AMC Networks Ends This autumn With Extra Than 6 Million Streaming Subs; Gross sales, Revenue Beat Avenue – .
AMC Networks ended 2020 with more than 6 million subscribers to its AMC Networks streaming services for AMC +, Acorn TV, Shudder, Sundance Now and ALLBLK – a 157% increase over the previous year.
The company reported fourth quarter earnings on Friday that exceeded Wall Street forecasts. Revenue decreased 0.6% to $ 780.3 million, and AMC posted net income of $ 94.7 million, or $ 2.09 per share, after a loss of $ 8.6 million, or 15 cents each Share in the previous year.
The shares gained more than 5% in premarket trading.
AMC Nets separately recorded a gain of $ 76 million related to its stake in FuboTV, which was sold in multiple transactions in December and January. In January gross proceeds totaled $ 96 million. (It no longer holds any shares in Fubo.)
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Streaming is the company’s top growth area today, said CEO Josh Sapan. He named 2020 “a year of strong performance for AMC Networks as we continued to transform our business while successfully navigating a uniquely challenging and uncertain operating environment.”
He cited strong sales relationships, key digital advertising initiatives and resumption of content production “to give us a strong tailwind and we believe we have significant and sustainable opportunities ahead of us as we continue to build our business.”
AMC resumed production of several shows in the third and fourth quarters, including The Walking Dead, Fear The Walking Dead, Creepshow and the upcoming Kevin Can F ** k Himself.
Domestic advertising revenue declined 5.5% for the quarter, less than the 10% decline some Wall Streeters had expected. The company wrote the dip at the time the original programming aired, partially offset by stronger ones Scatter pricing.
Domestic sales revenues fell by 1.2% and were also significantly higher Expectations of decreases in subscription and content License sale Numbers.