AMC Networks said it will finish 2020 with between 3.5 million and 4 million combined subscribers for its four subscription streaming services.
AMC operates Acorn TV, Shudder, Sundance Now and UMC (Urban Movie Channel). It had originally forecasted reaching this subscriber benchmark by the end of 2022.
“It has been pleasing to see us surpass what we thought was a milestone that had some ambition, and diagnosing whether that’s early take up or whether that is a greater market opportunity than anybody anticipated is something that will have to wait at least some amount of time. But the trajectory is very good,” AMC CEO Josh Sapan told investors during today’s first-quarter earnings call.
Most of the other news coming out of AMC wasn’t that good.
The media company reported a 52% year-over-year drop in net income to $69 million. AMC’s Q1 revenue fell 6.4% to $734 million.
Amid the severely depressed pandemic economy, AMC told investors to expect around a 30% drop in second quarter advertising sales on its various linear and streaming channels.
