HBO Now, the company's cable-free streaming service, has only 800,000 paying subscribers.
On Time Warner's fourth-quarter earnings call, HBO CEO Richard Plepler confirmed the number, which was short of analyst predictions of 1 million to 2 million.
HBO Now launched last April, and it lets you pay $15 a month to get HBO a la carte, no cable subscription required.
Netflix had about 75 million subscribers as of January, and Hulu reported 9 million subscribers last April.
On the call, Time Warner tried to put the HBO Now subscriber growth in context, stressing that some content that is particularly suited for digital platforms, like Vice's daily news show and Jon Stewart's coming project, has not yet debuted.
After an analyst referred to HBO Now as having "only" 800,000 subscribers during a question, Plepler objected to that characterization. HBO Now, he said, is just getting started.