In the world of subscription video on demand (SVOD), it's been a tough year -- and especially for Warner Bros. Discovery (NASDAQ: WBD). While Netflix's share price is down 43% from its peak in 2022 and Walt Disney has seen its shares slip about 40%, Warner Bros. Discovery stock has fallen 65%.

The COVID-19 pandemic drove an inordinate number of sign-ups for the streaming industry. Indeed, Warner Bros. Discovery grew its HBO and HBO Max subscriber base by over 35% between Q1 2020 and Q4 2021.

But now with the world more open, inflation biting, and concerns about a recession on the horizon, it's perhaps understandable why some are cautious about Warner Bros. Discovery stock. Nonetheless, they may be missing some key things about the company's strategy.

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Source Fool.com