AMC Networks Streaming Subscriber Total Rises to 11.8 Million; Future of Company Still Unknown

While 2022 was not a particularly good year for the AMC Networks as the company began canceling shows from its multiple cable networks and streaming services including some that had already been filmed. This week, AMC named Kristin Dolan — the wife of AMC chairman James Dolan — the new CEO; the company's fourth in 18 months. On Friday, the company released its earnings report for the final quarter of 2022 and AMC significantly beat expectations as subscriber totals continued to grow.

The company’s combined streaming services of AMC+, Acorn TV, ALLBLK, Shudder, and Sundance Now added 700,000 new subscribers during Q4 to bring its total to 11.8M, representing a 23.7% year-over-year increase as the streamers ended 2021 with 9 million subscribers. The company does not break down the subscriber totals for each individual service, but did report that during Q4 2022, streaming revenues increased 41% and for the year, rose 35% to $502 million.

AMC Networks is looking to write down $400 million to help offset losses from its linear TV channels, and has been cutting shows that were already renewed or filmed in order to do so. Last month, AMC shelved Season 2 of the Courtney B. Vance-led drama “61st Street” despite the fact that it had already been filmed. Just a few days later, the network canceled animated drama “Pantheon” even though it had already been renewed for a second season.

The financial difficulties at the company and the musical chairs in the CEO position has caused many analysts to wonder if the company — and its deep well of archival prestige TV content — could be sold for parts or even purchased outright by a media entity looking to expand in streaming.