How Much Money Has HBO Made from The Last of Us?

How Much Money Has HBO Made from The Last of Us?

HBO's adaptation of The Last of Us has proven to be one of the network’s most successful and lucrative shows. Premiering in January 2023, the series, based on the wildly popular video game of the same name, has garnered both critical acclaim and massive viewership. With its high production values, captivating storyline, and loyal fanbase, The Last of Us has had a substantial impact on HBO's bottom line. But how much money has the network made from this high-profile series?

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Subscriber Growth and Streaming Revenue

One of the most significant ways that HBO has profited from The Last of Us is through the boost it has provided to the HBO Max (now part of Max) streaming platform. HBO Max, like many other streaming services, relies heavily on its exclusive content to drive subscriber growth. The Last of Us has become one of the main attractions for subscribers, contributing to a notable increase in both new sign-ups and renewals.

Though HBO doesn’t typically release precise subscriber numbers, early reports indicated that the premiere of The Last of Us brought in more than 10 million viewers across all platforms in the U.S. within just a few days. This viewership surge was particularly significant, as it marked one of the largest audiences for a series debut in HBO history. By the end of its first season, The Last of Us had reached an audience of over 40 million people in the U.S. alone.

The surge in viewership likely led to a substantial increase in subscribers for HBO Max. According to some estimates, HBO Max’s subscriber count rose by 6 to 7 million in the months following the release of The Last of Us. With a subscription cost ranging from $9.99 for the ad-supported tier to $14.99 for the ad-free version, this increase in subscribers would have brought in tens of millions of dollars in additional revenue for HBO.

Advertising Revenue

In addition to the revenue generated by new subscriptions, HBO also makes money from advertising. For viewers who choose the ad-supported tier of HBO Max, the platform can generate significant advertising revenue. Although the ad-supported tier represents a smaller portion of overall subscribers, The Last of Us has proven to be a highly valuable property for advertisers.

With millions of viewers tuning in for each episode, advertisers have flocked to The Last of Us to place ads on the platform. Given the show’s broad appeal across different demographics—fans of the video game, casual viewers, and those attracted by the high production value—advertising rates for the series are likely high. This means that HBO is able to monetize The Last of Us through ad sales on its streaming platform, adding another revenue stream.

Merchandise and Licensing

Another significant source of revenue for HBO from The Last of Us comes from merchandise and licensing. The video game itself was already a merchandising success, with products such as clothing, action figures, and collectibles generating millions of dollars in sales. HBO’s adaptation of the game has only added to the demand for these items.

From limited edition posters to T-shirts and action figures, The Last of Us merchandise has flown off the shelves. This demand has led to partnerships with third-party retailers and online stores, generating revenue for HBO and its partners. Furthermore, as the show continues to grow in popularity, it’s expected that new merchandise tied to the series will continue to generate money for the network.

In addition to traditional merchandise, licensing deals have also been a source of revenue. HBO has licensed the rights to The Last of Us to various companies for use in video games, clothing, and other products, generating additional financial returns. This licensing model ensures that HBO can profit not only from direct merchandise sales but also from partnerships and product collaborations with other companies.

International Distribution and Syndication

HBO has also made money from the international distribution of The Last of Us. While HBO Max is available in several countries, the series was also licensed to international broadcasters and streaming services. For example, The Last of Us was made available in Canada through Crave and in the UK through Sky Atlantic. These licensing deals allow HBO to earn revenue from countries where HBO Max is not yet available.

Furthermore, The Last of Us is expected to perform well in the syndication market, where it can be sold to other networks and streaming platforms for reruns or future distribution. This model has been highly profitable for HBO in the past, and The Last of Us is likely to follow suit.

The Future of Revenue

Looking ahead, HBO stands to continue making money from The Last of Us as the series progresses. The success of the first season has already paved the way for a second season, which will likely draw in even more viewers and subscribers. The show’s enduring popularity also suggests that it will continue to generate revenue through merchandise, licensing, and international distribution for years to come.

Additionally, there are potential spin-offs in the works, further increasing HBO’s revenue potential from the franchise. With the announcement of a prequel series, The Last of Us franchise is poised to remain a lucrative asset for HBO.

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While HBO has not publicly disclosed exact figures regarding how much money it has made from The Last of Us, it is clear that the show has been a major financial success. From driving subscriber growth and advertising revenue to generating income through merchandise and international licensing, The Last of Us has significantly contributed to HBO’s bottom line. As the series continues to captivate audiences and expand its fanbase, the financial success of The Last of Us will only continue to grow. With more seasons, spin-offs, and merchandising opportunities on the horizon, HBO’s profits from the show are likely to keep rising for years to come.