Under pressure streamer AMC Networks has reported the loss of 300,000 subscribers across its portfolio.
In its second quarter earnings, AMC also revealed a 17% drop in ad sales, amid an overall fall in revenues of 8% to $678.6 million.
AMC Networks lost 300,000 subscribers across its streaming services in Q1, falling from 11.8 million at the end of 2022 to 11.5 million by March 31. In Q2, that decline continued with streaming subs down to 11 million at the end of June.
There has also been a change in the way AMC reports its subscribers that may have impacted on the numbers: “In the second quarter, we updated our subscriber definition to no longer include estimated subscriber conversions. This definitional change resulted in the removal of approximately 300 thousand subscribers from our quarter end subscriber count. Subscribers and growth rates mentioned in this release reflect our updated definition.”
In an earnings call, CEO Kristin Dolan said that the company hopes that the strikes by the writers and actors unions will soon be resolved, adding that production on two new Walking Dead spin-offs had been completed.
