AMC Networks Streaming Subscribers Dip to 10.2 Million in Q1 as Company Moves to Only Count Direct, Paid Sign-Ups

AMC Networks reported its first-quarter 2025 earnings Friday, revealing a new system for counting its total subscribers across AMC+, Shudder and its other streaming services.

Per AMC Networks, “In the first quarter, we updated our streaming subscriber definition to only include subscribers who register on an a la carte basis and from whom we receive a fee for one of our streaming services, directly through our direct-to- consumer (‘DTC’) applications or indirectly through one of our streaming platform arrangements. This definitional change resulted in the exclusion of subscribers from our count who received access to our streaming services from distributors through a video package that also included access to our programming networks.”

Under this new format, AMC Networks says it counted 10.2 million subscribers across its streaming services — including AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE — by the end of March. That was down from 10.4 million subscribers at the end of 2024, based on AMC Networks’ own recalculated total, which previously stood at 12.4 million under the old format.

The bulk of AMC Networks’ business is made up of its U.S. cable channels, which include AMC, BBC America, IFC, SundanceTV, WE tv and IFC Films.

For the quarter, which ran Jan. 1-March 31, AMC Networks’ U.S. ad sales were down 15% to $119 million amid declining cable ratings. Streaming revenues increased 8% to $157 million, growth primarily attributed to price increases across AMC Networks’ streamers.

Overall, revenue from domestic operations was $486 million, down 7% from Q1 2024. Subscription revenues dropped 3% and affiliate revenues fell 12%. Content licensing sales were down 13%.

Internationally, revenue decreased 7% to $70 million. Subscription sales were down 12% while ad sales grew 5%.

Wall Street forecast earnings per share (EPS) of 81 cents on $567 million in revenue, according to analyst consensus data provided by LSEG. AMC Networks reported adjusted EPS of 52 cents on $555 million in revenue.

“We continue to execute on our core strengths as we navigate the changing world of media,” AMC Networks CEO Kristin Dolan said in a letter to shareholders. “During the first quarter we delivered high-quality premium programming to our audiences, launched ad- supported AMC+ on Charter and generated $94 million of free cash flow. We remain nimble and opportunistic in broadly distributing our sought-after content across all available platforms to build value for our partners, viewers and shareholders.”