Canada’s biggest homegrown streamer is still growing at a pace most of its American rivals would envy. BCE said on 5 November that Crave ended the third quarter with more than 5.1 million subscriptions, up 21% from a year earlier. Its direct-to-consumer streaming subscribers, the people who sign up on their own rather than through a TV provider, grew faster still, up 41%.
That shift matters. For most of its life, Crave was something Canadians received bundled with a TV package. The quarter suggests more of them now choose it.
The numbers
BCE, the parent of Bell Media, reported results for the three months to 30 September. The media business was the bright spot.
Crave
- Crave subscriptions: 5.15 million, up 21%. A year earlier BCE reported 4.2 million.
- Direct-to-consumer streaming subscribers: up 41%. BCE did not give a figure.
- Bell Media revenue: $803 million, up 9.7% from $732 million.
- Advertising revenue: up 9.0%, helped by the FIFA World Cup 2026 and digital video, with traditional advertising still soft.
- Subscriber revenue: up 9.5%, on Crave and sports streaming growth.
- Digital revenue: up 19.9%.
- Adjusted EBITDA: $256 million, up 8.0%, with the margin slipping to 31.9% from 32.4% on World Cup costs and higher premium content rights.
Across all of BCE, revenue rose 2.2% to $6.18 billion and adjusted EBITDA rose 0.9% to $2.79 billion. Chief executive Mirko Bibic said “Bell Media delivered its second consecutive quarter of strong revenue and adjusted EBITDA growth.”
The summer that paid for it
The World Cup, co-hosted by Canada, did much of the lifting. Bell Media says its coverage reached more than 30 million Canadians across TSN, RDS, CTV, Noovo and Crave, and that the final drew an average audience of 6.4 million, the most watched World Cup match ever in Canada. That event will not repeat next summer, which makes the subscription line the number to watch.
Bell also used the quarter to widen what Crave carries. It signed a first-look development agreement with Jeff Frost’s Bristol Circle Entertainment for original scripted series for CTV and Crave, and added a selection of Télé-Québec fiction, documentary and children’s programming, several titles with English subtitles. Crave and Noovo also carried Québec’s 2026 provincial leaders’ debate, the first on Crave, which remains on demand there.
Why it matters for viewers
Crave’s growth arrives at an uncertain moment for its most valuable shelf. HBO’s Canadian home has been Crave for years, and Skydance’s takeover of Warner Bros. Discovery has raised questions about how long that arrangement runs. BCE’s release does not mention HBO at all. A service with more than five million subscriptions and a rising share of direct customers is in a stronger position to keep premium partners, and to build more of its own shows such as I Kill the Bear, the Jared Keeso comedy that premieres on Crave on 6 November.
What it means for you
- Nothing changes in your Crave plan yet. BCE’s release announced no price change, and our guide sets out which Crave plan carries HBO.
- More Canadian originals are coming. The Bristol Circle deal and the Télé-Québec additions point to more homegrown drama and French-language series on Crave, some with English subtitles.
- Watch the HBO question. The release is silent on it; any change would come from Bell or Skydance, and The Remote will report it when either says so.
- If you only signed up for the World Cup, Crave’s November slate, from I Kill the Bear to a new season of Canada’s Drag Race on 19 November, is Bell’s case for staying.
Sources
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