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Warner Bros Discovery Misses Revenue Estimates on Weakness in Studio Unit

FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
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Warner Bros Discovery Misses Revenue Estimates on Weakness in Studio Unit

FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo

Warner Bros Discovery missed Wall Street estimates for third-quarter revenue on Thursday, as its studio business took a hit from fewer blockbuster releases.

With releases such as "Beetlejuice Beetlejuice" in the July-September quarter, Warner Bros Discovery's studio division has struggled to repeat last year's explosive success of Margot Robbie-starrer "Barbie", the highest grossing film of 2023.

However, its streaming segment added 7.2 million direct-to-consumer subscribers, beating estimates for 6.28 million additions, according to data compiled by Visible Alpha.

The company reported revenue of $9.62 billion for the three months ended September, compared with analysts' average estimate of $9.80 billion, according to data compiled by LSEG.

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Entertainment

'Squid Game' Returns Looking for Win with Season 2

Season 2 of "Squid Game" premieres in Seoul as South Korea grapples with a political crisis. Jung Yeon-je / AFP
Season 2 of "Squid Game" premieres in Seoul as South Korea grapples with a political crisis. Jung Yeon-je / AFP
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'Squid Game' Returns Looking for Win with Season 2

Season 2 of "Squid Game" premieres in Seoul as South Korea grapples with a political crisis. Jung Yeon-je / AFP
Season 2 of "Squid Game" premieres in Seoul as South Korea grapples with a political crisis. Jung Yeon-je / AFP

Stepping onto the set of “Squid Game” season two, Lee Jong-jae felt like he had never left.
“Including promotion, I'd been living with Gi-hun for about two years," said Lee in a recent interview. “I really felt like I was him," he said in a recent interview.
“Squid Game” follows an underground competition in Korea that recruits people in debt to participate in childlike games for money. Once the games begin, the contestants realize there are deadly consequences.
The show was a global hit when it was released in 2021, becoming Netflix's most-watched series. It also won numerous accolades including Primetime Emmy Awards for acting for Lee Jung-jae and directing for Hwang Dong-hyuk, The Associated Press said.
Lee's career catapulted, taking him to the Cannes Film Festival and giving him his first English-language role in the “Star Wars” series “The Acolyte” for Disney+.
Lee says when Netflix ordered a second season of “Squid Game,” he questioned the timeline because it took Hwang years to work on the first one. "I wondered, ‘How many years will it take him to write season two,’" said Lee. Hwang, in turn, surprised everyone — including himself — by taking just six months to write season two and a third and final season. “I'm not sure I'll ever be able to write something that fast again,” he said.
Creating new characters and their individual stories came easily. The biggest, challenge, Hwang said, was deciding what should happen with Gi-hun. Lee says when he read the scripts he thought Hwang “really is a genius.”
It's rare for even successful TV shows in Korea to have more than one season so it was a big swing, even for the new cast.
“There’s a Korean phrase, ‘there’s not a sequel that does better than its prequel,’ said actor Yang Dong-geong, whose character debuts in season two. "I've been careful because we aren't really sure what the reaction will be.” The outlook is positive. Season two has already been nominated in the best drama series category at the upcoming Golden Globe Awards.
The opportunity to work on a project with worldwide appeal is a dream come true for a performer. Lee Byung-hun, who reprises his villain role from season one, has appeared in big budget English-language films like “G.I. Joe: The Rise of the Cobra” with Channing Tatum and Dennis Quaid and “Red 2” with Bruce Willis. It's “Squid Game” that he credits for taking his career to another level.
“I’ve been an actor for over three decades and ... maybe most people outside of Korea have never seen anything that I’ve been in. If anyone through ‘Squid Game’ wishes to see more of me or becomes more curious about my previous works, as an actor, nothing would be more rewarding or bring me greater joy."
The audition process moved slowly. Jo Yu-ri recalls waiting two months between the first and second-round. When she finally got the part Jo says, “I actually remember crying.” The actors were asked to not speak publicly about their casting to wait for Netflix to make an announcement. “There were a couple of close friends that popped champagne for me when they found out," said Yang.
Netflix's “Squid Game” universe is also growing. A second season of a reality competition show based on the series has been ordered and an English version is in development. Season three of the original has also completed filming and is in post-production.