Executives at HBO Max and Discovery+ have revealed their plans to launch a new streaming service next summer that combines the two platforms’ offerings. (Shutterstock)

LONDON, Broadcasting News Corporation : Executives at HBO Max and Discovery+ have revealed their plans to launch a new streaming service next summer that combines the two platforms’ offerings.
From a meeting with investors on Thursday, it emerged that the two companies have set out the scope and strategy of their streaming ambitions, announcing that they will offer free and paid services.
The platform, which aims to reach 130 million paying subscribers by 2025, will offer content that is currently distributed on HBO Max and Discovery+. The parent companies of HBO and Animal Planet merged together to form Warner Bros. Discovery earlier this year. David Zaslav, CEO of Warner Bros. Discovery, praised the new company’s “bouquet of owned content,” and said it will offer a single paid subscription product and a free service supported by the advertisement-based revenue model. “The fact is there are only a handful of companies globally that can do what we do,” he said. “And putting it all together, we believe no one does it better than us.” The name of the service was not disclosed, but executives said it will launch next year in the US and then expand worldwide in the following years. Zaslav said Warner Bros. Discovery will adopt a “disciplined strategy,” highlighting the company’s intention to steer away from the growth-at-any-cost tactics that became common in the streaming business. “Owning the content that really resonates with people is much more important than just having lots of content,” he added. “In other words, at a time when almost every piece of content ever made is available to consumers across any number of free and paid services, curation, quality and brand have never been more important.” After the boom of the pandemic era, the streaming service market has not performed well in recent months. Fierce competition and the fear of a looming recession have pushed many users to cancel their subscriptions. Earlier this week, Warner Bros. canceled the release of the $90 million DC superhero movie “Batgirl,” which was expected to be distributed through HBO Max as part of a broader plan to increase subscribers, reiterating the company’s intention to prioritize quality over quantity. News collected from ARAB NEWS.