Streaming Helps Boost AMC Networks Results

Revenues at AMC Networks rose 3 percent to $712.2 million, with the company ending Q1 with 9.5 million streaming subscribers.

“We continue to advance our differentiated strategy of offering streaming services that appeal to audiences with distinct affinities and passions, which is leading to strong consumer loyalty and low churn,” said Matt Blank, interim CEO. “2022 is the biggest year of original programming in AMC Networks’ history and our content continues to break through, including the recent final season premiere of Better Call Saul, which drove record levels of subscriber acquisition for AMC+. With our content cost advantages, our ability to super-serve audiences, and our clear path to profitability by virtue of our unique strategy, we are reaffirming our full year 2022 financial outlook and our target of achieving 20 million to 25 million streaming subscribers in 2025, as we continue to reconstitute our revenue mix and as we remain focused on profitability.”

U.S. revenues at the company were up 6 percent to $606 million, with distribution and other revenues up 8 percent to $405 million, including subscription revenues up 8 percent and content licensing up 9 percent. Ad revenues were stable, rising 1 percent to $201 million. International revenues, meanwhile, were down 9 percent to $110 million, with distribution and other revenues down 12 percent and ad revenues up 4 percent. Net income rose to $104.2 million.