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Tuesday, May 28, 2024

AMC Networks Q1 Earnings Report 2024: Promoting, Streaming Updates

AMC Networks — the corporate behind such cable channel manufacturers as AMC, IFC and Sundance TV, in addition to such streaming companies as AMC+, Acorn TV and Shudder — reported a 13 % drop in first-quarter U.S. promoting income on Friday, following a 23 % decline within the fourth quarter of 2023.

After returning to streaming subscriber progress within the third quarter of final yr after two quarters of declines, the corporate added 100,000 customers within the first quarter to finish March with a complete of 11.5 million subs, in contrast with 11.4 million as of the tip of the yr and 11.2 million as of the tip of March 2023.

Quarterly streaming revenues elevated 3 % to $145 million, “primarily pushed by year-over-year subscriber progress and worth will increase,” AMC Networks mentioned. Affiliate income fell 14 %, “primarily as a result of primary subscriber declines.”

Advert income decreased to $140 million within the first quarter, wherein AMC aired such unique sequence as The Strolling Lifeless: The Ones Who Dwell, starring Andrew Lincoln and Danai Gurira, “as a result of linear rankings declines and a difficult advert market, partly offset by digital and superior promoting income progress,” AMC Networks mentioned.

The corporate, led by CEO Kristin Dolan, has been leaning into data-led viewers focusing on for advert shopping for as advertising and marketing {dollars} proceed to shift from linear TV networks to advert tiers being rolled out by streaming platforms. “It’s an enormous alternative to lastly swing the pendulum again from digital-first to shared buy of conventional tv in addition to digital to help the advertiser efforts,” Dolan mentioned earlier this yr.

Dolan succeeded Christina Spade in early 2023 after a cost-cutting program, together with layoffs, was unveiled in late 2022. 

Friday’s earnings replace additionally highlighted current streaming strikes by AMC Networks. Amongst them is a plan to roll out standalone ad-supported variations of the agency’s streaming companies Acorn TV, Shudder, ALLBLK and HiDive in 2025 and the launch of AMC Tales and AMC Actuality within the U.Ok. on ad-supported streamer ITVX.

“Within the first quarter, we continued to execute on our strategic priorities, together with the continued supply of wholesome free money stream,” Dolan mentioned. “As new applied sciences rework the best way media is consumed, we proceed to supply nice content material and make it accessible to viewers at any time when and wherever they need to watch.”

She additionally touted monetary strikes. “We not too long ago strengthened our stability sheet by finishing a sequence of financing transactions that meaningfully prolonged our debt maturities,” Dolan highlighted. “This creates substantial flexibility for us as we proceed to leverage our core strengths and reorient our enterprise across the consumer-driven modifications which can be taking place throughout the trade.”

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