AMC Hits 9.5M Streaming Subscribers, Still on Target for 25M by 2025

On Wednesday, the AMC Networks released their first quarter 2022 earnings, reporting that the company added 500,000 streaming subscribers during the first three months of the year. The additions raised the combined customers across AMC+, Shudder, Acorn TV, and Sundance Now to 9.5 million as of the end of March. The streamers collectively had reached 9 million subscribers at the end of last year.

The achievement matches the expectations that AMC laid out in February when CFO Christina Spade gave guidance of 400,000 to 500,000 new streaming subscribers during the quarter. The firm has set a target of 20 million to 25 million customers by 2025 and has pinned its hopes on meeting half that number by the end of this fiscal year.

AMC Networks oversees its recently launched flagship streamer AMC+, as well as several niche streaming services including horror channel Shudder, independent hub Sundance Now, and British TV specialist Acorn TV. AMC has also worked to ensure subscribers can easily find its streaming channels, making them paid add-ons to services such as Amazon Prime Video and YouTube TV.

Though AMC Networks saw growth in subscriber numbers, it ultimately missed Wall Street’s estimates. According to Refinitiv, analysts had expected the company to generate about $758 million in revenue for the quarter, while the network delivered $712 million in revenue according to disclosures. Overall, net revenue was up 3% year-on-year, but profits dropped by almost 15% for the same period.

In prepared remarks, interim CEO Matt Blank said, “We continue to advance our differentiated strategy of offering streaming services that appeal to audiences with distinct affinities and passions, which is leading to strong consumer loyalty and low churn. 2022 is the biggest year of original programming in AMC Networks’ history and our content continues to break through, including the recent final season premiere of Better Call Saul, which drove record levels of subscriber acquisition for AMC+. With our content cost advantages, our ability to super serve audiences, and our clear path to profitability by virtue of our unique strategy, we are reaffirming our full year 2022 financial outlook and our target of achieving 20 million to 25 million streaming subscribers in 2025, as we continue to reconstitute our revenue mix and as we remain focused on profitability.”

Last week, AMC+ announced that they would be enhancing their offerings by bringing anew movie from corporate sibling IFC Films to the streaming service every week immediately following their theatrical releases.