AMC Networks ended 2020 with more than 6 million subscribers for its AMC Networks streaming services on recently launched AMC +, Acorn TV, Shudder, Sundance Now and ALLBLK, up 157% year-over-year on the other.
The company announced fourth quarter results better than Wall Street forecasts on Friday. Revenue slipped 0.6% to $ 780.3 million and AMC rose to net income of $ 94.7 million, or $ 2.09 per share, after losing $ 8.6 million , or 15 cents per share, the previous year.
Shares rose more than 5% in pre-market trading.
AMC Nets separately noted a gain of $ 76 million related to its FuboTV shares, which it sold in multiple deals in December and January, realizing total gross proceeds of $ 96 million in January. (He no longer owns shares in Fubo.)
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Streaming is now the most important area of growth for the company, said CEO Josh Sapan. He called 2020 “a year of strong performance for AMC Networks, as we continue to transform our business while successfully navigating what has been a particularly difficult and uncertain operating environment.”
He cited strong distribution relationships, key digital advertising initiatives and the resumption of content production “as providing us with strong favorable winds and we believe that significant and lasting opportunities lie ahead as we continue to rebuild our business.
AMC has resumed production on 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, among others.
National advertising revenue fell 5.5% in the quarter, less than the 10% drop some Wall Streeters anticipated. The company awarded the dip at the time of the broadcast of the original programming, partially offset by a dispersion price.
Domestic distribution revenue fell 1.2%, also significantly higher expectations about subscription and content drops license sales Numbers.