AMC Global Media Streaming Revenue Rises 6% in Q2, U.S. Ad Sales Down 11%
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- AMC Global Media reported Q2 streaming revenue of $180 million, up 6% year-over-year, while overall domestic revenue fell 11% to $470 million
- AMC announced a $500 million co-exclusive streaming deal with Netflix for the Walking Dead Universe, expecting ~$25 million in cash this year and ~$100 million annually in 2027–2030
- AMC raised its full-year revenue guidance to $2.4–$2.5 billion, with recognized license revenue of approximately $445 million (present value) split as $200–$225 million annually in 2026 and 2027
- U.S. ad sales dropped 11% to $109 million, which AMC partly attributed to a resolved system integration issue, noting underlying advertising declined in the mid-single digits
- International operations posted a 4% revenue gain to $79 million, driven by a 13% surge in international ad sales to $29.4 million
- Wall Street had forecast a 7-cent adjusted loss per share on $554.65 million in revenue, but AMC reported a 28-cent adjusted loss on $547 million, missing both metrics
- CEO Kristin Dolan highlighted renewed distribution agreements with Comcast and YouTube alongside the Netflix expansion, calling the deal a "meaningful source of cash flow for years to come."
Why it matters: AMC traded its most valuable IP for a five-year cash runway but reported a loss nearly four times wider than analysts expected, while U.S. ad revenue keeps contracting — meaning the Netflix windfall is masking, not solving, AMC's domestic demand problem.
