AMC Networks Streaming Subscribers, Q4 Earnings

AMC Networks saw its streaming subscribers increase by 1% and its U.S. ad sales drop by 23% in the fourth quarter of 2023.

Streaming subscribers stood at 11.1 million as of Sept. 30, up 1% from where they ended at 11 million at the conclusion of Q2 in June. In its fourth-quarter 2023 earnings results Friday, AMC Networks reports it closed 2023 with 11.4 million subs.

Wall Street forecast earnings per share (EPS) of 89 cents on $676 million in revenue, according to analyst consensus data provided by LSEG, formerly Refinitiv. AMC Networks reported adjusted EPS of 72 cents (and diluted loss per share of 50 cents) on $678 million in revenue.

AMC Networks attributes the above-mentioned U.S. ad sales drop to ongoing linear TV ratings decline, a stiff ad market and fewer new episodes of its original programming, including “The Walking Dead” and Anne Rice TV franchises, airing during the quarter.

“In the fourth quarter and across 2023, we continued to see success in the areas that will drive this company forward – programming, partnerships and profitability,” AMC Networks CEO Kristin Dolan said in a letter to shareholders. “I’m encouraged that this year we were able to grow streaming revenue and strengthen our subscriber base, expand our consolidated AOI margin to 25%, and meaningfully grow our free cash flow. Nearly a year since joining AMC Networks as CEO, I am proud of the progress we have made in a fast-changing environment, and the new and innovative ways we are engaging with viewers and our commercial and creative partners.”

AMC Networks stock closed Thursday at $17.04 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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