AMC Networks has reported its Q2 earnings and revealed that its streaming services lost 500,000 subscribers since March 31st, with subscriber count now at 11 million.

Net revenues decreased 8 per cent from the prior year to $679 million (€618.1m), largely driven by lower advertising revenues, domestic affiliate revenues and 25/7 Media production services revenues, partly offset by streaming revenue growth of 13 per cent.

“Six months into my tenure as CEO, I am impressed with our team’s ability to do what this company has always done best: produce high-quality content and make it available to viewers across an expanding array of platforms. We accomplish this through a measured, opportunistic and disciplined strategy that drives free cash flow. Even during a period of industry-wide uncertainty and change, we are seeing the benefits of our strategy play out in our financial results, which for the second quarter include year-over-year increases in free cash, streaming subscribers, and streaming revenue, as well as healthy margins. It’s clear we have the programming, the platforms and the partners necessary to continue to operate a very profitable business that delivers long-term shareholder value,” said Chief Executive Officer Kristin Dolan.

AMC has also  announced that it will be launching an ad-supported version of its streaming service AMC+.

“This is a big moment for AMC Networks and for our advertising partners because it not only creates a fully-ad supported distribution ecosystem, it also allows advertisers to buy our shows, genres, and franchises in a much more comprehensive and impactful way,” said Kim Kelleher, chief commercial officer of AMC Networks. “With our new series content, library titles, and other targeted streaming platforms that are all bundled into AMC+, partners can move beyond individual shows and even series and choose to ‘own’ whole genres and franchises, and drive messaging to target audiences no matter what they are watching or where. We’ve never been able to offer this level of sweeping yet highly focused reach before in such an effective and comprehensive way.”

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