Warner Bros. Discovery Inc. (NASDAQ:WBD)

Total revenues exhibit a significant upward trajectory over the five-year period, increasing from US$ 6,873 million in 2017 to US$ 12,191 million in 2021. The most substantial growth occurred between 2017 and 2018, where revenues rose by approximately 53.5%. While a slight contraction was observed in 2020, the overall trend indicates a robust recovery and growth phase ending in 2021.

Advertising Revenue Trends

Advertising revenue experienced substantial growth, rising from US$ 3,073 million in 2017 to US$ 6,215 million in 2021. A sharp increase is noted between 2017 and 2018, followed by a period of fluctuation, including a dip in 2020 to US$ 5,583 million before reaching a five-year peak in 2021.

Distribution Revenue Performance

Distribution revenues demonstrated a consistent and stable growth pattern. Starting at US$ 3,474 million in 2017, this segment grew steadily each year, reaching US$ 5,409 million by 2021. Unlike the advertising segment, distribution showed resilience in 2020, maintaining a slight increase despite broader market volatility.

Other Revenue Streams

The "Other" category represents a marginal portion of total revenues, characterized by high volatility. After peaking at US$ 501 million in 2018, these revenues declined to a low of US$ 222 million in 2020 before rebounding sharply to US$ 567 million in 2021.

Revenue Composition and Diversification

The revenue mix is primarily driven by Advertising and Distribution. In 2017, Distribution was the leading revenue source; however, by 2019, Advertising became the primary driver of total revenue. By 2021, these two segments combined accounted for the vast majority of total turnover, with Advertising providing approximately 50.9% and Distribution providing 44.3% of total revenues.