Advanced Television

AMC Networks’ revenues dip in Q1

May 12, 2025

AMC Networks has reported its financial results for Q1 2025.

Chief Executive Officer, Kristin Dolan, commented: “We continue to execute on our core strengths as we navigate the changing world of media. During the first quarter we delivered high-quality premium programming to our audiences, launched ad-supported AMC+ on Charter and generated $94 million (€84.4m) of free cash flow. We remain nimble and opportunistic in broadly distributing our sought-after content across all available platforms to build value for our partners, viewers and shareholders.”

Operational Highlights:

  • Launched ad-supported AMC+ availability for Spectrum TV Select customers at the end of March as part of a multi-year renewal with Charter announced last September.
  • Continued expansion of FAST channels business with upcoming launch of new FAST channel, Acorn TV Mysteries.
  • Dark Winds returned for its third season with approximately 2.2 million premiere night viewers and a significant increase in AMC+ direct-to-consumer acquisition activity over the previous season. The series has been renewed for a fourth season.
  • Continued strong momentum across the Anne Rice Immortal Universe, with the upcoming launch of new series: Anne Rice’s Talamasca: The Secret Order, debuting this autumn and renewal of Anne Rice’s Mayfair Witches (pictured) for a third season.
  • Announced development of a new AMC Studios franchise, Great American Stories, built on iconic American stories.
  • Greenlit Allie & Andi, a new Acorn TV crime drama, with Brooke Shields starring and executive producing.
  • As the Company continues to dominate the horror space, it is offering advertisers unparalleled access to a loyal and engaged fan base through new opportunities including the upcoming ad-supported launch of Shudder; Shudder’s 10-year anniversary this year; and a multi-platform partnership with Sphere this fall across FearFest, Shudder and Sphere’s annual “Sphere of Fear” Exosphere show.

Financial Highlights – First Quarter Ended March 31, 2025:

  • Domestic Operations revenues decreased 7 per cent from the prior year to $486 million.
    • Subscription revenues decreased 3 per cent to $313 million due to declines in the linear subscriber universe, partially offset by streaming revenue growth.
      • Streaming revenues increased 8 per cent to $157 million primarily due to the impact of price increases across services.
      • Affiliate revenues declined 12 per cent to $156 million primarily due to basic subscriber declines, and to a lesser extent, contractual rate decreases in connection with renewals.
    • Content licensing revenues decreased 13 per cent to $54 million due to the availability of deliveries in the period, including the prior year beneficial impact of the sale of our rights and interests to Killing Eve in the first quarter of 2024.
    • Advertising revenues decreased 15 per cent to $119 million primarily due to linear ratings declines.
  • Adjusted Operating Income decreased 24 per cent to $124 million, with a margin of 25 per cent. The decrease in Adjusted Operating Income was primarily driven by continued revenue headwinds in linear businesses.
  • International revenues decreased 7 per cent from the prior year to $70 million.
    • Subscription revenues decreased 12 per cent to $45 million primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024.
    • Advertising revenues increased 5 per cent to $23 million due to increased ratings and advertising growth in the UK, including digital and advanced advertising, partially offset by lower advertising revenues across our other European markets.
  • Adjusted Operating Income decreased 26 per cent to $10 million. The decrease in Adjusted Operating Income was primarily driven by the impact of the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024.

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