A recent experiment saw Warner Bros. Discovery's flagship streaming service, Max, showcasing select content from AMC Networks' AMC+ subscription video-on-demand (SVoD) catalog for a limited time under the "AMC+ Picks on Max" banner. The deal saw seven AMC titles available ad-free (regardless of subscription tier) throughout September and October, amounting to over 170 hours of content.
According to Ampere Analysis, co-exclusive licensing is an emerging trend in the VoD landscape as platform owners look for more effective strategies to monetize content. While Warner Bros. Discovery's approach to licensing out its own content, both to rival SVoD players and to adjacent distributions such as free-ad supported streaming television (FAST), has seen a marked shift in strategy, it has previously engaged with co-exclusive licensing arrangements. This includes featuring a selection of the renowned Criterion Collection of classic movies, which is also accessible on Criterion's own SVoD service. However, the limited window and marketed platform integration differentiate the AMC deal from previous agreements.
AMC+ has struggled to maintain growth in a crowded streaming market, with AMC reporting losses of 500k users from March to July 2023 overall streaming operations (including services such as Shudder and Acorn TV), bringing its total subscriber base down to 11m. Ampere's 2023 consumer research found that only 10% of Max's 43m users also take AMC+. Therefore, AMC is making this content available to a large new audience, hoping that engagement and familiarity with the content will drive consumers back to AMC+ for further viewing once the titles leave Max. For Max, bringing a selection of seasonally relevant crime and thriller (Gangs of London, Dark Winds) and sci-fi and fantasy (Fear the Walking Dead, Interview with the Vampire) titles allows it to refresh content on the platform and add value to existing consumers.
Such deals can raise content's profile, too. Of the seven titles made available on Max, five saw their popularity in the US increase compared to the previous month. "Gangs of London" saw the most significant increase, with the Popularity Score growing from 12 (out of 100) in August 2023 to 26 in September, indicating a more than two-fold increase in US search activity for the TV show. This, alongside a notable increase for Interview with the "Vampire," will be particularly encouraging for AMC as both titles are set to debut new seasons on AMC+ in 2024.
AMC will undoubtedly hope the increased engagement for titles will translate to new sign-ups for its own SVoD service. Still, regardless, the increase in popularity for most titles within the first month of movement demonstrates the success of marketing titles to a broader audience via a larger platform, even if it is nominally a rival. With the WGA and SAG-AFTRA strikes severely impacting the production of new Scripted content in the US, licensing deals such as those between AMC and Warner Bros. Discovery may become more commonplace as streamers look to provide fresh content to their services.