AMC reported Q1 2021 financial results Friday morning, missing revenue estimates and dropping 5.8% year over year with total net revenues at $691.7 million.
A 7% drop in advertising revenue impacted the results for the quarter, which AMC said was “due to shifts in the timing of the airing of original programming and lower delivery, partially offset by higher pricing and ad-supported streaming growth.”
While revenue was down, the company says it is on track to hit subscriber goals across its streaming platforms which include Acorn TV, Shudder, Sundance Now, and ALLBLK, along with AMC+. Streaming revenue was up 14% for the quarter. The company said it is on track to reach its target of 9 million total streaming subscribers by the end of 2021.
“AMC Networks had solid performance in the first quarter and we are on course to meet our 2021 financial and streaming targets, including reaching at least 9 million paid subscribers by year end,” said President and Chief Executive Officer Josh Sapan in the report.
“The transition of the company to be the worldwide leader in targeted streaming on the strength of our focused, strong content continues on track. The support of our distribution partners for our streaming efforts and our advanced advertising strides are providing us with both stability and momentum. We believe the high viewer engagement, efficient economic model, and pricing power of our streaming offerings provide us with important strategic advantages which, when coupled with our valuable linear channel offerings, will fuel our growth and continue to position us very well over the near and long term.”