AMC Networks reports a year-over-year streaming subscriber growth

AMC Networks reported financial results for the second quarter ended June 30, 2023, revealing that the group’s streaming revenues increased 13% to US$137 million, primarily driven by year-over-year streaming subscriber growth and 2022 price increases.

According to the financial report, streaming subscribers increased 6% to 11 million as compared to 10.3 million subscribers in the prior year period. However, as compared to the first quarter of 2023 subscribers’ count of 11.2 million, second quarter subscribers sequentially decreased 2%.

During this quarter, the company debuted “The Walking Dead: Dead City,” the number one season premiere in the history of AMC+ in terms of viewership across all new and returning series. Linear viewership for the first episode attracted a total premiere audience of 2 million viewers. Moreover, it was announced the upcoming September 10 premiere of “The Walking Dead: Daryl Dixon.”

Financially speaking, net revenues decreased 8% from the prior year to US$679 million, largely driven by lower advertising revenues, domestic affiliate revenues and 25/7 Media production services revenues, partly offset by streaming revenue growth of 13%, the company said. Operating income decreased 31% from the prior year to US$106 million.

"Six months into my tenure as CEO, I am impressed with our team’s ability to do what this company has always done best: produce high-quality content and make it available to viewers across an expanding array of platforms. We accomplish this through a measured, opportunistic and disciplined strategy that drives free cash flow,”  commented Kristin Dolan, Chief Executive Officer at AMC Networks.

“Even during a period of industry-wide uncertainty and change, we are seeing the benefits of our strategy play out in our financial results, which for the second quarter include year-over-year increases in free cash, streaming subscribers, and streaming revenue, as well as healthy margins. It is clear we have the programming, the platforms and the partners necessary to continue to operate a very profitable business that delivers long-term shareholder value,”  Dolan added.