Patreon vs Warner Bros. Discovery: Revenue, Profit and Business Model
Patreon had $179M (unaudited) of annual revenue in FY2025. Warner Bros. Discovery had $37.3B of annual revenue in FY2025 and $727M of net income.
Latest financial snapshot
Patreon
- Latest annual revenue
- $179M (unaudited) (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Warner Bros. Discovery
- Latest annual revenue
- $37.3B (FY2025)
- Net income
- $727M
- Net margin
- 1.9%
- Revenue growth
- +32.3% a year, FY2021–FY2025
Financial summary
Patreon
Patreon is private and does not report revenue. Research firm Sacra estimates revenue of about $179 million for 2025, up 28% from 2024. Creators passed $10 billion in cumulative earnings in August 2025, up from $3.5 billion around 2021, and Patreon reported 25 million paid memberships at that time. Funding milestones include a $90 million Series E at a $1.2 billion valuation in September 2020 and a $155 million Series F led by Tiger Global at $4 billion in April 2021. Cost cuts followed: about 80 jobs (roughly 17% of staff) in September 2022 and 93 jobs (about 20%) in July 2026.
Warner Bros. Discovery
FY2025 revenue was $37.3 billion, down 5% ex-FX, with net income available to WBD of $727 million, adjusted EBITDA of $8.7 billion, and free cash flow of $3.1 billion. The company ended 2025 with 131.6 million streaming subscribers and $29.0 billion of net debt. In 2026, Q1 revenue was $8.9 billion with a $2.9 billion net loss that included the $2.8 billion termination fee owed to Netflix, which Paramount Skydance paid on WBD's behalf. Q2 revenue was $8.7 billion, down 12% ex-FX, with net income of $149 million and adjusted EBITDA of $1.9 billion. During Q2 WBD repaid its $15 billion bridge loan with new term loans.
Revenue and profit by year
Patreon
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 (unaudited) | $179M | — | — | — | Source |
| FY2024 (unaudited) | $140M | — | — | — | Source |
| FY2022 (unaudited) | $101M | — | — | — | Source |
Warner Bros. Discovery
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $37.3B | $727M | 1.9% | -5.1% | Source |
| FY2024 | $39.3B | -$11.3B | -28.8% | -4.8% | Source |
| FY2023 | $41.3B | -$3.1B | -7.6% | +22.2% | Source |
| FY2022 | $33.8B | -$7.4B | -21.8% | +177.4% | Source |
| FY2021 | $12.2B | $1B | 8.3% | — | Source |
Where the revenue comes from
Patreon
- Platform fees on memberships
Majority (not disclosed)
10% standard fee (5%, 8% or 11% on legacy plans) on paid membership revenue.
- Platform fees on shop sales
Not disclosed
The same platform fee applied to one-off digital product sales.
- Payment processing and currency conversion
Not disclosed
Processing and conversion fees charged on fan payments.
Warner Bros. Discovery
- Distribution
Largest revenue type
Streaming subscription fees and carriage fees from pay-TV distributors.
- Advertising
Declining
Ad sales on linear networks and ad-supported streaming tiers; down 22% ex-FX in Q2 2026.
- Content
Varies with film slate
Theatrical releases, TV licensing, games, and consumer products.
Business model and strategy
Patreon
How it makes money
Patreon makes money by keeping a share of every payment fans make to creators. Creators who published a page after August 4, 2025 pay a flat 10% platform fee; older pages stay on legacy 5% (Lite), 8% (Pro) or 11% (Premium) plans. Payment processing fees (around 2.9% plus $0.30 per US card payment on standard transactions) and currency conversion charges are passed through to creators.
Growth strategy
Patreon is widening its funnel beyond paid memberships. Free memberships let creators collect fans directly; the shop sells one-off digital products; native video, private podcast feeds and community chats keep members engaged. A single 10% standard fee for new creators from August 2025 simplified pricing.
Competitive advantage
Patreon is format-agnostic: podcasters, video creators, musicians, writers, game developers and illustrators all use the same membership, shop and community tools. Switching costs are high because moving to another platform means asking every paying member to re-subscribe.
Warner Bros. Discovery
How it makes money
WBD earns money from three revenue types. Distribution revenue comes from HBO Max and discovery+ subscriptions and from fees that pay-TV distributors pay to carry its cable networks. Advertising revenue comes from linear networks such as TNT, TBS, CNN, Discovery and HGTV, plus ad-supported streaming tiers.
Growth strategy
Before the sale, WBD's plan centered on growing HBO Max internationally, rebuilding the film slate and DC under DC Studios, licensing its library, and managing linear networks for cash. In 2025 it planned to split into two companies (Streaming & Studios and Global Networks) before the board ran a sale process that ended with the Paramount Skydance agreement.
Competitive advantage
WBD's main asset is its content library and franchise IP: Warner Bros. films and TV, HBO series, DC, Harry Potter, Looney Tunes, and a large unscripted catalog from Discovery, HGTV and Food Network. That library is the main reason it drew competing bids from Netflix and Paramount Skydance in 2025 and 2026.
Questions about Patreon vs Warner Bros. Discovery
Which company has higher revenue — Patreon, Inc. or Warner Bros. Discovery?
Patreon, Inc. had $179.0M (unaudited) (FY2025), while Warner Bros. Discovery had $37.3B (FY2025). By latest annual revenue, Warner Bros. Discovery is the larger business, with Patreon, Inc. showing a smaller revenue base.
What is the market cap of Patreon, Inc. vs Warner Bros. Discovery?
Warner Bros. Discovery has a market capitalisation of $77.0B. A public market cap figure for Patreon, Inc. was not available (it may be privately held).
How does revenue per employee compare for Patreon, Inc. and Warner Bros. Discovery?
Patreon, Inc. has $484k / employee in revenue per employee, while Warner Bros. Discovery has $1.05M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Patreon, Inc. and Warner Bros. Discovery make money?
Patreon, Inc. and Warner Bros. Discovery generate revenue in fundamentally different ways. Patreon, Inc.: Patreon makes money by keeping a share of every payment fans make to creators. Warner Bros. Discovery: WBD earns money from three revenue types.
Is Patreon, Inc. bigger than Warner Bros. Discovery?
By last reported revenue, Warner Bros. Discovery ($37.3B (FY2025)) is the larger company compared to Patreon, Inc. ($179.0M (unaudited) (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Patreon vs Warner Bros. Discovery overview