Warner Bros. management announced 2023 as the year of "restart"

Warner Bros. management announced 2023 as the year of "restart"
Photo by Jeremy Yap / Unsplash

The year 2022, which ended, was a year of restructuring for Warner Bros. Discovery, and the coming year of 2023 "will be a year of restarting and building." Gunnar Weidenfels, WBD's chief financial officer, made that statement.
We went through a period of unsustainable overspending with very limited attention to return on investment, and I think others will have to make some adjustments as well. Nevertheless, we have every intention of continuing to invest in content, which is the lifeblood of the company. Obviously, it's a success-oriented business; you gain something, you lose something. But if you look at the creative team that David Zaslav was able to put together, you see that they are top-notch professionals," he commented.
Speaking at the Citibank Financial Group conference, he also made it clear that the company's content actions, starting with removing some projects from the HBO Max streaming catalog and canceling production of certain shows, are likely to be copied by competitors in that area, and that prices for streaming services will rise as companies strive for profitability.
If you look at the trends of the last 20 or 36 months, a number of players have started to gradually raise prices. So I think there is a growing consensus that this phase of dumping pricing is over," he added.
As for content, Weidenfels dismissed the "noise" around the company's content write-downs and cancellations, calling it "a normal process in an industry that's over-spending."