HBO Just Showed Why Streaming Still Has a Long Way To Go

HBO ( (WBD) - Get Free Report) just closed the book on another hit series.

‘Succession’ wrapped up its fourth and final season on Sunday, May 29 which aired on HBO’s newly-rebranded ‘Max’ streaming service. The show received 2.9 million views on its first day, the most for the series, while also garnering major social media buzz.

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But Morning Brew was quick to point out that the show’s success might also just be within a social “bubble,” comparing the ‘Succession’ Finale viewership numbers to that of ‘The Big Bang Theory’ which aired its final episode on CBS in 2019 and was seen by 18 million viewers.

These numbers are still a far cry from ratings in the past with 1983’s ‘M*A*S*H’ garnering over 100 million viewers, 1993’s ‘Cheers’ with over 80 million, and 2004’s ‘Friends’ finale at over 52 million viewers.

However, there are a few caveats to these numbers.

First is that the advantage of streaming is that it’s an on-demand platform, meaning many viewers can watch on a different day. ‘Succession’ averaged about 8.7 million viewers per episode of its final season when accounting for delayed viewership.

HBO, which has 55.3 million domestic subscribers on ‘Max’ as of Q1 2023, has flexed its potential in the past though. The 2019 finale of ‘Game of Thrones’ had 19.8 million viewers on its opening night -- more than that of ‘The Big Bang Theory' -- and 46 million people overall watched the episode.

But TV show saturation and accessibility also play a factor. The rise of streaming services has drastically increased the number of shows available which spreads out the number of viewers.

That also presents the problem for streaming. With so many available services between competitors like HBO, Amazon, Netflix, Apple, and Disney, the audience is split.

So while the viewership numbers may never match those of the past due to the format of streaming nowadays, there is still opportunity for consolidation in the streaming industry.