The third quarter of 2025 was neither good nor bad for AMC Networks in terms of streaming subscribers. The company ended the most recent quarter with 10.4 million streaming subscribers, the same number it ended the previous quarter with.
Key Takeaways
- AMC Networks held steady at 10.4 million streaming subscribers in Q3 2025, showing no quarter-over-quarter growth.
- Streaming revenue rose 14% year-over-year to $174 million, driven primarily by price increases rather than subscriber growth.
- Following a revised subscriber definition in early 2025, AMC Networks now excludes bundled users, reducing the overall subscriber total but offering a clearer view of direct-paying customers.
In spite of no quarter-over-quarter change, the outlook was slightly better on an annual basis. Considering AMC Networks ended the third quarter of 2024 with 10.2 million streaming subscribers, the company managed to add around 200,000 subscribers over the past year.
However, all of those additions came during the second quarter of 2025. AMC Networks ended the first quarter of the year with 10.2 million subscribers, and the second quarter with 10.4 million, resulting in a gain of 200,000 between April and June of this year.
According to the company, streaming revenues increased to $174 million, a 14%, increase, primarily driven by price increases to its services.
As a reminder, AMC Networks made a fairly significant change to its definition of a subscriber in the first quarter of the year.
Since then, the company has stopped reporting users who receive access to one of its streaming services through a video package as subscribers. For example, Philo subscribers who receive AMC+ as part of their Core package.
Instead, AMC Networks now only reports subscribers who pay for one of its streaming services directly.
To put this change into perspective, AMC Networks closed out 2024 with as many as 12.4 million streaming subscribers. Following the change to its subscriber definition, that number dropped to 10.2 million in the first quarter of this year.
The 10.2 million stated for the end of the third quarter of last year appears to be based on revised numbers (down from 11.8 million) provided by AMC Networks to reflect this change, confirming the slight increase when drawing year-over-year comparisons.
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