AMC’s Streaming Revenue Surpasses Cable TV as Main Source

AMC Networks Inc. had a big year in 2025, with streaming taking the lead as the primary revenue source for its U.S. operations. This shift marked a significant moment in the company’s evolution as streaming revenue grew by 14% in the last quarter, hitting $177 million, thanks to price increases. Overall, streaming revenue for the year rose by 12% to $677 million. Despite this growth, the number of streaming subscribers remained steady at 10.4 million by the end of December 31, 2025.

While total revenues for the fourth quarter saw a slight 1% dip to $595 million, yearly revenues were down 5% to $2.3 billion. In the domestic segment, which is the core of AMC Networks’ business, revenues fell by 1% in the quarter and 5% for the year. Subscription revenues for this segment stayed flat, with streaming gains offsetting declines in traditional affiliate fees.

Advertising revenues faced challenges, declining by 10% in the quarter and 15% for the year due to lower TV ratings and market conditions. On the bright side, the company generated positive free cash flow of $40 million in the fourth quarter and $272 million for the whole year, beating expectations and strengthening financial stability.

Looking ahead to 2026, AMC Networks has exciting plans in store. They launched new streaming services like All Reality and revamped Sundance Now with more content. Their upcoming lineup includes original shows like The Audacity, Dark Winds, and The Walking Dead: Daryl Dixon. Additionally, they acquired full ownership of RLJ Entertainment, consolidating their assets and investments.

Despite challenges in traditional TV segments, AMC Networks’ focus on streaming, content investments, and operational efficiency sets them up for success in navigating the changing media landscape.