AMC Networks Hits Streaming Milestone as Digital Revenue Surpasses Cable

AMC Networks reported a pivotal shift in its business during its fourth-quarter earnings, revealing that streaming services have become its primary source of U.S. revenue for the first time. The change arrives as the company navigates a challenging transition away from traditional television.

Total revenue for the quarter ending December 31 was $595 million, a slight 1% dip from the same period last year. Adjusted earnings per share were 64 cents, just shy of analyst expectations of 66 cents. The standout performance came from streaming, where revenue jumped 14% year-over-year to $177 million, a boost the company linked to recent price adjustments. This figure now exceeds revenue generated by its legacy cable channels, including AMC and BBC America.

The company's streaming portfolio, featuring AMC+, Shudder, and Acorn TV, held steady at 10.4 million subscribers, matching its total from both the previous quarter and the end of 2024. However, domestic advertising revenue fell 10% to $124.9 million, reflecting broader linear TV pressures.

Strategic partnerships with cable distributors continue to provide a bridge to the digital future. A key deal with Charter's Spectrum TV, the nation's largest pay-TV operator, has led more than 1.1 million customers to activate the ad-supported version of AMC+ since September 2024. Charter has cited such bundled streaming offerings as a factor in its recent subscriber growth.

CEO Kristin Dolan described the revenue crossover as "a significant milestone and inflection point" in the company's transformation, a shift management had anticipated. In 2025, AMC Networks also secured carriage renewals covering about one-third of its U.S. and Canadian distribution footprint.

Source: Deadline