Variety; AMC Networks Streaming Revenue Rises 12% in Q2, U.S. Ad Sales Drop 18%

Story from Variety:

AMC Networks saw an 18% drop in U.S. ad sales but a 12% increase in revenue for the company’s streaming business during the second quarter of 2025, the company reported Friday.

Subscribers to AMC Networks’ suite of streaming platforms — AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE — increased 2% to 10.4 million during the quarter, which ran April 1-June 30. (In Q1, AMC Networks announced it was recalculating its streaming subscribers count to only include direct, paid signups, which totaled 10.2 million by the end of March).

The bulk of AMC Networks’ business is made up of its U.S. cable channels, which include AMC, BBC America, IFC, SundanceTV, WE tv and IFC Films.

Overall, domestic operations revenue dipped 2% in Q2 to $527 million.

Within that segment, subscription revenues were down 1% to $320 million. Streaming sales were up the above-mentioned 12% to 169 million, primarily attributed to price hikes across the AMC Networks-owned streamers. Affiliate revenue dropped 12% to $151 million.

Content licensing revenues were up 26% to $84 million. Ad sales fell the above-mentioned 18% to $123 million.

Turning to AMC Networks International, sales were down 16% to $76 million. Subscription revenue decreased 5% to $47 million.

International ad sales fell 31% to $26 million, which AMC says is in part due to a $13.4 million adjustment reported by a third-party for the previous year’s Q2. Excluding that adjustment, ad sales actually increased 2%.

Wall Street forecast earnings per share (EPS) of 61 cents on $583 million in revenue, according to analyst consensus data provided by LSEG. AMC Networks reported adjusted EPS of 69 cents on $600 million in revenue.

“We are executing our clear strategic plan focused on programming, partnerships and profitability,” CEO Kristin Dolan said in a letter to shareholders. “We remain committed to delivering high-quality and distinctive series and films to our engaged fans across all platforms, including the best collection of targeted streaming services in the world. In the second quarter, we saw streaming revenue growth accelerate, strength in content licensing and continued healthy free cash flow generation. We are increasing our free cash flow outlook for 2025 and now expect approximately $250 million of free cash flow for the full year.”