May 9, 2023
AMC Networks May 9 disclosed its ended the first quarter (ended March 31) with 11.5 million subscription streaming video subscribers. That is down 300,000 SVOD subs and 11.8 million total from the end of 2022.
The New York-based media company heralded the streaming data as a positive since the quarter ended up 22% from 9.4 million subs at the end of the prior-year quarter. Streaming revenue increased 29%, primarily driven by 2022 price increases.
AMC’s streaming platforms include AMC+, Shudder, Sundance Now, anime-focused HIDIVE, Acorn TV, ALLBLK (formerly Urban Movie Channel) — the latter two services acquired in the 2016 acquisition of RLJ Entertainment.
In the quarter, AMC announced plans to launch ad-supported version of AMC+ later this year.
Separately, total quarterly revenue increased 1% to $717 million from $712 million, largely driven by increased distribution and other revenue, partly offset by lower advertising revenue.
While we reevaluate the pathways to content monetization, we are strategically reducing costs and streamlining our organization,” CEO Kristin Dolan said in a statement. “These efforts contributed to strong margins and increased streaming revenue as we prioritized higher-value subscribers for our streaming portfolio. We remain focused on the overall profitability of the company as we continue to maintain a strong balance sheet, drive free cash flow and maximize shareholder value.”
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