AMC Networks reported a loss in the fourth quarter due to a challenging ad market and a drop in traditional distribution income.
Streaming revenue increased 4% to $145 million as the number of AMC’s direct-to-consumer members increased.
The corporation reported a net loss of $21.8 million, or 50 cents per year, compared to a $264.7 million loss, or $6.11, the previous year, when restructuring charges were incurred.
The 2024 results included a $42 million impairment charge for BBC America, a joint venture with BBC.
Revenue decreased 30% to $678.8 million.
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AMC’s earnings fell short of analysts’ predictions, but revenue above Wall Street estimates.
AMC’s domestic businesses generated $59.9 million in operational income, up from a $287 million deficit the previous year.
Domestic revenues fell 32.4% to $581.7 million.
Advertising revenue fell 23%, to $158 million. AMC’s shows had fewer original episodes, which contributed to lower ratings. Distribution sales dropped 35% to $582 million.
The firm announced that it has renewed carriage agreements with Charter Communications and Dish Network.
Subscription sales declined 8% to $327 million.
Content licensing income dropped 68% to $96 million.
Content licensing revenue fell 68% to $343 million.
“In the fourth quarter and across 2023, we continued to see success in the areas that will drive this company forward — programming, partnerships and profitability,” said Kristin Dolan, the company’s chief executive officer.
“Nearly a year since joining AMC Networks as CEO, I am proud of the progress we have made in a fast-changing environment, and the new and innovative ways we are engaging with viewers and our commercial and creative partners.”
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