AMC Networks Q3 Earnings Report 2024: Advertising, Streaming Updates
AMC Networks — the company behind such cable channel brands as AMC, IFC and Sundance TV, as well as such streaming services as AMC+, Acorn TV and horror streamer Shudder — reported a 10 percent drop in third-quarter U.S. advertising revenue to $133 million on Friday. It cited “linear ratings declines and a challenging ad market, partly offset by digital and advanced advertising revenue growth.”
Quarterly affiliate revenue decreased 13 percent to $164 million, “primarily due to basic subscriber declines.”
After returning to streaming subscriber growth in the third quarter of last year after two quarters of declines, the company added around 200,000 users in the latest quarter to end September with a total of 11.8 million subs, compared with 11.6 million as of the end of June.
Original series on AMC in the third quarter included The Walking Dead: Daryl Dixon – The Book of Carol, starring Norman Reedus and Melissa McBride, season 4 of the dystopian Snowpiercer, starring Jennifer Connelly and Daveed Diggs, and Orphan Black: Echoes with Krysten Ritter and Keeley Hawes.
The company, led by CEO Kristin Dolan, has been leaning into data-led audience targeting for ad buying as marketing dollars continue to shift from linear TV networks to ad tiers being rolled out by streaming platforms. “It’s a huge opportunity to finally swing the pendulum back from digital-first to shared purchase of traditional television as well as digital to support the advertiser efforts,” Dolan said earlier this year.
On Friday, she said: “As we manage this business within a complex and changing environment, we remain focused on our key strategic pillars – programming, partnerships and profitability. During the quarter, we made significant advancements across all three areas.”
Added Dolan: “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.”
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