AMC Networks, the cable networks and streaming company that operates the likes of AMC, AMC+, IFC, BBC America, Acorn TV and Shudder, reported a 5 percent drop in U.S. advertising revenue in the second quarter, but said it grew its streaming subscribers in the period to end June with 10.8 million, up from 9.5 million as of the end of March.
Earlier in the year, it had forecast it would add 400,000-500,000 streaming subscribers during the second quarter. AMC’s streaming strategy focuses on AMC+ and niche services, which it says come with lower content costs than broad-based entertainment services, but attract loyal subscribers. In May, the company mentioned plans to increase prices of its AcornTV and ALLBLK streaming services by $1.
Among the company’s key content launches in the second quarter were the final season of Better Call Saul and the second half of season 7 of Fear the Walking Dead.
U.S. ad revenue fell amid “lower linear ratings,” partially offset by digital growth and higher “AMC Originals impressions.”
AMC is led by interim CEO Matt Blank. In late August 2021, the company picked the former Showtime Networks boss to take over from company veteran Josh Sapan who moved into the vice chair role.