AMC Networks’ majority acquisition of RLJ Entertainment continues to pay dividends as the media company expands its subscription streaming video-on-demand profile in an over-the-top ecosystem.
While the media company didn’t disclose new subscriber data, CEO Josh Sapan said SVOD and ad-supported VOD distribution continued to drive AMC’s second-quarter (ended June 30) “International and Other” business objectives.
“We have made particular progress during this COVID-19 period with strong growth across our targeted SVOD services — Acorn TV, Shudder, Sundance Now and UMC — as consumers increasingly subscribe to both our targeted offerings in addition to general entertainment SVOD services,” Sapan said in a statement.
During the quarter, AMC launched new SVOD bundles AMC+ and WE tv+. The company acquired exclusive streaming rights to “Mad Men.” The company furthered its AVOD strategy with launches on ViacomCBS’s Pluto TV and Dish Networks’ Sling Free services.
Second-quarter revenue primarily reflected an increase at AMC Networks SVOD business, more than offset by a decrease at Levity Entertainment and, to a lesser extent, a decrease at the company’s international programming networks.
Citing ongoing fiscal impacts of the coronavirus pandemic, AMC reported a $112 million operating loss at the “International and Other” segment. The increased loss was primarily related to $130 million in impairment charges due to the pandemic. Segment revenue for the quarter decreased 10.3% to $161 million.