AMC Networks has reported a significant decline in U.S. advertising revenue and streaming subscribers for the first quarter.
Despite adding the original series "Anne," the company's streaming subscribers fell to 11.5 million, and its U.S. advertising revenue dropped by 20%.
- The company had previously forecast growth to 12 million subscribers by the end of 2022, rising to 20 million to 25 million by 2025, but so far, numbers have peaked at 11.8 million in Dec. 2022.
- The company continued to incur costs from its restructuring, which now total over $450M.
- Overall revenue was up 1% despite the significant decline in its streaming service.
- Kristin Dolan took over as CEO in February after Christina Spade surprisingly stepped down in Nov. 2022.