AMC Networks lost 300,000 subscribers across its streaming services in Q1, falling from 11.8 million at the end of 2022 to 11.5 million by March 31, the company reported in its earnings results Tuesday.
This drop in subs follows a slight increase of 700,000 paid streaming customers between Q3 and Q4 of last year.
AMC Networks’ streaming platforms includes AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE. Those digital offerings are in addition to the company’s linear channels AMC, BBC America (a joint venture with BBC Studios), IFC, SundanceTV, WE tv and IFC Films.
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Elsewhere, AMC Networks’ U.S. ad sales fell 20% in the first quarter, but the media company still beat estimates for the quarter, in terms of both revenue and earnings expectations.
Wall Street forecast earnings per share (EPS) of $1.87 on $696.7 million in revenue, according to analyst consensus data provided by Refinitiv. AMC Networks reported adjusted EPS of $2.62 on $717 million in revenue.
“AMC Networks has always been known for great content that breaks through in popular culture, receives critical acclaim and engages fans,” CEO Kristin Dolan said in a letter to shareholders. “In an environment of shifting consumption, we are committed to making our content available across the entire distribution ecosystem. While we reevaluate the pathways to content monetization, we are strategically reducing costs and streamlining our organization. These efforts contributed to a first quarter with strong margins and increased streaming revenue as we prioritized higher-value subscribers for our streaming portfolio. We remain focused on the overall profitability of the company as we continue to maintain a strong balance sheet, drive free cash flow and maximize shareholder value.”
AMC Networks stock closed Monday at $15.28 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.
Dolan and other AMC Networks executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.
More to come…
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