Is Wonder Woman The Hero That HBO Max Needs?

Big news #1: Wonder Woman 1984 will appear simultaneously in theatres and HBO MAX on Christmas Day.

Why this matters: The original Wonder Woman grossed $820M, and the sequel was expected to top $1B. This will be included with HBO MAX at no extra charge compared to the $30 Disney+ charged for Mulan.

Big question #1: How will WarnerMedia judge success?

Three primary objectives for Wonder Woman 1984 release strategy:
1) Cover as much of $200M production cost (plus marketing spend) as possible through theatre ticket sales
2) Drive HBO Max conversions and new subscriptions
3) Increase leverage in distribution negotiations with Roku/Amazon Fire TV

Quote from Rich Greenfield – General Partner @ LightShed Partners:
“They’re going to make less money for the greater good of building HBO Max.  This is putting the long-term future of the company ahead of profits.”

Video: Wonder Woman 1984 | Official Release Date

Big news #2: HBO Max is now available to Amazon Fire TV’s 40M+ HH, and Brandon Katz has the details in a fantastic deep dive.

Big question #2: How is adoption going so far for HBO MAX?

Quick answer: Mixed results.

HBO Max activations (QoQ growth):
1) 2020-Q2 – 4.1M
2) 2020-Q3 – 8.6M (↑ 110%)

HBO Max eligibility (% of total HBO subscribers):
1) Eligible + not activated – 20.1M (53%)
2) Not eligible – 9.3M (24%)
3) Eligible + activated – 8.6M (23%)
4) Total HBO subscribers (US only) – 38.0M

Flashback: Are you an HBO Max subscriber?

Good news: The West Wing reunion appeared to drive significant sign-ups during October.

More #1: HBO Max Looks to Lasso Big Gains in 2021 After Stumbling Out Of The Gate

More #2: ‘Wonder Woman 1984’ Didn’t Deserve To Be A Sacrificial Lamb In The Streaming Wars

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