August 5, 2022
AMC Networks Aug. 5 said it added 1.3 million subscription streaming video subscribers in the second quarter (ended June 30), to end the period with 10.8 million. The sub growth was led by the launch of the AMC+ streaming bundle platform in Spain.
AMC’s other streaming services include Acorn TV, Shudder, Sundance Now, ALLBLK, and the newest addition to its streaming portfolio, the anime focused HIDIVE.
The company said it remains on track to achieve long-term subscriber goal of 20 million to 25 million streaming subscribers by 2025.
In the quarter, AMC received 12 Emmy nominations, including seven for “Better Call Saul,” renewed two AMC original series, “Moonhaven” and “Dark Winds,” for second seasons. Ordered a third new series in “The Walking Dead” universe, featuring original stars Andrew Lincoln and Danai Gurira.
Acquired North American rights to new series “Monsieur Spade,” from Emmy Winners Scott Frank and Tom Fontana, featuring Clive Owen in the role of Sam Spade, the character created by Dashiell Hammett and featured in The Maltese Falcon.
The company expanded its streaming distribution footprint in India with the launch of AMC+ on Amazon Prime Video Channels.
Net revenue decreased 4% to $738 million from $771 million in the previous-year period, while streaming revenue grew 20% offset by several timing impacts in the quarter, including expected lower affiliate, content licensing, and advertising revenue, and unfavorable foreign exchange translation. Consolidated operating income fell 22% to $195.5 million from $250 million last year.
“As we leverage our strong linear business, we are seeing increasing demand for our digital and advanced advertising opportunities,” Mark Blank, outgoing interim CEO said in a statement.
Blank, who is being replaced by the promotion of CFO Christina Spade to the CEO position in September, said AMC’s content creation strengths were on full display in the quarter, with viewership records, widespread critical acclaim for new and returning series including for “Better Call Saul” and “Dark Winds,” and Emmy Award nominations across major categories.
“We are building our business in a steady, disciplined and sustainable fashion, positioning ourselves for future growth and delivering shareholder value,” Blank said.