HBO Max subscribers should brace for higher bills. Warner Bros. Discovery CEO David Zaslav announced the streaming service will raise prices and crack down on password sharing, calling the platform "way underpriced" during a Goldman Sachs conference. With current plans ranging from $9.99 to $20.99 monthly, the move follows Netflix's playbook of squeezing more revenue per user.
Warner Bros. Discovery just telegraphed its next revenue play, and HBO Max subscribers won't like it. CEO David Zaslav dropped the news at Goldman Sachs' Communacopia + Technology Conference, bluntly stating that price hikes are inevitable because "we think we're way underpriced."
The announcement sends HBO Max down the same path Netflix blazed - squeeze existing users harder rather than just chase new ones. Zaslav's confidence stems from what he sees as HBO Max's content quality advantage. "The fact that this is quality - and that's true across our company, motion picture, TV production, and streaming quality - we all think that gives us a chance to raise price," he told The Hollywood Reporter.
But the pricing pressure isn't stopping there. Zaslav confirmed that HBO Max will follow Netflix's controversial password-sharing crackdown playbook. "We haven't been pushing on the password sharing and the economics yet," he admitted during the conference. "People are really starting to love HBO Max. That's the key. We want them to fall in love with our content, with our series, with the differentiated offering outside of the U.S."
The timing reveals Warner Bros.' strategic calculation. Let users get hooked on content like "House of the Dragon" and "The Last of Us," then tighten the financial screws. "It's all tricky with the password sharing. We're going to begin to push on that," Zaslav said, acknowledging the delicate balance between growth and revenue extraction.
[embedded image placeholder: HBO Max interface showing current pricing tiers]
Currently, HBO Max operates on a three-tier structure that already positions it as premium: Basic with Ads at $9.99 monthly, Standard at $16.99, and Premium at $20.99. Even the cheapest tier costs more than Disney+'s ad-supported option at $7.99, suggesting Zaslav's "underpriced" claim targets the higher tiers where margins matter most.
The move comes as streaming wars intensify and Wall Street demands profitability over subscriber counts. Netflix's password crackdown added millions of paying subscribers in 2023, proving the financial upside of forcing shared accounts into separate subscriptions. Warner Bros. clearly studied that playbook.
Industry analysts see this as Warner Bros.' response to mounting debt pressure from the Discovery merger. The company carries roughly $43 billion in debt, making every revenue lever critical. HBO Max represents one of their few growth engines, especially as traditional TV advertising continues declining.
What makes HBO Max's position unique is its content differentiation. While Netflix relies on volume, HBO Max banks on prestige programming that commands higher engagement rates. Shows like "Succession" and "Game of Thrones" spinoffs create what Zaslav calls "must-have" content that can withstand price increases.
[video iframe placeholder: Zaslav's Goldman Sachs conference remarks]
The international angle adds another revenue dimension. Zaslav specifically mentioned the "differentiated offering outside of the U.S.," hinting that global expansion remains central to justifying higher prices. Unlike domestic markets where HBO Max competes with established players, international territories offer cleaner slate opportunities.
Timing remains the biggest question mark. Zaslav provided no specific dates, but industry patterns suggest changes could roll out in early 2026, giving the company time to gauge user reaction and fine-tune implementation. The password crackdown will likely precede price hikes, following Netflix's successful sequencing.
For consumers, this signals the end of streaming's honeymoon period. What started as a cheaper alternative to cable is rapidly approaching cable-like pricing, especially when multiple services become necessary. HBO Max's moves could trigger similar responses from Disney+, Amazon Prime Video, and other major platforms.
The announcement also highlights how content quality has become the primary differentiator in mature streaming markets. Warner Bros. is betting that HBO's brand equity and exclusive content will insulate them from subscriber churn that typically follows price increases.
Warner Bros. Discovery's HBO Max strategy reflects the streaming industry's new reality - growth through pricing power rather than subscriber acquisition. While Zaslav didn't provide specific timelines, the dual approach of price hikes and password enforcement signals confidence in HBO Max's content moat. For subscribers, it's a warning shot that the era of cheap streaming is ending, with quality content becoming the justification for cable-like pricing. The real test will be whether HBO Max's prestige programming can withstand the inevitable subscriber pushback that comes with asking customers to pay more for what they're already getting.
