Discovery Posts Strong Q2 Earnings, as Advertising Revenue Grows After Discovery+ Launch

Discovery Posts Strong Q2 Earnings, as Advertising Revenue Grows After Discovery+ Launch
Discovery reported strong Q2 2021 financial results on Tuesday and handily beat Wall Street’s estimates.

The media company, which owns major television networks ranging from HGTV and TLC to Food Network and the Discovery Channel, reported $3.06 billion in revenue — a 21 percent increase from Discovery’s Q2 results last year. The company surpassed Wall Street expectations; analysts only predicted Discovery to report $2.97 billion in revenue, according to Yahoo Finance data.

Discovery announced its Q2 earnings several months after the company rolled out its Discovery+ streaming service in the United States, which features a $4.99 ad-supported tier and an ad-free $9.99 subscription option. The company’s United States advertising revenue increased 12 percent in Q2, while its international advertising revenue shot up 88 percent. Discovery said it had 18 million direct-to-consumer subscribers and though the company said that the majority of those customers were Discovery+ subscribers, it did not offer a specific breakdown of the statistics.

“Advertising
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