AMC Q2 sees “healthy rates of growth”
August 1, 2019
AMC Networks has reported financial results for the second quarter ended June 30th. Net revenues increased 1.4 per cent to $772 million over the second quarter of 2018. The increase in net revenues reflected an increase of 22.4 per cent at International and Other and a decrease of 3.6 per cent at National Networks. Operating income was $170 million, a decrease of 11.1 per cent, versus the prior year period.
President and Chief Executive Officer Josh Sapan said: “We delivered solid results in the second quarter and remain on track to deliver on our financial targets for the full year. We continue to make significant progress on our strategic goals, which include creating great content and diversifying our revenue. Our recently announced landmark partnership with Universal Studios for the first-ever theatrical movie set in The Walking Dead Universe underscores the high level of interest that the universe commands and the undeniable strength and vitality of this growing franchise. The recent Emmy nominations brought AMC Networks wide recognition, with nominations for four of our five networks as well as our streaming service Acorn TV, affirming AMC Networks as a company whose shows ignite audiences, critics and Emmy voters at a time that is more crowded and competitive than ever.”
Added Sapan: “In addition, we are seeing very healthy rates of growth across our four targeted SVoD services – Acorn TV, Shudder, Sundance Now, and UMC. As these services gain sufficient scale, we have been increasingly populating them with original content, which has been resonating with subscribers and is driving our momentum. As we continue to remain focused on creating sought-after premium content – which propels our entire enterprise – we believe direct-to-consumer, along with owning more of our intellectual property and expanding our studio, represent significant growth areas for us.”