'The Last Of Us' S2 Finale Helps Video Game Adaptation Top 90 Million Lifetime Viewers — Could Warner Bros. Discovery Stock Get A Boost?

The video game adaptation of "The Last of Us" has been one of the most-watched and anticipated series on HBO and Max since the release of its first season in 2023.

With the second season over, a look at the viewership figures and what they could mean for Warner Bros. Discovery Inc WBD.

What Happened: Weeks after reporting quarterly financial results, Warner Bros. Discovery could have good news with early viewership figures for its season 2 finale of hit series "The Last of Us."

The series finale, which aired Sunday night, had 3.7 million cross-platform viewers according to the company.

The early figure is down from the 5.3 million viewers who tuned into the season 2 premiere, as reported by Deadline. The network said it expects this 3.7 million figure to rise after the holiday weekend as additional data and days are collected.

There is good and bad news within the early "The Last of Us" figures. The season 2 premiere and finale will likely both be well shy of the 8.2 million who tuned in for the season 1 finale.

The good news is that more viewers are watching season 2 based on the average viewers over time. The season 1 premiere had 32 million viewers in its first 90 days, marking a record for any HBO and Max debut season.

Season 2 episodes are averaging 37 million global viewers each and growing through the first 90 days.

Warner Bros. Discovery said there have been more than 90 million total viewers for the series since the season 1 finale, with new viewers likely tuning into season 1 and continuing on with season 2.

A third season has been confirmed by Warner Bros. Discovery and is in development.

The second season of the series was adapted from the second video game in the Last of Us franchise created by Naughty Dog and published by Sony Group Corp SONY. The second game, The Last of Us Part II, is also expected to be used for the third season of the hit series.

Read Also: Warner Bros’ Streaming Growth, Cost Cuts Highlighted, Analysts Stay Cautious

Why It's Important: In Warner Bros. Discovery's first quarter, streaming revenue of $2.66 billion was up 9% year-over-year. The company reported 122.3 million streaming subscribers across Max and Discovery+, up from 99.6 million in the prior year's first quarter, or a 23% increase.

As Benzinga recently highlighted, the company's second quarter could see an even brighter streaming segment with the second season of "The Last of Us" and the likely release of box office hits "Minecraft Movie" and "Sinners" on the Max streaming platform.

As one of Max’s top shows, the return for the second season could provide a boost to subscribers in the second quarter with new viewers ready to tune in or returning subscribers who may have canceled their plans after the first season was over.

Games in the NHL Playoffs and NBA Playoffs can also be viewed on Max, which could provide a boost to the streaming platform’s subscribers in the second quarter. Live sports contests remain among the top draws for cable television and streaming.

WBD Price Action: Warner Bros. Discovery stock is up 6.72% to $9.61 on Tuesday versus a 52-week trading range of $6.64 to $12.70. Shares are down more than 9% year-to-date in 2025.

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