AMC Networks ‘On Track’ To Meet Streaming Subscriber Goals

Negan Walking Dead
Season 11 of 'The Walking Dead' drove new subscribers to AMC Plus (Image credit: AMC Networks)

 AMC Networks reported higher third-quarter earnings and said it was on track to meet its goal of reaching 9 million paid subscribers for its portfolio of streaming networks.

Net income rose to $110.7 million, or $2.55 a share, from $61,6 million, or $1.17 a share a year ago

Revenues increased 25% to $810.7 million. 

Operating income for AMC’s domestic operations rose 19% to $213 million as revenue rose 24.8% to $682.7 million. 

Ad revenues rose 22% to $200 million because of higher prices and an increase in the number of episodes of original programming. 

Subscription revenues gained 14% with increased streaming revenues. The company said the premiere of Season 11 of The Walking Dead was a top driver of subscriber acquisition and viewership on AMC Plus.  Affiliate revenues were down in the low-single digit range because of a decrease in pay-TV subscribers.

Interim CEO Matt Blank said the company was raising its full-year financial guidance for revenue and adjusted operating income. 

“We are building a streaming business that is sustainable and will be profitable over the long term, and with our owned IP, our library of high-quality content, and our strong legacy channels business, we have the right assets to drive growth and increase shareholder value,” Blank said. 

Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.