AMC Networks — the company behind cable channel brands like AMC, IFC and Sundance TV, as well as streaming services like AMC+, Acorn TV and Shudder — reported a 13 percent drop in first-quarter U.S. advertising revenue on Friday, which After a 23 percent decline in the fourth quarter of 2023.
After returning to streaming subscriber growth in the third quarter of last year after a two-quarter decline, the company added 100,000 subscribers in the first quarter to the end of March to a total of 11.5 million, while by the end of the year The number was 11.4 million and 11.2 million by the end of March 2023.
The company’s US ad revenue update came for the first quarter of 2024, with AMC airing original series starring Andrew Lincoln and Danai Guerra. AMC Networks said first-quarter ad revenue fell to $140 million “due to declines in linear ratings and a challenging advertising market, partially offset by increases in digital and advertising revenue.” Affiliate revenue fell 14 percent, “primarily due to a lack of customers.”
AMC Networks, led by CEO Kristen Dolan, is leaning toward data-led audience targeting for ad buying as marketing dollars continue to shift from linear TV networks to ad levels that are streaming. are introduced through platforms. “This is a huge opportunity to finally swing the pendulum back from digital-first to buying digital first alongside traditional television and supporting advertisers’ efforts,” Dolan said earlier this year.
Dolan replaces Christina Spade in early 2023 when a cost-cutting program including layoffs is unveiled in late 2022.
Dolan said on Friday: “”In the first quarter, we continued to execute on our strategic priorities, including the continued delivery of healthy free cash flow. As new technologies change the way we consume media, we continue to create great content and make it available to viewers whenever and wherever they want to watch it. We have recently strengthened our balance sheet by completing a series of financing transactions that have meaningfully increased our debt maturities. This gives us considerable flexibility as we continue to leverage our core strengths and realign our business around the consumer-driven changes that are happening across the industry.”
Credit : www.hollywoodreporter.com
