AMC Networks reported its first-quarter 2022 earnings Thursday, revealing it had ended the quarter with 9.5 million streaming subscribers.
AMC Networks CFO Christina Spade said in February the company expected to add 400-500,000 streaming subscribers in Q1, after reaching more than 9 million subs at the end of 2021.
Wall Street forecast earnings per share (EPS) of $2.63 on $758.05 million in revenue, according to analyst consensus data provided by Refinitiv. AMC Networks reported adjusted diluted EPS of $2.54 on $712 million in revenue.
“AMC Networks had solid first quarter performance, highlighted by 3% total company revenue growth and continued growth of our streaming portfolio to end the quarter with 9.5 million total subscribers,” 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.”
Back in February, AMC Networks revealed it had reached more than 9 million paid streaming subscribers by the end of 2021. The company has forecast between 20 million to 25 million paid subscribers across its streaming services by 2025 and said last quarter it was anticipating getting halfway to that goal by the end of this year.
AMC Networks’ lineup of targeted streaming services includes AMC Plus, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE, newly acquired with the purchase of anime content distributor Sentai. Those digital offerings are in addition to the company’s linear channels AMC, BBC America (a joint venture with BBC Studios), IFC, SundanceTV, WE tv and IFC Films.
AMC Networks stock closed Wednesday at $35.07 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.
AMC Networks executives will host a conference call at 10:30 a.m. ET to discuss the quarter in greater detail.
More to come…