AMC Networks Shifts Gears: Streaming Subscribers Soar as Traditional TV Ad Sales Decline

AMC Networks just dropped its Q3 2025 earnings, and while traditional TV ad sales took a hit, their streaming services are seriously picking up steam, pointing to a bold new future.

TL;DR: The Quick Hits

• AMC Networks' U.S. ad sales dropped 17% in Q3 2025, showing the ongoing shift away from linear (traditional cable) TV.
• Streaming is the new growth engine, with paid subscribers hitting 10.4 million and domestic revenue jumping 14% year-over-year.
• The company is actively trimming its workforce and forging key partnerships, focusing on building a "modern media business" centered on digital content and streaming.

Remember when cable TV felt like the only game in town? For media giants like Amc Networks, those days are fading fast. Their latest financial report for Q3 2025 paints a clear picture: traditional advertising revenue is shrinking, but a new digital dawn is rapidly breaking. It's a fascinating, sometimes bumpy, ride as one of your favorite content creators redefines itself for the Streaming era.

Navigating the Shifting Sands of Media: A Digital Transformation Underway

The company, known for hit shows like The Walking Dead universe and a rich slate of genre programming, revealed its earnings for the period between July and September 2025. The headline? A whopping 17% decline in U.S. ad sales. That's a significant drop, reflecting a larger industry trend where advertisers are following eyeballs away from scheduled linear TV and towards on-demand streaming platforms.

This isn't just about ads, either. Affiliate revenue, which comes from cable providers paying to carry AMC Networks' channels, also dipped by 13% to $142 million. Why the slide? Mostly due to a decline in basic cable subscribers and, to a lesser extent, contractual rate decreases during renewals. It’s clear the traditional model is under pressure.

Despite these challenges, AMC Networks managed to pull in $562 million in total revenue for the quarter. While this represented a 6% decrease from the previous year, it actually managed to beat Wall Street's analyst expectations, which had hovered around $547.2 million to $549.3 million. That's a small win in a tough market (Source: StockStory, "AMC Networks Q3 2025 Earnings Report Preview," Nov 6, 2025; Variety, "AMC Networks’ U.S. Ad Sales Drop 17% in Q3," Nov 7, 2025).

Streaming Services Emerge as the Unquestionable New Growth Engine

Now for the good news: streaming is absolutely thriving for AMC Networks. Domestic streaming revenue jumped an impressive 14% to hit $174 million in Q3. This growth was largely fueled by smart price increases across their diverse portfolio of streaming platforms.

More importantly, people are signing up! The company added 200,000 paid streaming subscribers during the quarter, bringing their total to 10.4 million. This includes fans flocking to services like AMC+, Acorn TV (for British mysteries), Shudder (for horror buffs), Sundance Now, ALLBLK, and HIDIVE (anime). It’s worth noting that this 10.4 million figure reflects a refined counting method, focusing solely on paid subscribers, which makes the growth even more meaningful (Source: The Hollywood Reporter, "AMC Networks Reports 17 Percent Drop in Third-Quarter U.S. Ad Revenue," Nov 7, 2025).

"Our performance in the third quarter marks a key milestone in our transition from a cable networks business to a global streaming and technology focused content company. Streaming revenue growth accelerated and will represent our largest single source of domestic revenue this year."

— Kristin Dolan, CEO, AMC Networks (Source: Variety, "AMC Networks’ U.S. Ad Sales Drop 17% in Q3," Nov 7, 2025)

CEO Kristin Dolan is clearly optimistic, stating that streaming revenue is on track to become their single largest source of domestic revenue this year. That's a huge shift from just a few years ago, and it signals a decisive move away from their legacy cable roots.

Strategic Restructuring and Smart Partnerships to Build a Nimble Future

This big pivot isn't just about changing revenue streams; it's about transforming the entire company. AMC Networks recently completed a voluntary buyout program, which resulted in a reduction of "under 5%" of its global workforce. Dolan explained that this wasn't about hitting financial targets, but rather about "strengthening our talent base and ensuring we have the right skills for the future." It’s about building a leaner, more agile team ready for the digital age (Source: Variety, "AMC Networks’ U.S. Ad Sales Drop 17% in Q3," Nov 7, 2025).

They're also busy building bridges in the streaming world. The company renewed a long-term affiliate agreement with DirecTV, which will expand access to their networks and programming, including bundling the ad-supported version of AMC+ in DirecTV's video packages next year. Shudder will even be added to a genre package!

Other notable partnerships include:

• Charter Communications: Over 850,000 Spectrum TV customers are now accessing the ad-supported AMC+ since its inclusion earlier this year.
• Netflix: A renewed branded content licensing agreement for "The AMC Collection," bringing more AMC Studios originals to the global streaming giant.
• Amazon Prime Video: A new "triple bundle" offering AMC+, MGM+, and Starz for $19.99 per month – a sweet deal for fans of premium content.
• Cox: All five of AMC's linear networks are now part of the streaming-only Cox TV Lite plan.
• Roku and Samsung: Renewed deals for FAST (Free Ad-Supported Streaming TV) and AVOD (Advertising-Video On Demand) distribution, with new FAST channels launching by year-end.

These moves show a clear strategy: meet viewers where they are, whether that’s through a traditional cable package with added streaming perks or entirely new digital bundles.

What Viewers Can Expect: A Rich Slate of Original Content and Expanded Access

Of course, none of this matters if there isn't great content to watch. AMC Networks continues to invest in its original programming, which is crucial for attracting and retaining subscribers. In Q3, we saw releases like Season 3 of The Walking Dead: Daryl Dixon and the premiere of Anne Rice’s Talamasca: The Secret Order, expanding their popular "Immortal Universe."

Other highlights from their streaming services included The Madame Blanc Mysteries on Acorn TV, Nautilus on AMC, and The Luckiest Man in America and Kidnapped on AMC+. Looking ahead, Acorn TV's hit series Irish Blood has been renewed for a second season, and a new series titled The Audacity is set to premiere next spring. Plus, a new crime drama, You’re Killing Me, starring and executive produced by Brooke Shields, is in co-production.

This diverse content slate, coupled with expanding distribution, means more ways for you to access the shows you love and discover new ones, often with more flexibility than ever before.

Addressing the Hurdles: Understanding the Trade-offs in a Major Business Pivot

While the streaming growth is exciting, this transition isn't without its challenges. The overall company revenue decreased, and adjusted earnings per share (EPS) of $0.18 actually missed analyst expectations of $0.34 for the quarter (Source: StockStory, "AMC Networks Q3 2025 Earnings Report Preview," Nov 6, 2025). This shows that while the long-term strategy is clear, the path there can be financially bumpy.

These misses don't necessarily indicate a failing strategy, but rather highlight that this kind of extensive business pivot is complex and expensive. Investing in new streaming technology, creating original content, and restructuring a workforce takes time and capital. The key for AMC Networks will be to balance continued investment in growth areas with efficient management of its declining linear assets, all while maintaining healthy free cash flow (they generated $42 million in Q3, targeting $250 million for the full year).

Real-World Impact: How These Changes Benefit the Everyday Viewer's Experience

Imagine Sarah, a long-time Walking Dead fan. She used to catch new episodes live on cable, but lately, her busy schedule makes that tough. Now, with AMC+'s extensive library and her DirecTV bundle, she can binge Daryl Dixon on her own terms, pausing whenever she needs to. Along the way, she discovers The Madame Blanc Mysteries on Acorn TV, a service she might not have considered before but now finds easily accessible through the new partnerships. This shift directly benefits viewers like her, offering more flexibility, more choice, and often, more value through bundled deals.

Practical Takeaways for Viewers

• Embrace Streaming Bundles: Keep an eye out for deals like the AMC+/MGM+/Starz bundle on Amazon Prime Video. These can offer significant savings compared to individual subscriptions.
• Explore Niche Services: AMC Networks' strategy relies on targeted services. If you love a specific genre (horror, British mysteries, anime), check out Shudder, Acorn TV, or HIDIVE.
• Expect More Licensing: Renewed deals with platforms like Netflix mean your favorite AMC shows might appear on other services, expanding your viewing options.
• Flexibility is Key: The move away from rigid linear TV means more on-demand access to new and classic series, allowing you to watch what you want, when you want.

Frequently Asked Questions About AMC Networks' Shift

What exactly is AMC Networks transitioning to?

AMC Networks is actively transitioning from being primarily a cable networks business to a "global streaming and technology focused content company." This means a heavier emphasis on their subscription streaming services (like AMC+, Shudder, Acorn TV) and digital content distribution, rather than traditional linear TV channels.

Which streaming services are part of AMC Networks' portfolio?

AMC Networks owns and operates several popular streaming services, including AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE.

Will my favorite AMC shows still be available on linear TV, or will they all move to streaming?

While streaming is becoming the dominant focus, AMC Networks continues to operate its linear channels (AMC, BBC AMERICA, IFC, SundanceTV, We TV). Many new shows will likely premiere on both, or be available on streaming shortly after their linear debut. However, the trend suggests more content and exclusive features will be pushed to their streaming platforms over time, sometimes even in ad-supported versions available through new bundles.

Sources:

• Maas, Jennifer. "AMC Networks’ U.S. Ad Sales Drop 17% in Q3; Company Trims Under 5% of Global Workforce in Voluntary Buyouts." Variety, Nov 7, 2025.
• Hayes, Dade. "AMC Networks Ad & Affiliate Revenue Keeps Sliding In Q3, But CEO Sees 'A Modern Media Business' Emerging." Deadline, Nov 7, 2025.
• Szalai, Georg; Vlessing, Etan. "AMC Networks Reports 17 Percent Drop in Third-Quarter U.S. Ad Revenue." The Hollywood Reporter, Nov 7, 2025.
• StockStory. "AMC Networks Q3 2025 Earnings Report Preview." Yahoo Finance, Nov 6, 2025.
• Hejl, Adam. "AMC Networks (NASDAQ:AMCX) Exceeds Q3 Expectations." Yahoo Finance, Nov 7, 2025.
• TradingView. "AMC Networks Inc. Reports Third Quarter 2025 Results." TradingView, Nov 7, 2025.
• The Wrap. "AMC Networks US Ad Revenue Drops 17% in Q3 on Linear TV Decline." The Wrap, Nov 7, 2025.