HBO hopes to fire up Max with “House of the Dragon” as streamers rely on hit shows

The Greens are coming… and Warner Bros. Discovery hopes not just for Rhaenyra Targaryen. HBO Sunday nights are back: the second season of “Game of Thrones” spinoff “House of the Dragon” premiered on Max on June 16 to nearly 8M viewers — the streamer’s biggest day ever. Warner’s HBO could use a hit: it’s been a while since “Succession” or “The White Lotus,” and HBO has yet to recapture GoT’s success. Max has nearly 100M subscribers, but it’s still lagging Netflix, Amazon Prime Video, and Disney+. Back at HQ, Warner is looking to pay down a debt load of $43B, and its shares have slipped 40% this year after weak earnings.

• Promo push: HBO social posts showing Targaryen banners digitally added to major landmarks including NYC’s Brooklyn Bridge went viral. HBO also draped an actual 270-foot inflatable dragon (Vhagar, IYKYK) around the Empire State Building.

The tentpole TV era… One survey found that it’s not uncommon for Americans to subscribe to a streamer just to watch one show, and streaming cos have taken that to heart. Amazon reportedly spent ~$1B making its “The Lord of the Rings” spinoff, “The Rings of Power,” for Prime Video. It’s now its most-watched show with four more seasons planned. “Shōgun” has been a breakout hit for Disney’s Hulu, while Apple hyping season two of “Severance” for Apple TV+. Meanwhile, streamers are releasing shows in chunks to keep folks subbing (like Netflix splitting up “Bridgerton”).

• Subscripturation: As subscription fatigue sets in, there were a record 50M+ subscription cancelations in the first quarter of this year (see this chart).