AMC Networks Inc. (AMCX): Business Model Canvas

In der dynamischen Landschaft der Unterhaltungsmedien entwickelt sich AMC Networks Inc. (AMCX) zu einem Kraftpaket innovativer Content-Strategie, das Nischenprogramme nahtlos mit der plattformübergreifenden Verbreitung verbindet. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das Kabelnetze, Streaming-Plattformen und gezielte Zielgruppenansprache umfasst, hat sich AMCX einen einzigartigen Platz im wettbewerbsintensiven Medienökosystem geschaffen. Von den mitreißenden Erzählungen von „The Walking Dead“ bis hin zu den von der Kritik gefeierten Serien in seinem vielfältigen Markenportfolio verwandelt das Unternehmen die Erstellung von Inhalten in eine strategische Kunstform, die Zuschauer fesselt und traditionelle Medienkonsummuster durchbricht.

AMC Networks Inc. (AMCX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Content-Distributionsvereinbarungen

AMC Networks unterhält Content-Vertriebspartnerschaften mit den folgenden wichtigen Plattformen:

Plattform	Einzelheiten zur Partnerschaft	Auswirkungen auf den Umsatz
Comcast	Mehrjähriger Vertriebsvertrag	127,4 Millionen US-Dollar an Vertriebseinnahmen im Jahr 2022
Dish-Netzwerk	Beförderungsvertrag für AMC-Kanäle	Affiliate-Einnahmen in Höhe von 98,6 Millionen US-Dollar
YouTube-TV	Verteilung von Inhalten auf Streaming-Plattformen	76,3 Millionen US-Dollar an Einnahmen aus digitalem Streaming

Koproduktionspartnerschaften

AMC Networks arbeitet mit unabhängigen Produktionsfirmen zusammen:

• Legendäre Unterhaltung
• IFC-Filme
• BBC-Studios
• Sundance-Institut

Lizenzverträge mit internationalen Mediennetzwerken

Region	Partnernetzwerk	Einnahmen aus Inhaltslizenzen
Vereinigtes Königreich	Sky UK	42,1 Millionen US-Dollar im Jahr 2022
Kanada	Bell Media	33,7 Millionen US-Dollar an internationalen Lizenzen
Deutschland	RTL-Gruppe	28,5 Millionen US-Dollar an Inhaltslizenzen

Technologiepartnerschaften für Streaming-Infrastruktur

Zu den wichtigsten Technologiepartnerschaften gehören:

• Amazon Web Services (AWS) für Cloud-Infrastruktur
• Akamai Technologies für Content-Delivery-Netzwerke
• Brightcove für Video-Streaming-Technologie

Gesamtumsatz der Partnerschaft im Jahr 2022: 376,2 Millionen US-Dollar

AMC Networks Inc. (AMCX) – Geschäftsmodell: Hauptaktivitäten

Erstellung und Produktion von Inhalten für Fernsehsender

AMC Networks produzierte im Jahr 2022 237 Stunden Originalprogramm. Das Unternehmen betreibt mehrere Netzwerke, darunter AMC, BBC America, IFC, SundanceTV und AMC+.

Netzwerk	Ursprüngliche Programmierstunden
AMC	132 Stunden
BBC America	45 Stunden
IFC	30 Stunden
SundanceTV	30 Stunden

Entwickeln und Verwalten von Originalprogrammen

AMC Networks hat investiert 662 Millionen US-Dollar für die Produktion von Inhalten im Jahr 2022. Zu den wichtigsten Originalserien gehören:

• The Walking Dead-Franchise
• Rufen Sie besser Saul an
• Interview mit dem Vampir
• Dunkle Winde

Erwerb und Verbreitung von Medieninhalten

Das Budget für die Content-Akquise im Jahr 2022 betrug ca 438 Millionen US-Dollar. Zu den Vertriebskanälen gehören:

• Lineare Fernsehsender
• Digitale Streaming-Plattformen
• Internationale Lizenzvereinbarungen

Verwaltung digitaler Streaming-Plattformen

Der Streaming-Dienst AMC+ hatte 6,1 Millionen Abonnenten Stand Q4 2022. Die Kosten für die Plattformverwaltung wurden auf geschätzt 124 Millionen Dollar im Jahr 2022.

Streaming-Plattform	Abonnenten	Jährliche Verwaltungskosten
AMC+	6,1 Millionen	124 Millionen Dollar

Marketing und Förderung von Unterhaltungsmarken

Die Marketingausgaben im Jahr 2022 betrugen 287 Millionen Dollar. Zu den Werbestrategien gehören:

• Social-Media-Kampagnen
• Gezielte digitale Werbung
• Plattformübergreifende Werbeveranstaltungen

AMC Networks Inc. (AMCX) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Bibliothek mit Medieninhalten

Ab 2024 verfügt AMC Networks über mehr als 3.000 Stunden Originalprogramm in seinen Netzwerken. Die Inhaltsbibliothek umfasst:

Netzwerk	Öffnungszeiten des Originalinhalts	Wichtige Franchises
AMC	850 Stunden	The Walking Dead, Call Better Call Saul
BBC America	500 Stunden	Eva töten, Doctor Who
IFC	350 Stunden	Portlandia, Dokumentarfilm jetzt!

Kreative Talent- und Produktionsteams

AMC Networks beschäftigt rund 1.750 Vollzeitmitarbeiter in Kreativ- und Produktionsfunktionen. Zu den wichtigsten Produktionskapazitäten gehören:

• Eigene Produktionsstudios
• Postproduktionseinrichtungen
• Engagierte kreative Entwicklungsteams

Geistige Eigentumsrechte

AMC Networks hält geistige Eigentumsrechte für mehrere Franchises mit einem geschätzten Portfoliowert von 750 Millionen US-Dollar. Zu den wichtigsten IP-Assets gehören:

• The Walking Dead-Franchise
• Rufen Sie besser Saul an
• Eva töten

Digitale Streaming-Technologie-Infrastruktur

Details zur Technologieinfrastruktur:

Plattform	Streaming-Kapazität	Jährliche Technologieinvestition
AMC+	2,5 Millionen gleichzeitige Streams	45 Millionen Dollar
Sundance Now	1,2 Millionen gleichzeitige Streams	22 Millionen Dollar

Starkes Entertainment-Markenportfolio

Bewertung und Reichweite des Markenportfolios:

Netzwerk	Jährliche Zuschauerzahl	Markenwert
AMC	85 Millionen Haushalte	620 Millionen Dollar
BBC America	45 Millionen Haushalte	310 Millionen Dollar
IFC	25 Millionen Haushalte	180 Millionen Dollar

AMC Networks Inc. (AMCX) – Geschäftsmodell: Wertversprechen

Vielfältige und hochwertige Originalprogrammierung

Im Jahr 2023 produzierte AMC Networks in seinen Netzwerken 120 Stunden Original-Skriptprogrammierung. Die Originalserie des Unternehmens erreichte auf den wichtigsten Sendern durchschnittlich 3,5 Millionen Zuschauer pro Folge.

Netzwerk	Originalserie	Durchschnittliche Zuschauer
AMC	12 Originalserien	1,8 Millionen
BBC America	6 Originalserien	750,000
IFC	8 Original-Comedyserien	500,000

Nischengenre-Inhalte

AMC Networks ist auf gezielte Genreprogramme mit erheblicher Marktdurchdringung spezialisiert:

• Horror-Genre-Inhalte erwirtschaften einen Jahresumsatz von 125 Millionen US-Dollar
• Dramaserien machen 45 % der Fernsehzuschauer aus
• Comedy-Programme ziehen 2,2 Millionen engagierte Zuschauer an

Content-Verteilung auf mehreren Plattformen

Die Einnahmen aus dem digitalen Vertrieb erreichten im Jahr 2023 372 Millionen US-Dollar, wobei Streaming-Plattformen 28 % der gesamten Content-Monetarisierung ausmachten.

Plattform	Abonnentenbasis	Umsatzbeitrag
AMC+	1,2 Millionen Abonnenten	89 Millionen Dollar
Streaming-Partner	Insgesamt 3,5 Millionen Abonnenten	183 Millionen Dollar

Gezielte Unterhaltung für bestimmte Zielgruppensegmente

Die demografische Targeting-Strategie konzentriert sich auf:

• Altersgruppe der 18- bis 49-Jährigen: 65 % der Gesamtzuschauerzahl
• Männliche Zuschauer: 52 % des Publikums
• Städtische Marktdurchdringung: 78 % in den großen Ballungsräumen

Einzigartige Geschichtenerzähl- und Erzählerlebnisse

Originaler narrativer Inhalt generiert signifikante Engagement-Kennzahlen:

• Durchschnittliche Serienretentionsrate: 87 %
• Social-Media-Engagement: 4,2 Millionen Interaktionen pro Originalserie
• Kritikerlob: 22 Emmy-Nominierungen im Jahr 2023

AMC Networks Inc. (AMCX) – Geschäftsmodell: Kundenbeziehungen

Abonnentenbindung durch digitale Plattformen

AMC Networks meldete im dritten Quartal 2023 insgesamt 5,4 Millionen Streaming-Abonnenten. Das Unternehmen betreibt Streaming-Plattformen wie AMC+, Acorn TV und Shudder.

Streaming-Plattform	Abonnentenzahl
AMC+	3,1 Millionen Abonnenten
Acorn-TV	1,2 Millionen Abonnenten
Schauder	1,1 Millionen Abonnenten

Social-Media-Interaktion und Community-Aufbau

AMC Networks unterhält eine aktive Social-Media-Präsenz auf mehreren Plattformen:

• Twitter-Follower: 4,2 Millionen
• Instagram-Follower: 3,8 Millionen
• Facebook-Follower: 6,5 Millionen

Gezielte Marketingkampagnen

Das Unternehmen gab im Jahr 2022 361 Millionen US-Dollar für Marketing- und Vertriebskosten aus und konzentrierte sich dabei auf gezielte digitale Werbestrategien.

Fanorientierte Inhaltsentwicklung

Netzwerk	Originalserie	Durchschnittliche Zuschauerzahl
AMC	Das Walking-Dead-Universum	3,2 Millionen Zuschauer pro Folge
BBC America	Eva töten	1,5 Millionen Zuschauer pro Folge

Personalisierte Anzeigeempfehlungen

AMC+ nutzt KI-gesteuerte Empfehlungsalgorithmen um das Benutzererlebnis zu verbessern, wobei 65 % der Plattformbenutzer mit personalisierten Inhaltsvorschlägen interagieren.

• Empfehlungsgenauigkeitsrate: 72 %
• Benutzerbindung durch Personalisierung: 58 %

AMC Networks Inc. (AMCX) – Geschäftsmodell: Kanäle

Kabelfernsehnetze

AMC Networks betreibt die folgenden Kabelfernsehnetze:

• AMC
• BBC America
• IFC
• SundanceTV
• WIR fernsehen

Netzwerk	Durchschnittliche monatliche Abonnenten (2023)
AMC	76,2 Millionen
BBC America	54,3 Millionen
IFC	47,5 Millionen
SundanceTV	41,8 Millionen
WIR fernsehen	36,5 Millionen

Streaming-Plattformen (AMC+)

Details zur AMC+-Streaming-Plattform:

• Gestartet im Juni 2020
• Abonnementpreis: 8,99 $ pro Monat
• Gesamtzahl der Abonnenten im vierten Quartal 2023: 1,2 Millionen

Digitale Streaming-Apps

App-Plattform	Statistiken herunterladen (2023)
Apple App Store	2,1 Millionen Downloads
Google Play Store	1,9 Millionen Downloads

Online-Content-Websites

Wichtige Online-Content-Domänen:

• AMC.com
• BBCAmerica.com
• IFC.com
• SundanceTV.com

Social-Media-Plattformen

Plattform	Follower-Anzahl (2023)
Facebook	4,3 Millionen
Twitter	2,7 Millionen
Instagram	1,9 Millionen
YouTube	1,5 Millionen Abonnenten

AMC Networks Inc. (AMCX) – Geschäftsmodell: Kundensegmente

Liebhaber von Fernsehserien

AMC Networks richtet sich über seine Kernkabelnetze an 35,8 Millionen Haushalte mit linearem Fernsehen. Der Flaggschiffsender des Unternehmens erreicht etwa 87 % der US-Pay-TV-Haushalte.

Netzwerk	Geschätzte Zuschauer	Wichtige demografische Merkmale
AMC	3,2 Millionen durchschnittliche Zuschauer	Erwachsene 25–54
BBC America	0,8 Millionen durchschnittliche Zuschauer	Erwachsene 35-64

Konsumenten von Streaming-Inhalten

AMC Networks besitzt Streaming-Plattformen mit insgesamt 6,7 Millionen Streaming-Abonnenten im dritten Quartal 2023.

• Zu den Streaming-Plattformen gehören AMC+, Shudder, Sundance Now und ALLBLK
• Im Jahr 2022 erreichten die Direct-to-Consumer-Umsätze 324 Millionen US-Dollar

Nischengenre-Fans

Spezialisierte Streaming-Dienste richten sich an bestimmte Genre-Zielgruppen:

Plattform	Genre-Fokus	Abonnentenbasis
Schauder	Horror	2,1 Millionen Abonnenten
ALLBLK	Afroamerikanische Inhalte	1,5 Millionen Abonnenten

Millennials und Zuschauer der Generation Z

Digitale Plattformen richten sich mit 2,5 Millionen Abonnenten unter 35 Jahren an jüngere Zielgruppen.

Internationales Unterhaltungspublikum

AMC Networks ist in mehreren internationalen Märkten tätig:

• Vertrieb in 125 Ländern
• Internationaler Umsatz: 453 Millionen US-Dollar im Jahr 2022
• Schlüsselmärkte: Vereinigtes Königreich, Deutschland, Kanada

AMC Networks Inc. (AMCX) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion von Inhalten

Im Jahr 2022 meldete AMC Networks Ausgaben für die Produktion von Inhalten in Höhe von 743 Millionen US-Dollar. Die Kosten für die Inhaltserstellung des Unternehmens für geskriptete und nicht geskriptete Programme in seinen Netzwerken waren erheblich.

Inhaltstyp	Jährliche Produktionskosten
Drehbuchserie	492 Millionen US-Dollar
Unscripted-Programmierung	251 Millionen Dollar

Talentakquise und Lizenzierung

Die Lizenz- und Talentakquisekosten für AMC Networks beliefen sich im Jahr 2022 auf insgesamt 385 Millionen US-Dollar.

• Kosten für Talentverträge: 215 Millionen US-Dollar
• Lizenzgebühren für Inhalte: 170 Millionen US-Dollar

Wartung der Technologieinfrastruktur

Die Kosten für die technische Infrastruktur und die Wartung digitaler Plattformen beliefen sich im Jahr 2022 auf 167 Millionen US-Dollar.

Kategorie „Technologie“.	Jährliche Wartungskosten
Streaming-Plattform	87 Millionen Dollar
Netzwerktechnologie	80 Millionen Dollar

Marketing- und Werbekosten

Die Marketingausgaben für AMC Networks erreichten im Jahr 2022 224 Millionen US-Dollar.

• Digitales Marketing: 98 Millionen US-Dollar
• Traditionelle Werbung: 126 Millionen US-Dollar

Investitionen in Vertriebsplattformen

Die Investitionen in Vertriebsplattformen beliefen sich im Jahr 2022 auf insgesamt 193 Millionen US-Dollar.

Vertriebskanal	Investitionsbetrag
Streaming-Dienste	112 Millionen Dollar
Kabelnetzverteilung	81 Millionen Dollar

Gesamtkostenstruktur: 1.712 Millionen US-Dollar im Jahr 2022

AMC Networks Inc. (AMCX) – Geschäftsmodell: Einnahmequellen

Abonnementgebühren von Streaming-Diensten

Im dritten Quartal 2023 meldete AMC Networks einen Streaming-Umsatz von 160 Millionen US-Dollar. Zu den Streaming-Plattformen des Unternehmens gehören:

Streaming-Plattform	Abonnentenzahl	Monatliche Abonnementgebühr
AMC+	7,2 Millionen Abonnenten	8,99 $ pro Monat
Acorn-TV	1,5 Millionen Abonnenten	6,99 $ pro Monat
Schauder	2,1 Millionen Abonnenten	5,99 $ pro Monat

Beförderungsgebühren für Kabelnetze

Im Jahr 2022 erwirtschaftete AMC Networks Vertriebseinnahmen in Höhe von 1,18 Milliarden US-Dollar aus Übertragungsgebühren für Kabelnetze. Zu den wichtigsten Netzwerken gehören:

• AMC
• BBC America
• IFC
• SundanceTV

Einnahmen aus Inhaltslizenzen

Die Einnahmen aus der Lizenzierung von Inhalten beliefen sich im Jahr 2022 auf insgesamt 564 Millionen US-Dollar. Zu den wichtigsten lizenzierten Immobilien gehören:

Eigentum	Lizenzeinnahmen	Wichtige Plattformen
The Walking Dead	180 Millionen Dollar	Netflix, Amazon Prime
Rufen Sie besser Saul an	95 Millionen Dollar	Netflix

Werbeeinnahmen

Die Werbeeinnahmen beliefen sich im Jahr 2022 auf 470 Millionen US-Dollar und verteilen sich wie folgt:

• Lineare TV-Werbung: 385 Millionen US-Dollar
• Digitale Werbung: 85 Millionen US-Dollar

Internationale Verbreitung von Inhalten

Die internationalen Vertriebseinnahmen erreichten im Jahr 2022 312 Millionen US-Dollar, mit folgenden Schlüsselmärkten:

Region	Vertriebserlöse	Hauptinhalt
Europa	165 Millionen Dollar	Inhalte von BBC America
Lateinamerika	87 Millionen Dollar	AMC-Originalserie
Asien-Pazifik	60 Millionen Dollar	Shudder- und IFC-Inhalte

AMC Networks Inc. (AMCX) - Canvas Business Model: Value Propositions

You're looking at how AMC Networks Inc. delivers value in this shifting media landscape. It's all about distinctive content and flexible access points for viewers.

Premium, genre-specific content for passionate, engaged fan communities is central. For instance, the company renewed multiple series in The Walking Dead Universe franchise, including The Walking Dead: Dead City and The Walking Dead: Daryl Dixon for new seasons. Engagement is a key metric; in the first quarter of 2025, the company saw a sequential double-digit increase in viewership hours per subscriber. The Acorn TV service saw its biggest month ever during the inaugural "Murder Mystery May" programming event, hitting a multi-year high in subscriber acquisition.

Flexibility in viewing is delivered across linear cable, ad-free SVOD, and ad-supported tiers. As of the third quarter of 2025, AMC Networks Inc. counted 10.4 million paid streaming subscribers across its portfolio, up from 10.2 million as of March 31, 2025. The company launched an ad-supported AMC+ option for Charter Spectrum TV Select customers at the end of March 2025. Furthermore, the FAST channels business expanded, launching 11 FAST channels on TCLtv+ and introducing two new ones: AcornTV Mysteries and Love After Lockup.

Here's a quick look at how domestic revenue streams reflect this multi-platform approach for the third quarter ended September 30, 2025:

Domestic Revenue Source	Q3 2025 Amount	Year-over-Year Change
Streaming Revenues	$174 million	Increased 14%
Affiliate Revenues (Linear)	$142 million	Declined 13%
Advertising Revenues	$110 million	Declined 17%

The deep library of acclaimed series and independent films supports licensing value. Content licensing revenues for the third quarter of 2025 were $59 million. This figure followed a strong second quarter of 2025 where licensing revenues hit $84 million, which included the sale of the company's music catalog and executive producer fees related to Apple TV+'s Silo. The film library itself consists of films licensed under long-term contracts with major studios such as Warner Bros., Sony, MGM, NBC Universal, Paramount, Lionsgate, and Buena Vista.

Curated streaming bundles offer cost savings and increased reach. The company continued momentum in Amazon Prime Video Channels streaming bundles in Q2 2025, including AMC+ bundles with AcornTV, Discovery+, Starz, and MGM+. A new bundled offering of Acorn TV and MGM+ launched on Amazon in the third quarter. You should note that the company also renewed a long-term affiliate agreement with the National Content & Technology Cooperative (NCTC).

• The company ended Q1 2025 with 10.2 million streaming subscribers after implementing tighter credit standards.
• The CEO stated that streaming revenue growth accelerated and will represent the largest single source of domestic revenue for the full year 2025.
• The full year 2025 Free Cash Flow outlook was increased to approximately $250 million.

AMC Networks Inc. (AMCX) - Canvas Business Model: Customer Relationships

You're navigating the shift from legacy cable to a streaming-first model, so understanding how AMC Networks Inc. manages its audience relationships is key to seeing where the revenue is actually coming from now.

Automated self-service via Direct-to-Consumer (DTC) streaming apps is the primary growth engine. Streaming revenue accelerated, hitting $174 million in the third quarter of 2025, a 14% year-over-year increase. This growth was primarily driven by the impact of price increases across their services. As a result, streaming is expected to be the single largest source of domestic revenue for AMC Networks in 2025. The company reported 10.4 million streaming subscribers as of September 30, 2025.

Community-driven engagement is used to boost retention, especially around core franchises. For example, the inaugural "Murder Mystery May" programming event drove Acorn TV's biggest month ever, showing record engagement and viewership. Furthermore, AMC Networks renewed multiple series within The Walking Dead Universe franchise, including The Walking Dead: Dead City and The Walking Dead: Daryl Dixon for new seasons.

Here's a quick look at the Q3 2025 financial results tied directly to these customer groups:

Metric	Amount (Q3 2025)	Change/Context
Streaming Revenue	$174 million	Grew 14% year-over-year
Streaming Subscribers	10.4 million	As of September 30, 2025
Affiliate Revenues	$142 million	Declined 13% due to basic subscriber declines
U.S. Advertising Revenue	$110 million	Fell 17% due to linear rating declines

Account management focuses heavily on large affiliate and advertising partners to offset linear declines. Affiliate revenues, which are a traditional bedrock, declined 13% to $142 million in Q3 2025, attributed to basic subscriber declines and contractual rate decreases upon renewal. On the partnership front, AMC Networks renewed a long-term affiliate agreement with the National Content & Technology Cooperative (NCTC). For advertising, the company saw a 40% increase in digital advertising commitments during its upfront negotiations. They are also focusing on advertising growth from their 33 FAST channels across 22 platforms.

The focus on higher-quality subscribers is evident in their operational shifts. The company explicitly stated that a sequential decrease in streaming subscribers in Q1 2025 (from a recast 10.4 million at the end of 2024 to 10.2 million) reflected a continued focus on quality, realized through the implementation of tighter credit standards for new sign-ups across DTC and partner funnels. This strategy helped keep Domestic Subscription Revenues flat in Q3 2025, as the 14% growth in streaming revenues successfully offset the decline in affiliate revenues. In Q1 2025, management noted a year-over-year improvement in retention.

• Streaming revenue growth offset affiliate declines, leading to flat Domestic Subscription Revenues of $316 million in Q3 2025.
• The company updated its streaming subscriber definition to only include those who pay a fee directly or through a platform arrangement, excluding those receiving access via a linear video package.
• The Q1 2025 subscriber count dropped by 200,000 after the definition change, which excluded about 2 million pay-TV subscribers from the previous count.
• The company is using its ad-supported AMC+ on Charter Spectrum TV, which saw over 850,000 Spectrum TV customers access the service since launch.

Finance: draft 13-week cash view by Friday.

AMC Networks Inc. (AMCX) - Canvas Business Model: Channels

You're looking at how AMC Networks Inc. gets its content-from premium apps to traditional boxes-out to viewers as of late 2025. It's a clear pivot, where digital is now the primary domestic revenue driver, but the legacy infrastructure still matters for reach.

Direct-to-Consumer (DTC) streaming apps (AMC+, Acorn TV, Shudder, etc.).

The core of the DTC strategy centers on the portfolio of targeted services, with AMC+ acting as the umbrella brand. The company reported a total of 10.4 million streaming subscribers across its SVOD platforms as of the end of the third quarter of 2025. This figure reflects a focus on higher-quality, a la carte subscribers following a definition change earlier in the year. Streaming revenues for the third quarter of 2025 hit $174 million, marking a 14% year-over-year increase, primarily driven by price increases across the services. Management stated that streaming revenue is on pace to be the largest single source of domestic revenue for the full year 2025.

Here's a look at the key financial metrics related to the streaming push through Q3 2025:

Metric	Value (Q3 2025)	Change YoY
Total Streaming Subscribers	10.4 million	Up 2% (from 10.2M at Sept 30, 2024)
Streaming Revenue	$174 million	Up 14%
Domestic Subscription Revenue (Total)	$316 million	Consistent (Growth offset declines)
Domestic Affiliate Revenue (Linear)	$142 million	Down 13%

The success of specific content, like the premiere of Anne Rice's Talamasca: The Secret Order, is tied directly to driving acquisition activity for AMC+.

Traditional MVPDs/Cable Operators (e.g., Charter, DirecTV) for linear carriage.

While the focus shifts to streaming, the linear carriage agreements remain a significant channel for both legacy revenue and as a promotional funnel for DTC services. AMC Networks reaches probably somewhat under 60 million U.S. homes through its linear channels. Affiliate revenues, which come from these deals, declined 13% to $142 million in Q3 2025 due to basic subscriber declines.

Key recent distribution partnerships include:

• Renewed long-term affiliate agreement with DirecTV, expanding the relationship to include ad-supported AMC+ in their genre packaging.
• DirecTV will also carry 6 of AMC Networks' FAST channels.
• Continued strong performance with Charter, where over 850k+ Spectrum TV customers have accessed ad-supported AMC+ since its launch.
• Renewed the agreement with the National Content & Technology Cooperative (NCTC).

Third-party streaming aggregators (Amazon Prime Video Channels, Apple TV).

Distributing content through major third-party platforms is a key strategy to reach consumers without requiring them to download a standalone app, helping to manage customer acquisition costs. AMC Networks has seen continued momentum here, especially with bundling.

Notable third-party aggregator activity as of mid-2025:

• Launched a triple bundle with Amazon Prime Video, offering AMC+, MGM+, and Starz at a combined savings.
• In Q2 2025, momentum continued in Amazon Prime Video Channels with bundles including AMC+ with Acorn TV, Discovery+, Starz, and MGM+.
• Content licensing revenue was supported by executive producer fees related to Apple TV+'s series Silo in the second quarter of 2025.

Free Ad-Supported Television (FAST) platforms (Roku, Samsung, TCLtv+).

The FAST channel strategy is designed to monetize content outside the core subscription tiers and serve as a promotional tool to drive awareness toward the premium DTC services. AMC Networks is actively scaling its inventory in this space.

The scale of the FAST operation as of late 2025 includes:

• Operating 33 FAST channels across 22 platforms.
• Offering over 250 global feeds across these channels.
• Secured key distribution renewals with platforms like Roku and Samsung.
• Launched 11 FAST channels on TCLtv+ during the second quarter of 2025.
• The company is using FAST and AVOD (Advertising Video On Demand) channels to allow audiences to sample series, with the goal of driving them to subscription services.

Finance: review the Q4 2025 budget allocation between DTC marketing spend and FAST channel operational costs by next Tuesday.

AMC Networks Inc. (AMCX) - Canvas Business Model: Customer Segments

You're looking at the customer base for AMC Networks Inc. (AMCX) as of late 2025, which is clearly split between legacy linear viewers and the growing direct-to-consumer (DTC) audience. The company is actively managing the transition, which you see reflected in the differing performance metrics across these groups.

The traditional base is definitely shrinking. Affiliate revenues, which come from those linear TV subscribers, dropped 13% in the third quarter of 2025, directly due to 'basic subscriber declines'. This segment is a legacy anchor, but the financial pressure is clear.

The DTC segment, representing cord-cutters and a la carte seekers, is the growth engine. As of the third quarter of 2025, AMC Networks Inc. reported 10.4 million paid streaming subscribers across its services. This figure excludes users bundled with linear packages, focusing only on those paying a fee directly or via a platform channel store. Domestic streaming revenue was a bright spot, growing 14% to $174 million in Q3 2025, primarily driven by price increases. CEO Kristin Dolan stated that streaming is expected to be the single largest source of domestic revenue for the full year 2025.

The niche genre enthusiasts form the core of the DTC success. These are the dedicated fans of specific content verticals. For example, the inaugural "Murder Mystery May" event drove Acorn TV to its biggest month ever in terms of subscriber acquisition in the second quarter of 2025. The company also expanded its genre packaging with partners like DirecTV, which will add Shudder to one of its genre packages.

Global content buyers and international distributors are the third major segment, supporting the company through licensing. International subscription revenue for the third quarter of 2025 was $48 million. Content licensing revenues overall for the company in Q3 2025 were $59 million, though this was down 27% compared to the prior period due to the timing of deliveries. The company did renew a branded content licensing agreement for 'The AMC Collection' with Netflix.

Here's a quick look at the key revenue and subscriber metrics for the domestic and international segments as of the third quarter of 2025:

Segment Metric	Value (Q3 2025)	Change/Context
Total DTC Streaming Subscribers	10.4 million	Up 2% sequentially from Q2 2025
Domestic Streaming Revenue	$174 million	Grew 14% year-over-year
Domestic Affiliate Revenue (Linear)	$142 million	Dropped 13% due to basic subscriber declines
International Subscription Revenue	$48 million	Decreased 1% year-over-year (or 6% excluding FX)
Total Content Licensing Revenue	$59 million	Decreased 27% due to timing

The DTC customer base is also being reached through partnerships. More than 850,000 Spectrum TV customers have accessed the ad-supported AMC+ since its launch as part of the Charter deal.

The customer base is segmented by access method and content preference:

• Linear Pay-TV Subscribers: Base experiencing basic subscriber declines.
• DTC Cord-Cutters: Paying for a la carte services like AMC+, Shudder, Acorn TV.
• Niche Genre Enthusiasts: Loyal users of genre services like Shudder and Acorn TV.
• Global Distributors: Buyers for content licensing deals.

The company is also expanding its reach to non-paying, ad-supported viewers through FAST channels, with DirecTV set to carry 6 of their FAST channels.

AMC Networks Inc. (AMCX) - Canvas Business Model: Cost Structure

The cost structure for AMC Networks Inc. is heavily influenced by its legacy linear television operations colliding with its aggressive pivot to direct-to-consumer (DTC) streaming. Content remains the single largest variable cost driver, though management is actively seeking to control it. The company is explicitly aiming to become more efficient, including continuing to focus on reducing programming spend to historical levels.

A significant, non-recurring cost event impacting the structure was the substantial write-downs taken in late 2024. These impairment charges reflect the declining perceived value of the traditional cable assets. For the year ended December 31, 2024, AMC Networks Inc. recorded total impairment and other charges of $399.5 million. This was a major hit to the balance sheet, driven by lower expected future cash flows from the linear marketplace.

The technology and platform development costs are now a critical, growing component as AMC Networks Inc. transitions to a global streaming- and technology-focused company. This investment is necessary to support the DTC ecosystem, which CEO Kristin Dolan noted is key to their strategy of being a wholesale streamer, leveraging partnerships for distribution and technology to ensure costs are predictable and scalable. The company is also leveraging AI in programming development through a partnership with Runway to enhance creative work and cut costs.

Affiliate fee payments to cable operators represent a cost component embedded within the revenue line, as upfront payments are recorded as deferred carriage fees and amortized as a reduction to revenue. The ongoing decline in the linear subscriber universe directly pressures this revenue stream, which in turn reflects the underlying cost/value exchange with distributors. For instance, in the third quarter of 2025, affiliate revenue was $142 million, a decline of 13% year-over-year.

Selling, General, and Administrative (SG&A) expenses are being addressed through organizational streamlining. As part of this efficiency drive, AMC Networks Inc. offered voluntary buyouts to around 5 percent of its global workforce in late 2025. This action is intended to "ensure we have the right skills for the future" and reduce corporate costs generally.

Here is a summary of the most significant, non-recurring cost-related charges and recent revenue trends that reflect the underlying cost base pressures:

Cost/Revenue Component	Period	Financial Amount
Total Impairment and Other Charges	Full Year 2024	$399.5 million
Goodwill Impairment - Domestic Operations	Full Year 2024	$268.7 million
Goodwill Impairment - AMCNI	Full Year 2024	$102.0 million
Long-Lived Asset Impairments - BBCA	Full Year 2024	$29.2 million
Impairment and Other Charges (Q4 2024)	Q4 2024	$269 million (U.S. cable networks)
Restructuring and Other Related Charges	Q4 2024	$43 million
Affiliate Revenue (Proxy for Carriage Cost Impact)	Q3 2025	$142 million
Content Licensing Revenue (Offsetting Production Cost)	Q3 2025	$59 million

The ongoing operational focus on cost management is evident in several key areas:

• Aiming to reduce programming spend to historical levels.
• Workforce reduction via voluntary buyouts affecting less than 5 percent of the global workforce.
• Anticipating full-year 2025 Content Licensing Revenue to exceed $250 million.
• Expecting consolidated Adjusted Operating Income (AOI) in the range of $400 million to $420 million for the full year 2025.

AMC Networks Inc. (AMCX) - Canvas Business Model: Revenue Streams

You're looking at the engine room of AMC Networks Inc. (AMCX) to see exactly where the cash is coming from as they push hard into streaming. Honestly, the numbers tell a clear story of transition, with the old guard pulling back while the new digital platforms step up.

Here's the quick math on the major revenue buckets from the third quarter of 2025, which really shows the pivot in action. We can see the streaming segment is definitely gaining ground, which is what management has been talking about for a while now.

Revenue Stream Component	Q3 2025 Financial Amount	Year-over-Year Context
Domestic Streaming Subscription Revenue	$174 million	14% growth; expected to be largest domestic source in 2025
Advertising Revenue (Linear and Digital)	$110 million	Decreased 17% due to linear ratings and pricing
Content Licensing Revenue	$59 million	Decreased 27% due to timing of deliveries
International Operations Revenue	$77 million	Increased 4.7% year-over-year

The domestic subscription picture is more nuanced than just the streaming number alone, so you have to look at the components that make up that total subscription revenue, which was flat year-over-year at $316.2 million. The growth in streaming perfectly offset the expected declines elsewhere.

• Domestic Streaming Subscription Revenue: $174 million, up 14% year-over-year.
• Affiliate Fees from Linear Cable Networks: This segment is defintely declining, dropping 13% in the quarter.
• Total Domestic Subscription Revenue: Remained flat at $316.2 million.

Advertising revenue, which includes both the traditional linear channels and the newer digital inventory, saw a significant pullback. The linear side is clearly facing headwinds from viewership changes, which is why the digital advertising growth, reportedly up 40% in upfront commitments, is so critical to watch moving forward.

The international segment provided a slight lift, though when you adjust for currency effects, the underlying performance was flatter. Content licensing revenue is lumpy by nature, so the 27% drop to $59 million in Q3 2025 is more about delivery timing than a structural issue, especially with the renewed Netflix agreement in place.

Finance: draft 13-week cash view by Friday.