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State of the Screens

Did Snyder’s Justice League Save The Day For HBO MAX?

By March 25, 2021No Comments

Snyder Justice League Image

Big News: After 3 years, the #ReleaseTheSnyderCut campaign has paid off with the release of an alternative version of Justice League on HBO Max.

Big Question #1: Why did Warner Bros re-release this film?

Quick answer: The goal is to drive HBO Max subscriptions. The fan base for this re-release was so active that Warner Bros spent $70M on the re-cut.

Why this matters #1: The original release lost ≈ $50M, and if spending an additional $70M grows HBO Max, this is a wise investment.

Estimated Profits and ROI for 20 Recent Hollywood Super Hero Films

Why this matters #2: HBO Max has a steady slate of 19 film releases through the end of 2021.

In home availability of movie content on HBO Max

Flashback #1: HBO Max Puts “Home Box Office” To The Test

Quick math for Warner Media tradeoff from releasing films direct to HBO Max:
1) $1.2B in lost revenue in 2021
2) $12 monthly average revenue per user (ARPU) for HBO Max
3) $144 in annual ARPU
4) $1.2B / $144 = 8.3M

FYI: Wall Street loves recurring revenue. For example, Netflix is valued at ≈ 9X annual revenue. If HBO Max were able to add 8.3M subs @ $144/year, then the value of AT&T could increase by $11B.

FYI: Warner Media increased its subscriber projection by ≈ 64%.

HBO Max subscriber projection for 2025:
1) Original – 75M – 90M
2) Updated – 120M – 150M

Flashback #2: How Is HBO MAXimizing Growth?

Video: Warner Media CEO Jason Kilar talks HBO Max, the future of movies and sports

More #1: What ‘Zack Snyder’s Justice League’ Actually Does Right

More #2: Everything to know about Zack Snyder’s 4-hour ‘Justice League’ movie that’s coming to HBO Max in March

Michael Beach

Michael Beach

Michael Beach is the Chief Executive Officer of Cross Screen Media, a media analytics and software company that enables marketers to plan, activate, and measure CTV and linear TV at the local level. Michael is also the founder and editor of State of the Screens, a weekly newsletter focused on video advertising that is a must-read for thought leaders in the advertising industry. He has appeared in such publications as PBS Frontline, The Wall Street Journal, The New York Times, Axios, CNBC and Bloomberg, and on NPR’s Planet Money podcast.

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