Here’s a shocking reality check: AMC Networks just revealed that its U.S. ad sales plummeted by 10% in the fourth quarter of 2025, while its streaming subscriber numbers stubbornly refused to budge, holding steady at 10.4 million. But here’s where it gets controversial—despite this stagnation, streaming has officially become the company’s largest revenue source for the first time in its history. How did this happen, and what does it mean for the future of traditional TV? Let’s dive in.
AMC Networks, the powerhouse behind streaming platforms like AMC+, Acorn TV, Shudder, and the newly launched All Reality, reported its Q4 earnings on Wednesday. The company’s linear networks, including AMC, BBC AMERICA, IFC, and SundanceTV, continue to play a significant role, but the spotlight is undeniably shifting. And this is the part most people miss—while streaming revenue soared 14% to $177 million, domestic ad sales dipped to $125 million, signaling a broader industry shift that’s leaving some analysts divided.
For the October-December quarter, U.S. subscription revenue hit $315 million, with content licensing and other categories climbing 12% to $75 million. Internationally, however, the picture was less rosy. Subscription revenues reached $49 million, but ad sales dropped nearly 13% to $30 million, and content licensing plunged 15% to $3.2 million. Is this a temporary blip or a sign of deeper challenges in global markets?
Wall Street had predicted earnings per share (EPS) of 66 cents on $581.8 million in revenue, but AMC Networks slightly underperformed with an adjusted EPS of 64 cents on $595 million. Revenue dipped less than 1% compared to Q4 2024, and free cash flow for the quarter stood at $40.4 million. Despite these mixed results, CEO Kristin Dolan hailed 2025 as a successful year, emphasizing the company’s independence and unique strengths during a time of industry upheaval.
“Streaming is now the largest single source of revenue in our domestic segment, a significant milestone and inflection point in the ongoing transformation of our business,” Dolan wrote in a letter to shareholders. But as AMC Networks leans harder into streaming, questions remain. Can the company sustain this momentum, or will it struggle to compete with streaming giants like Netflix and Disney+? And what does the decline in ad sales mean for the future of linear TV?
One thing’s for sure: AMC Networks is at a crossroads. As it navigates this transition, the company’s ability to innovate and adapt will be critical. What do you think? Is AMC Networks on the right track, or is it facing an uphill battle in an increasingly crowded streaming landscape? Let us know in the comments!
