AMC Networks has reported lower Q1 earnings as ad revenues dropped, and it lost 300,000 streaming subscribers. Net income fell to $103.6 million (€94.5m), or from $104.2 million a year ago. The company had negative cash flow of $144 million. Revenues rose 0.7 per cent to $717.4 million.

Streaming revenue increased 29 per cent because of year-over-year subscriber growth and higher prices. Advertising revenue fell 20 per cent to $161 million as rating dropped and the ad market softened. AMC also had fewer original episodes air during the quarter.

“AMC Networks has always been known for great content that breaks through in popular culture, receives critical acclaim and engages fans. In an environment of shifting consumption, we are committed to making our content available across the entire distribution ecosystem,” said CEO Kristin Dolan. “While we re-evaluate the pathways to content monetisation, we are strategically reducing costs and streamlining our organisation. These efforts contributed to a first quarter with strong margins and increased streaming revenue as we prioritised higher-value subscribers for our streaming portfolio. We remain focused on the overall profitability of the company as we continue to maintain a strong balance sheet, drive free cash flow and maximise shareholder value.”

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Tags: AMC, AMC Networks, streaming