AMC Networks U.S. Ad Sales Fall 10% in Q3 as Streaming Subscribers Tick Up by 200,000 to Reach 11.8 Million

AMC Networks saw U.S. ad sales drop 10% to $133 million in Q3, but a slight increase in streaming subscribers from 11.6 million to 11.8 million. The media company revealed the results in its third-quarter 2024 earnings report Thursday.

AMC Networks’ streaming platforms include AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE. Those digital offerings are in addition to the company’s linear channels: AMC, BBC America, IFC, SundanceTV, WE tv and IFC Films.

During the quarter, which ran July 1-Sept. 30, content licensing revenues were up 31% year over year at AMC Networks to $81 million, an increase mainly attributed to AMC’s new licensing deal with Netflix. Subscription revenue dropped 5% overall, while streaming revenue jumped 7% to $152 million.

International revenues fell 24% to $74 million in Q3. That figure adjusts to a drop of 6% when excluding comparisons to revenues related to the now-divested 25/7 Media. International subscription sales were down 14% to $49 million. Content licensing plunged 88% to $3 million, mainly attributed to the December 2023 sale of 25/7. Ad sales were up 16% to 22 million amid growth in the U.K. and Europe.

Wall Street forecast earnings per share (EPS) of 62 cents on $587.6 million in revenue, according to analyst consensus data provided by LSEG. AMC Networks reported adjusted EPS of 91 cents, or a profit of $41.4 million, on $600 million in revenue. Profit was down 35% year over year, while revenue dipped 6%.

“As we manage this business within a complex and changing environment, we remain focused on our key strategic pillars – programming, partnerships and profitability,” CEO Kristin Dolan said in a letter to shareholders. “During the quarter, we made significant advancements across all three areas. We have generated $293 million of free cash flow year to date and are well on our way to delivering our stated goal of approximately half a billion dollars in cumulative free cash over two years. We also entered into new and enhanced partnerships with major companies like Charter, Netflix, Amazon and others which are driving our company forward as we continue to provide distinctive, high-quality programming to customers across an expanding array of platforms.”

(Pictured above: AMC’s “Orphan Black: Echoes”)