflix and Amazon Prime Video. In HBO Max’s case, it had one of the premier entertainment brands in the US, HBO, and bundled it with content from the Warner Bros catalog, which includes Adult Swim, Cartoon Network, TBS, and TNT.

Before HBO Max, there was HBO Now, which had already gained six million subscribers who weren’t tied to HBO. When it came time to transition, HBO moved all of their Now subscribers to Max, alongside opening the app up to anyone who pays for HBO.

It was an immediate hit, with TV shows like Euphoria, The Flight Attendant, and Game of Thrones drawing millions of viewers in. The pandemic also pushed theatrical releases onto streaming platforms quicker, and HBO Max was one of the first to release movies in the cinema and on streaming at the same time.

The pandemic also provided HBO Max and all other streaming services with a boom in usage, which may have propelled Warner Bros to invest more into the service and move more original series and movies onto the streaming platform.

In 2021, WarnerMedia was spun out of AT&T and a merger of it and Discovery was announced, with AT&T shareholders owning 71 percent of shares. This merger was completed in April 2022, and the two media giants look set to combine their libraries, potentially bringing all of Discovery’s content to HBO Max.

The US is responsible for the majority of HBO Max subscriptions, although Warner Bros. Discovery is looking to improve the brand’s recognition and subscription numbers globally. In some countries, such as the UK, HBO has a programming partnership (Sky in the UK) to distribute its content, which limits the amount of countries HBO Max can operate in.

In its home country, HBO Max is quickly ascending in market share, surpassing Hulu and Disney+ in 2022 to be the third largest video streaming service. Netflix and Amazon Prime Video, which according to Just Watch are neck-in-neck for first place, are HBO Max’s next targets.

With the release of the first season of House of the Dragon, the prequel to Game of Thrones, HBO is set to have one of the blockbuster TV shows of 2022, which might give it the edge on Netflix which is struggling to drive the same hype from its originals that it did in the past.

We have collected data and statistics on HBO Max. Read on below to find out more.

HBO Max key statistics

  • HBO and HBO Max generated $7.7 billion revenue in 2021, a 27% increase on the previous year
  • About $500 million of that came from in-app purchases on iOS and Android
  • HBO and HBO Max had 73.8 million global subscribers, with 46.8 million based in the US
  • HBO Max was downloaded over 50 million times in 2021

HBO Max overview

TitleTitle 2
Launch dateMay 2020
HQNew York City, US
PeopleDavid Zaslav (Warner Bros CEO), Casey Bloys (chief content officer)
Business typeSubsidiary
OwnerWarner Bros. Discovery
IndustryVideo streaming

HBO revenue

HBO revenue increased by 27% in 2021 to $7.7 billion, with a large chunk of that coming from HBO Max.

HBO annual revenue 2020 to 2021 ($bn)

YearRevenue ($bn)
20206.09
20217.7

Source: Company data

HBO Max in-app revenue

HBO Max made $526 million in-app revenue from iOS and Android in 2021, which comes from subscriptions and media purchases made on the app.

HBO Max annual in-app revenue 2020 to 2021 ($mm)

YearRevenue ($mm)
2020119.9
2021526.5

Source: Appfigures

HBO Max ARPU

HBO and HBO Max average revenue per user declined in 2021, from $11.72 to $11.15.

HBO annual average revenue per user 2020 to 2021 ($)

YearARPU ($)
202011.72
202111.15

Note: Average revenue per user covers US and includes HBO and HBO Max. Source: Company data

HBO Max global subscribers

HBO and HBO Max reached 70 million global subscribers in Q4 2021. They are aiming for 150 million by the end of 2025.

HBO and HBO Max quarterly global subscribers 2020 to 2022 (mm)

DateSubscribers (mm)
Q1 202053.8
Q2 202055.6
Q3 202057
Q4 202059.9
Q1 202163.9
Q2 202167
Q3 202169.4
Q4 202173.8
Q1 202276.8
Q2 202281.2

Note: Includes HBO. Q2 2022 value estimated. Source: Company data

HBO Max US subscribers

HBO and HBO Max reached 50 million US subscribers in Q2 2022, putting it about 20 million behind Netflix.

HBO and HBO Max quarterly US subscribers 2020 to 2022 (mm)

DateSubscribers (mm)
Q1 202034.6
Q2 202036.3
Q3 202038.1
Q4 202041.5
Q1 202144.2
Q2 202147
Q3 202145.2
Q4 202146.8
Q1 202248.2
Q2 202251.3

Note: Includes HBO. Q2 2022 value estimated. Source: Company data

HBO Max downloads

HBO Max was downloaded 56.3 million times in 2021. It should be noted that this doesn’t cover smart TVs and other systems.

HBO Max annual downloads 2020 to 2021 (mm)

YearDownloads (mm)
202014.3
202156.3

Source: Appfigures

HBO Max US market share vs competitors

HBO Max FAQ

What is the most watched TV series on HBO Max?

Game of Thrones remains the most watched TV series available on HBO Max, even though it ended before HBO Max was launched. Euphoria is in second place.

How much content is on HBO Max?

HBO Max has over 2,000 movies and 580 shows on the platform (JustWatch)

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