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AMC Networks Ends Q2 With 10.8M Streaming Subscribers, Ad Revenue Dips

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AMC Networks said streaming subscribers jumped 46% to 10.8 million in the June quarter, up from 7.4 million, driven in part by the AMC+ premium streaming bundle launch in Spain.

The company said it’s on track to achieve long-term subscriber goal of 20 million to 25 million streaming subscribers by 2025.Streaming revenue was up 20%.Total net revenues fell 4% to $738 million.

Of that, advertising sales were down 5% to $202 million due to lower linear ratings, partially offset by higher year-over-year AMC Originals impressions, pricing, and digital growth.Streaming growth beat expectations, but revenue was a miss, with the stock trending lower in pre-market trading.Net income of $83.4 million was up sharply from $35.4 million as the prior-year quarter was hit by impairment charges of $143 million associated with a one-time litigation-related settlement payment.“We are building our business in a steady, disciplined and sustainable fashion, positioning ourselves for future growth,” said AMC interim CEO Matt Blank – who will hand the reins to Christina Spade.Domestic revenues decreased 3% to $621 million.Distribution and other revenues decreased 2% to $419 million.

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