Starz Subscriber Levels Climbed In Q2 Despite Price Increase, CEO Jeff Hirsch Says
Starz said its subscriber base grew in the second quarter even after raising its monthly price to $11.99 in June, which chief executive Jeff Hirsch described as unusual and evidence of strength in both demand and revenue. The company did not disclose a current subscriber total, having stopped reporting the figure, but ended 2025 with 17.6 million subscribers.
Quarterly revenue was $307.9 million, slightly above Wall Street expectations but 4% below the previous year, while net losses widened to $189.4 million, including a $147.2 million charge linked to ending its Universal output deal. Starz said it is shifting investment towards library content with stronger engagement, while a Netflix deal for early Power series is intended to reach new audiences; shares fell 2% in pre-market trading despite more than doubling during 2026.
- Starz subscribers rose despite a June price increase.
- Revenue fell 4%, while losses widened after a Universal-related charge.
- Starz is using Netflix and new programming to expand engagement.
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Starz is a US subscription service that offers television series and films, including the Power franchise. It is led by chief executive Jeff Hirsch and operates in a competitive streaming market where services seek to attract and keep paying viewers.
Subscriber numbers can indicate demand, while revenue and losses show how a service is performing financially. Starz has been shifting investment towards programmes from its existing catalogue, and a deal to show early Power series on Netflix is intended to introduce them to a wider audience.
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The strongest fair case each way — we don't pick a winner.
The case for
Starz is demonstrating genuine operational strength by growing its subscriber base whilst raising prices to $11.99, indicating strong demand and pricing power typical of a healthy service. The company is executing a strategic pivot toward higher-engagement library content and securing distribution through a Netflix licensing deal for early Power series, moves suggesting management confidence in a path to profitability; the stock's doubling during 2026 reflects investor optimism about this repositioning.
The case against
The company's decision to stop disclosing subscriber numbers undermines credibility around its core growth claim, particularly troubling when year-on-year revenue fell 4% despite reported subscriber increases – suggesting declining revenue per user or accounting concerns. With net losses widening to $189.4 million even excluding one-time charges, the business model remains unsustainable, and the Netflix licensing deal for early Power content may signal Starz cannot succeed independently and must rely on competitors for distribution; the modest 2% stock decline despite management optimism suggests investors retain significant scepticism.