AMC Networks hit 11 million streaming subscribers in Q3.

By | November 7, 2022

AMC Networks reported its third-quarter earnings for 2022 on Friday, saying it hit 11.1 million paid streaming subscribers at the end of Q3, while its US ad sales fell 10 percent in the quarter.

That new figure is up 44% from last year’s July-September period, and out of the 10.8 million total customers AMC Networks reported at the end of Q2 across all its targeted streams: AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE. Newly acquired by anime content distributor Sentai Purchase. Those digital offerings are in addition to the company’s linear channels AMC, BBC America (a joint venture with BBC Studios), IFC, Sundance TV, WE TV and IFC Movies.

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According to AMC Networks’ earlier guidance, the company expects to be halfway to its larger goal of 20-25 million streaming subscriptions by 2025 by the end of this year.

Looking at domestic operations, revenue fell by 14 percent. While US ad sales fell 10% to $180 million in Q3 and content licensing revenue fell 63% from the same quarter last year, subscription revenue grew 8% and streaming sales rose 41%.

In the “International and other” segment – which includes AMC Networks International (its international programming business) and 25/7 Media (its production services business) – revenue fell 24%. Broadcast and “other” revenues fell 22 percent, while ad sales fell 31 percent.

Wall Street forecasts earnings per share (EPS) of $1.77 on revenue of $786.78 million, according to analyst consensus data provided by Refinitiv. On Friday, AMC Networks reported adjusted EPS of $2.09 on revenue of $681 million.

The company said the lower-than-estimated revenue figure fell 16% from Q3 2021 due to the timing of content licensing agreements, lower affiliate and ad sales in the quarter and international currency, but was partially offset by 41%. Streamline revenue growth.

AMC Networks’ operating income fell 20% year over year to $151 million. With some favorable adjustments, it rose to $194 million, down 14 percent from last year’s adjusted figure.

Free cash flow is $4 million and net cash from AMC Networks is $19 million.

“Our strong content presence is showing positive growth through 2022,” AMC Networks CEO Christina Spade, who was promoted to the role from CFO when interim CEO Matt Blanken left in August, said in a prepared statement related to the financials. “Our focus on transforming into a consumer-focused multi-platform premium content company is being driven by strong digital distribution growth. As of the end of the third quarter, we had 11.1 million paid subscribers, representing 44 percent growth and 41 percent revenue growth from last year. As we further refine our revenue mix, we will be highly competitive.” Our ability to disrupt our content sets us up for long-term success and value creation.

AMC Networks stock closed Thursday at $20.84 per share. Regular US stock markets will reopen at 9:30 am ET.

Spade and other AMC Networks executives will host a conference call at 8:30 a.m. ET to discuss the quarter in more detail.

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