AMC Networks said streaming subscribers jumped 46% to 10.8 million in the June quarter, up from 7.4 million, driven in part by the AMC+ premium streaming bundle launch in Spain. The company said it’s on track to achieve long-term subscriber goal of 20 million to 25 million streaming subscribers by 2025.
Streaming revenue was up 20%.
Total net revenues fell 4% to $738 million. Of that, advertising sales were down 5% to $202 million due to lower linear ratings, partially offset by higher year-over-year AMC Originals impressions, pricing, and digital growth.
Streaming growth beat expectations, but revenue was a miss, with the stock trending lower in pre-market trading.
Net income of $83.4 million was up sharply from $35.4 million as the prior-year quarter was hit by impairment charges of $143 million associated with a one-time litigation-related settlement payment.
“We are building our business in a steady, disciplined and sustainable fashion, positioning ourselves for future growth,” said AMC interim CEO Matt Blank – who will hand the reins to Christina Spade.
Domestic revenues decreased 3% to $621 million.
Distribution and other revenues decreased 2% to $419 million. Subscription revenues grew 1% with increased streaming revenues driven by strong subscriber growth on our streaming services and contractual affiliate rate increases, partially offset by declines in the linear subscriber universe.
International revenues fell 9% to $126 million, with ad revenue down 16%, or 7% on a constant currency basis.