AMC Networks’ U.S. promoting gross sales fell 10% to $133 million within the third quarter, however streaming subscribers elevated barely, from 11.6 million to 11.8 million. The media firm disclosed the leads to its third-quarter 2024 earnings on Thursday.
AMC Networks’ streaming platforms embody AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE. The digital programming enhances the corporate’s linear channels: AMC, BBC America, IFC, SundanceTV, WE television and IFC Movies.
Within the quarter (July 1 to September) on January 30, AMC Networks’ content material licensing income elevated 31% year-on-year to $81 million. The expansion was primarily attributed to AMC’s new licensing settlement with Netflix. Subscription income fell 5% total, whereas streaming income grew 7% to $152 million.
Worldwide income fell 24% to $74 million within the third quarter. Excluding comparisons with income associated to the now-divested 25/7 Media, the determine was adjusted to a 6% decline. Worldwide subscription gross sales fell 14% to $49 million. Content material licensing plummeted 88% to $3 million, primarily as a consequence of gross sales of “25/7” in December 2023. Promoting gross sales rose 16% to 22 million, pushed by progress within the UK and Europe.
Wall Road anticipated earnings per share (EPS) of 62 cents on income of $587.6 million, in accordance with analyst consensus knowledge offered by LSEG. AMC Networks reported adjusted earnings of 91 cents per share, or revenue of $41.4 million, on income of $600 million. Earnings fell 35% from the identical interval final yr, and income fell 6%.
Chief Government Officer Kristin Dolan stated in a letter to shareholders: “As we handle this enterprise in a fancy and unstable setting, we stay targeted on our key strategic pillars – planning, partnerships and profitability. ” , now we have made vital progress in all three areas, and now we have generated $293 million in free money movement yr so far, and are effectively on observe to attain our aim of accumulating free money of roughly $500 million inside two years. We even have partnerships with Constitution, Netflix, and New and stronger partnerships with main corporations like Amazon are driving our firm ahead as we proceed to offer prospects with distinctive, high-quality programming on an ever-expanding platform.
(Above: AMC’s “Orphan Black: Echoes”)
