HBO Max (formerly Max)

Overview

HBO Max is the flagship streaming platform of Warner Bros. Discovery, distributing content from HBO, Warner Bros. Pictures, New Line Cinema, DC Studios, CNN, Cartoon Network, and other WBD brands. The service launched in May 2020 as "HBO Max," was rebranded to "Max" in 2023, and reverted to "HBO Max" in July 2025 after WBD executives concluded that the HBO brand name better represented the platform's premium content positioning. The rebrand required no app downloads or account changes for existing subscribers.

As of Q1 2026, HBO Max has more than 140 million global subscribers, exceeding internal forecasts following launches in the UK, Germany, Italy, and Ireland. WBD projects the service will surpass 150 million subscribers by the end of 2026. The streaming segment generated $1.37 billion in Adjusted EBITDA in 2025, more than doubling year-over-year, and Q1 2026 Adjusted EBITDA reached nearly $440 million, up 17% ex-FX. The business has swung from a $2 billion loss to over $1 billion in profit over four years.

HBO Max is available in 77+ markets. The Q1 2026 launches in the UK, Germany, Italy, and Ireland completed the multi-year international rollout, with these territories previously served through a longstanding Sky licensing deal. The service offers both ad-free and ad-supported tiers, with 50% of global retail gross additions taking the ad-supported tier.

Warner Bros. Theatrical Window and Studio Performance

Warner Bros. Pictures and New Line Cinema films move to HBO Max following their theatrical window under the studio's Pay 1 arrangement. The theatrical-to-streaming window has stabilized after the pandemic-era Day-and-Date experiment (2021, when films released simultaneously on the platform and in theaters). Warner Bros. finished 2025 with $4.4 billion at the global box office, with nine films opening number 1 at the domestic box office and titles holding the top spot for 16 weekends globally. The Studios segment generated $2.55 billion in Adjusted EBITDA in 2025, a 52% ex-FX year-over-year increase, and is targeting at least $3 billion.

The 2026 theatrical slate includes Supergirl, Dune: Messiah, Wuthering Heights (directed by Emerald Fennell, starring Margot Robbie, which opened to $83 million globally), Evil Dead Burn (New Line), and The Cat in the Hat (the debut film from Warner Bros. Animation). 2025 releases received 30 total Academy Award nominations. The studio has had nine consecutive theatrical releases open number 1 at the domestic box office as of early 2026.

For filmmakers working with Warner Bros., New Line Cinema, or through the Warner Bros. independent distribution network, HBO Max's streaming window is a standard component of the distribution deal structure. The Pay 1 window means films arrive on HBO Max after their theatrical run concludes, typically within 45 to 120 days depending on the title's box office performance.

Documentary and Independent Content

HBO Max distributes documentary features and series through its HBO Documentary Films and CNN Films brands. HBO Documentary Films has a decades-long track record of distributing significant non-fiction work, and the platform's acquisition activity in the documentary category provides a pathway for documentary filmmakers to reach its 140 million+ subscriber base.

For documentary filmmakers, HBO Documentary Films is the acquisition target, not the broader HBO Max platform. The standard approach is through a sales agent or established documentary community relationships. HBO Documentary Films acquires at major festivals including Sundance, SXSW, Tribeca, and TIFF. The platform also commissions original documentary series directly.

HBO Max also carries A24 Films titles through a recurring streaming partnership, making it a secondary window for A24's theatrical releases. This arrangement means that A24 films like Everything Everywhere All at Once and Past Lives have been available on the platform alongside WBD's owned content.

Content Performance and Upcoming Slate

HBO Max's content strategy centers on premium scripted series, recent theatrical releases, docuseries, and select reality programming. During Q1 2026, the platform premiered season 2 of The Pitt (averaging over 20 million global viewers per episode) and season 1 of A Knight of the Seven Kingdoms (averaging over 36 million global viewers per episode). The comedy Rooster was the most-watched HBO comedy in over ten years and was renewed for a second season. The limited series DTF St. Louis also resonated with audiences.

The platform's upcoming content pipeline includes a planned 10-year run of Harry Potter series starting in 2027, which WBD executives describe as a "huge tailwind" for subscriber growth. Local-language content investments include Like Water for Chocolate and Dona Beja, targeting Latin American and European markets. The 2026 Olympic Winter Games, streamed on HBO Max and discovery+, were the most-streamed Olympics ever, with viewership tripling compared to Beijing 2022.

Corporate Structure and Paramount Acquisition

Warner Bros. Discovery is preparing to split into two separate publicly traded companies in 2026. The streaming and studios business (HBO Max, Warner Bros. Motion Picture Group, Warner Bros. Television Group, DC Studios, HBO, Warner Bros. Games) will form one entity led by David Zaslav. The linear cable TV networks will be spun into a separate company led by Gunnar Weidenfels. A proposed acquisition of Paramount Skydance is also in progress, with shareholder approval secured. HBO Max is positioned as the key growth asset driving the strategic combination.

Discovery+ remains available as a stand-alone offering, separate from HBO Max. The decision to maintain Discovery+ as a standalone product came after WBD concluded that merging Discovery's unscripted programming with HBO's premium scripted content under the "Max" brand did not drive meaningful cross-genre engagement. Data showed that viewers of The White Lotus or The Penguin were unlikely to sample My Lottery Dream Home.

What Filmmakers Should Know

HBO Max is not directly accessible to independent filmmakers outside of Warner Bros. Discovery's distribution pipeline and documentary acquisition programs. The platform's primary content is owned studio library alongside commissioned originals. Independent fiction acquisitions are limited; the platform's content strategy focuses on its owned studio output and select commissioned originals rather than broad independent acquisitions.

For documentary filmmakers, HBO Documentary Films is the acquisition target. Approaching HBO Documentary Films through a sales agent or through established documentary community relationships is the standard pathway. HBO Documentary Films acquisitions at Sundance and other major festivals are well-documented in trade press.

For fiction filmmakers, the most relevant pathway to HBO Max is through Warner Bros. production or co-production, or through the A24 streaming partnership. Independent films that secure Warner Bros. distribution will land on HBO Max through the Pay 1 window. Films distributed by A24 may also reach the platform through the A24-HBO Max streaming arrangement.

The Q4 2025 U.S. price increase showed limited churn impact, which WBD cites as evidence of the platform's value proposition. For filmmakers evaluating streaming revenue projections, HBO Max's growing subscriber base and profitability suggest it will remain a viable licensing partner for premium content, particularly documentary and scripted series.

See Also

For Warner Bros. theatrical distribution of studio films, see the Warner Bros. Pictures entry in this directory. For how major studio streaming windows affect theatrical distribution economics, see Streaming vs Theatrical Revenue. For how Pay 1 window deals are structured, see Distribution Deals Explained. To model streaming revenue as part of a distribution deal, use the Revenue Forecast Calculator.