AMC Networks recently announced its first-quarter 2025 earnings, unveiling a new method for counting its total subscribers across various streaming services such as AMC+, Shudder, Acorn TV, and more. The company has updated its subscriber definition to only include those who register directly through their DTC applications or through streaming platform arrangements, excluding subscribers who access content through video packages from distributors.
According to AMC Networks, they reported 10.2 million subscribers across their streaming services by the end of March, a slight decrease from the previous total of 10.4 million at the end of 2024. This adjustment in counting methodology resulted in a more accurate representation of their subscriber base, previously reported at 12.4 million.
While AMC Networks’ U.S. cable channels like AMC, BBC America, and IFC remain a significant part of their business, the company saw a 15% decline in U.S. ad sales to $119 million due to decreasing cable ratings. However, streaming revenues saw an 8% increase to $157 million, driven by price increases across their streaming platforms.
Overall, revenue from domestic operations decreased by 7% to $486 million in the first quarter of 2025. Subscription revenues dropped by 3%, affiliate revenues fell by 12%, and content licensing sales were down by 13%. In contrast, the international division saw a 7% decrease in revenue to $70 million, with subscription sales declining by 12% and ad sales growing by 5%.
Wall Street analysts had forecasted earnings per share of 81 cents on $567 million in revenue, but AMC Networks reported adjusted EPS of 52 cents on $555 million in revenue. Despite the challenges, CEO Kristin Dolan emphasized the company’s commitment to delivering premium content, launching ad-supported AMC+ on Charter, and generating $94 million in free cash flow during the quarter.
In a letter to shareholders, Dolan stated, “We continue to execute on our core strengths as we navigate the changing world of media. We remain nimble and opportunistic in broadly distributing our sought-after content across all available platforms to build value for our partners, viewers, and shareholders.”
The shift in subscriber counting methodology and the company’s strategic focus on streaming services reflect AMC Networks’ adaptability and resilience in the evolving media landscape.
