AMC Networks Inc. reported a jump in streaming subscribers in the first quarter, suggesting author Anne Rice’s vampire franchise is taking off, providing a boost after a content void.
(Bloomberg) — AMC Networks Inc.
reported a jump in streaming subscribers in the first quarter, suggesting author Anne Rice’s vampire franchise is taking off, providing a boost after a content void.
Streaming subscribers jumped 22% to 11.5 million in the three months ended March 31, the company said in a statement.
Revenue increased 1% to $717 million, beating analysts’ forecasts for $697.1 million, boosted by increased content distribution but partly offset by lower advertising sales. Earnings per share excluding some costs were $2.62, beating analysts’ estimates for $1.87.
The New York-based parent of AMC, Sundance and other channels has struggled to shift to streaming TV.
Its biggest hit, The Walking Dead, ended its run last year, although the channel offers spinoffs and is producing shows based on Rice’s characters.
During the quarter, AMC premiered the second series in Rice’s expanding Immortal Universe series, Anne Rice’s Mayfair Witches, which became the top new basic cable drama for the 2022-2023 season, the company said.
That makes it also the most successful premiere ever for the streaming channel AMC+ and the most-watched single season of any show on the platform.
AMC also saw a significant increase in content licensing revenue, which jumped 69% to $103 million.
The company attributed the increase to “the timing and availability of deliveries in the period,” including remaining episodes of “an AMC Studios produced series to a third party.” The final season of The Walking Dead was released on Netflix earlier this year, suggesting that contributed to the gains in licensing revenue.
Despite some quarterly success, AMC’s traditional business is still sputtering.
Advertising revenue decreased 20% due in part to falling TV viewership and marketers pulling back spending, while affiliate revenues — or fees paid by pay-TV providers—declined 11.7% due in part to subscriber declines.
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