AMC Networks Adds 700,000 Q4 SVOD Subscribers

AMC Networks Feb. 17 reported it added 700,000 subscription streaming VOD subscribers in the fourth quarter (ended Dec. 31, 2022) to up its combined SVOD sub base to 11.8 million, from 11.1 million at the end of the third quarter on Sept. 30. Streaming revenue increased 35% to $502 million, from $371.8 million in the previous-year period.

The companies’ streaming platforms include AMC+, Shudder, Sundance Now, anime-focused HIDIVE, Acorn TV, ALLBLK (formerly Urban Movie Channel) — the latter two services acquired in the Image Entertainment merger.

The sub uptick disclosure comes two days after Kristin Dolan, wife of executive chairman James Dolan, was named CEO with a mandate in part to increase the companies’ streaming footprint, while also cutting costs companywide.

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Previous CEO Christina Spade exited the company last November just 90 days after being hired reportedly due to conflict with Mr. Dolan on how to streamline payroll, among other issues.

AMC reported severance and related personnel costs of $45.2 million in the quarter.

While AMC has a legacy of churning out content hits such as “The Walking Dead,” “Breaking Bad,” “Better Call Saul,” “Mad Men,” “Hell on Wheels” and “The Killing,” among others, the company has largely opted to license content to third-party platforms such as Netflix.

The company’s new franchise series “Anne Rice’s Interview With the Vampire” has launched as the No. 1 all-time new series on AMC+, and the No. 2 new basic cable drama in 2022. Follow-up show “Anne Rice’s Mayfair Witches” is pacing to become the most-viewed single season of any show on AMC+, and is a top 10 cable drama in the current broadcast season.

“AMC Networks is focused on maximizing the value of our high-quality, popular content through optimized content monetization as we reduce costs and drive cash flow,” Mr. Dolan said in a statement. “We believe this approach will position the company well to navigate current industry dynamics and enable us to generate long-term shareholder value.”

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