AMC Networks reported net revenue of $555 million, down from $596 million in the prior year. Operating income fell to $63 million from $110 million. Earnings per share came in at 54 cents, missing analyst expectations.
Subscription revenues decreased 3% to $313 million due to declines in the linear subscriber universe.. Streaming revenues increased 8% to $157 million, which was largely due to the impact of price increases.
Starting this quarter, the company is changing the way it reports streaming subscribers. The number now only include subscribers who pay a fee for one of their services, rather than those who receive access to one of the streaming services through a video package that also includes linear programming, such as Charter’s Spectrum TV customers, who receive ad-supported AMC+ because they have AMC in their Spectrum video package, which became available at the end of March.
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