AMC Networks Q3: Streaming returns to growth
November 6, 2023
AMC Networks has reported financial results for the third quarter ended September 30th 2023.
Net revenues were at $637 million (€592.5m) down 7 per cent from the prior year, largely driven by lower domestic advertising revenues and affiliate revenues. Streaming revenues hit $142 million, an increase of 9 per cent from the prior year, primarily driven by year-over-year streaming subscriber growth and our continued focus on higher value subscribers. Streaming subscribers increased 4 per cent to 11.1 million as compared to 10.7 million subscribers in the prior year period.
Chief Executive Officer Kristin Dolan said: “During this period of experimentation and change in our industry, we continue to execute on our plan and effectively manage the business with a focus on high-quality programming, strong partnerships and profitability. In addition to introducing an ad-supported version of AMC+, we extended our leadership in TV advertising through the launch of programmatic buying on our linear networks, an industry first. Partnership examples included a promotional pop-up on Max and strong presence on the new Xumo offering from Comcast and Charter. The Walking Dead: Daryl Dixon [pictured] was the biggest ever debut for AMC+, one of many programming highlights in the quarter. We are well-positioned to achieve our free cash flow goals for the year and remain focused on responsible content investment and monetisation across a wide array of distribution platforms and licensing opportunities.”