AMC Networks’ third-quarter U.S. ad revenue fell 10% to $133 million, but streaming subscribers rose slightly from 11.6 million to 11.8 million. The media company disclosed the results Thursday in its third-quarter 2024 earnings report.
AMC Networks’ streaming platforms include AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE, and more. These digital services are in addition to the company’s linear channels, including AMC, BBC America, IFC, SundanceTV, WE tv, and IFC Films.
During the quarter that ran from July 1 to September 30, AMC Networks’ content licensing revenue increased 31% year-over-year to $81 million, with the increase primarily due to AMC’s new licensing agreement with Netflix. It is something. Streaming revenue increased 7% to $152 million, while subscription revenue decreased 5% overall.
International revenue decreased 24% to $74 million in the third quarter. This figure adjusts to a 6% decrease, excluding comparisons with the revenue associated with the now-sold 25/7 Media. International subscription revenue decreased 14% to $49 million. Content licensing plummeted 88% to $3 million, primarily due to the December 2023 25/7 sale. Advertising sales rose 16% to 22 million, driven by growth in the UK and Europe.
Wall Street expects earnings per share (EPS) of 62 cents on revenue of $587.6 million, according to analyst consensus data provided by LSEG. AMC Networks reported adjusted EPS of 91 cents, or a profit of $41.4 million, on revenue of $600 million. Profits were down 35% year over year, and sales were down 6%.
“As we manage this business in a complex and changing environment, we continue to focus on our key strategic pillars: programs, partnerships and profitability,” CEO Kristin Dolan said in a letter to shareholders. We will continue to focus on that.” “During the quarter, we made significant progress in all three areas. We generated free cash flow of $293 million year-to-date and have increased our cumulative free cash flow to approximately We are on track to achieve our stated goal of $1 billion. We have also entered into new and enhanced partnerships with leading companies such as Charter, Netflix, and Amazon to create distinctive and high-quality products across our expanding platform. Continuing to provide quality programming to our customers is what drives us forward.”
(Top photo: AMC “Orphan Black Echoes”)
