AMC Networks reveals that it has added more streaming video subscribers in the first half of the year than it ever has for a six-month period.
Through mid-year 2019, AMC’s streaming services have added approximately 400,000 subscribers in aggregate, and that the company is on target to end 2019 “comfortably ahead of 2 million subscribers,” according to CEO Josh Sapan.
Sapan added that he expects AMC Networks’ cumulative streaming subscriber total will be between 3.5 million and 4 million by 2022, and between 5 million and 7 million by 2024.
The company also expects more than half a billion dollars in revenue by 2024 from its four different SVODs: Shudder, Sundance Now, Acorn TV and Urban Movie Channel.
“Given the genetics of our SVOD services, we have the ability to target and retain subscribers...with radically more efficiency than mainstream SVOD services that are pursuing broad general interest audiences that often experience, as we all know, people coming in and out for an individual show or series,” Sapan said.
For the second quarter, AMC Networks saw consolidated net revenues spike 1.4% to $772 million, while operating income fell 11.1% to $170 million.
Sapan added that he expects AMC Networks’ cumulative streaming subscriber total will be between 3.5 million and 4 million by 2022, and between 5 million and 7 million by 2024.
The company also expects more than half a billion dollars in revenue by 2024 from its four different SVODs: Shudder, Sundance Now, Acorn TV and Urban Movie Channel.
“Given the genetics of our SVOD services, we have the ability to target and retain subscribers...with radically more efficiency than mainstream SVOD services that are pursuing broad general interest audiences that often experience, as we all know, people coming in and out for an individual show or series,” Sapan said.
For the second quarter, AMC Networks saw consolidated net revenues spike 1.4% to $772 million, while operating income fell 11.1% to $170 million.
