Warner Bros. Discovery Signals Trouble Ahead for HBO Max Users

In the cozy ritual of unwinding after a long day—perhaps curling up with an episode of The Last of Us or bingeing a classic like The Sopranos—streaming services like HBO Max have become a sanctuary for millions. These platforms offer more than mere entertainment; they provide escapism, education through documentaries, and a sense of community around beloved stories. Yet, as the streaming wars rage on, the comfort of affordable access may soon be disrupted. Warner Bros. Discovery WBD -1.85% ▼, the powerhouse behind HBO Max, is signaling significant changes that could hit subscribers’ wallets and habits hard. CEO David Zaslav’s recent comments at a high-profile investor conference have ignited concerns about impending price hikes and a tougher stance on password sharing, potentially reshaping the user experience for the service’s 125.7 million global subscribers.

HBO Max, which reverted to its original name from “Max” in July 2025 after a brief rebranding experiment, remains a titan in the streaming landscape. According to FlixPatrol data, it ranks as the fourth most-subscribed platform worldwide, trailing only Netflix, Amazon Prime Video, and Disney+. This popularity stems from its prestige content—think Emmy-winning dramas like Succession and Euphoria, blockbuster franchises from the DC Universe, and a vast library of timeless films and series. A Reddit thread from late 2024, still buzzing with activity nine months later, captures the fervor: Subscribers rave about the “high-quality/prestige content,” the “rich library of older and favorite shows/movies,” exclusive originals, and solid value for money. One user summed it up: “It’s the only service where I feel like I’m getting premium TV without the cable bill.”

But not all feedback is glowing. Some users gripe about technical glitches like buffering on certain devices, an overload of reality TV, and the occasional removal of older exclusives. These pain points, while minor compared to the praise, highlight the platform’s imperfections in a hyper-competitive market. Now, with Zaslav’s bold assertions, the focus is shifting from content quality to cost—and how WBD plans to extract more revenue from its loyal base.

Zaslav’s Price Hike Tease: A Bet on Premium Content

Speaking at the Goldman Sachs Communacopia + Technology Conference in San Francisco on September 11, 2025, Zaslav painted an optimistic picture of HBO Max’s trajectory while dropping hints that could spell trouble for users. “People are really starting to love HBO Max. That’s the key,” he said, emphasizing the platform’s “differentiated offering” outside the U.S. and the influx of top-tier talent like Chuck Lorre (The Big Bang Theory), Bill Lawrence (Ted Lasso), and Mindy Kaling (The Mindy Project). This creative firepower, Zaslav argued, gives WBD “real optional leverage” to keep hits in-house or license them elsewhere, bolstering its negotiating power.

The CEO didn’t mince words on pricing: “We think we’re way underpriced.” He recalled the days when consumers shelled out $55 monthly for traditional cable packages, contrasting that with today’s streaming fees, which he views as a bargain despite the proliferation of services. “We’re going to take our time, because we’re really growing now and people are spending more and more time with us. But we think that there’s real upside to that. And it’s hard to replace quality content that people love,” Zaslav stated, according to a Seeking Alpha transcript. This comes on the heels of the last price adjustment in June 2024, when tiers saw modest increases amid broader industry trends.

Current HBO Max plans, as listed on the company’s website, include:

Prices exclude taxes, and live sports streaming is limited to two concurrent streams on Standard and Premium tiers. While these rates already position HBO Max as pricier than rivals—Netflix’s ad-supported plan starts at $6.99, Disney+ at $7.99—Zaslav believes the prestige factor justifies hikes. Analysts note that competitors like Peacock and Apple TV+ raised prices by $3 in recent months, setting a precedent. However, in a market where the average household subscribes to four services and spends about $160 monthly on entertainment (per a TiVo survey), further increases risk subscriber churn.

WBD’s streaming segment is already profitable, posting $293 million in Q2 2025 earnings, a turnaround from last year’s loss. This financial health, coupled with content investments, emboldens Zaslav’s strategy. Yet, critics argue it’s tone-deaf amid economic pressures; one Slashdot commenter quipped, “Your service is not a necessity… worth exactly how much people are willing to pay.”

Growth Projections: 150 Million Homes by 2026

Zaslav’s confidence extends to subscriber forecasts. He projected HBO Max reaching “over 150 million homes next year,” building on Q2 2025’s addition of 3.4 million users to hit 125.7 million globally—mostly from international markets, with just 200,000 domestic adds. In regions like Europe and Latin America, HBO content dominates viewing on platforms like Sky, where it accounts for 50% of non-sports consumption. Fans there are clamoring for returns like Euphoria, The Gilded Age, and The Last of Us Season 2, all branded as HBO.

This expansion aligns with WBD’s broader ambitions. The company, which merged WarnerMedia and Discovery in 2022, is set to split into two entities by Q2 2026: one focused on studios and streaming (led by Zaslav, including HBO Max and DC Studios), the other on linear networks. Streaming profitability is expected to top $1.3 billion in 2025, driven by global rollouts and bundled offerings like the Disney+/Hulu/HBO Max package at $16.99 (ad-supported) or $29.99 (ad-free). As of May 2025, combined Max and Discovery+ subs stood at 122.3 million, per Wikipedia data, underscoring steady growth despite U.S. saturation.

The Password Sharing Crackdown: No More Free Rides

Compounding the price concerns is WBD’s renewed push against password sharing, a scourge costing the industry an estimated $25 billion annually—a 2022 Citi report pegged Netflix alone at $6.25 billion in losses. Zaslav admitted at the conference that HBO Max “hasn’t been pushing” on this yet, prioritizing user engagement first. “We want them to fall in love with our content,” he said, echoing strategies from Netflix’s 2023 crackdown, which netted 5.9 million new subs post-enforcement.

The groundwork is laid. During the August 2025 earnings call, Global Streaming and Games CEO JB Perrette detailed months of data refinement to identify “legitimate users.” Starting September 2025, messaging will turn “more aggressive,” requiring extra-household sharers to pay a $7.99/month “Extra Member Add-On” or face lockouts. “We’ve spent a lot of the last several months… making sure that our data sets on figuring out who is a legitimate user… [are] in the right place,” Perrette said, per an Insider Monkey transcript. Full impact is eyed for Q4 2025 and 2026 financials, potentially converting sharers into paying users.

This follows softer nudges earlier in 2025, including profile transfers and voluntary add-ons. HBO Max defines a “household” as the account owner and cohabitants, with enforcement via IP addresses and device tracking—methods that have sparked privacy debates but boosted rivals’ revenues. For users, it means no more mooching on a friend’s login for House of the Dragon; expect prompts to subscribe independently or pay extra.

Subscriber Backlash and Broader Implications

These moves arrive amid a maturing streaming market plagued by “subscription fatigue.” Antenna research shows specialty services like HBO Max grew 12% year-over-year in 2025, but churn rates hover around 8% quarterly as costs rise. Reddit threads already buzz with frustration: “Another hike? I’ll rotate with Netflix,” one user posted. WBD stock, up 52% year-to-date to $16.17, reflects investor optimism, but consumer sentiment tells a different story. Zaslav’s $50 million-plus compensation package has also drawn ire, especially after content purges for tax benefits.

On the flip side, HBO Max’s strengths—its 4K offerings, offline downloads, and exclusives—could retain loyalists. Bundles and student deals (Basic with Ads at $4.99/month via UNiDAYS) offer relief. As WBD eyes 150 million subs by 2026, the challenge is balancing profitability with accessibility. For now, Zaslav’s vision positions HBO Max as a premium powerhouse, but at what cost to its devoted fans?