AMC Networks ended the third quarter of 2023 with 11.1 million streaming subscribers. In reality, this is only a minor increase on the second quarter, but considering AMC’s streaming services collectively lost subscribers during Q2, this is a positive change in direction.
AMC had exactly 11 million streaming subscribers at the close of the second quarter of 2023, and this included a loss of 500,000 when compared to the 11.5 million reported at the end of Q1 2023. While AMC made changes to its subscriber definition which inflated losses, when removing those estimated subscriber conversions, AMC still lost 200,000 streaming subscribers during the third quarter.
In this sense, the 100,000 subscriber increase reported for Q3 2023 is a change in the right directly. The 11.1 million also represents an increase of around 400,000 when compared to the 10.7 million reported for the end of the third quarter of 2022.
AMC Networks also reported $142 million in streaming revenue during the more recent quarter, an increase of 9%. AMC attributed this increase to “year-over-year streaming subscriber growth and our continued focus on higher value subscribers.”
One of the big changes for the AMC+ streaming service in the third quarter of 2023 was the introduction of the new ad-supported plan. Priced at just $4.99 a month, the ‘with ads’ plan offers consumers a way to subscribe at a much cheaper price than usual.
However, considering the plan launched so late in Q3, the intial impact of the cheaper subscription won’t be seen until AMC Networks releases its fourth quarter results in early 2024.
Thanks to a deal with Warner Bros. Discovery, a number of popular AMC+ shows also made their way to the Max streaming service in the third quarter. In addition to exposing existing Max subscribers to the content offered by AMC+, this could potentially also help to increase subscribers during the current (Q4) quarter.