AMC Networks’ revenue falls by 17%, but sees streaming growth

International content provider and streaming operator AMC Networks faced revenue decline during the first quarter, despite streaming boost.

The company’s net revenues took a fall of 17% from $717million the year prior to $596 million. This was contributed by a 14% decrease YoY in domestic operations and 30% YoY decline in revenue across its international operations.

AMC Networks is behind the streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE; cable networks AMC, BBC AMERICA via a joint venture with BBC Studios, IFC, SundanceTV and WE tv.

Advertising revenues was also down, with a 13% decline in the US to $140 million, which the linear ratings declines and a challenging ad market. However, across its international operations advertising revenue rose by 16% to $22 million. AMC Networks said it was due to increased ratings and growth across Central and Northern Europe advertising markets, as well as digital and advanced advertising growth in the U.K.

US streaming revenue also increased 3% from the prior year to $145 million and subscribers went up by 2% to 11.5 million. Though subscription revenue decreased by 7% to $323 million in the US, as well as by 10% to $51 million internationally.

During Q1 the provider recently launched BBC News in the US on CTV and FAST platforms. It also launched AMC Stories and AMC Reality on UK-based ad-supported video-on-demand streaming service ITVX.

Kristin Dolan , AMC Networks’ chief executive officer said: “In the first quarter, we continued to execute on our strategic priorities, including the ongoing delivery of healthy free cash flow. As new technologies transform the way media is consumed, we continue to produce great content and make it available to viewers whenever and wherever they want to watch. We recently strengthened our balance sheet by completing a series of financing transactions that meaningfully extended our debt maturities. This creates substantial flexibility for us as we continue to leverage our core strengths and reorient our business around the consumer-driven changes that are happening across the industry.”

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