It's a new dawn for AMC Networks AMCX after the media company's struggling streaming platform AMC+ pulled out of a tailspin after two consecutive quarters of subscriber losses, thanks in large part to the continued success of one of its longest running hit shows.
Earlier this year, AMC Networks originally announced that it had lost 300,000 subscribers across its streaming services in the first-quarter, falling to 11.5 million in March 2023 from 11.8 million in December 2022.
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But the news got even worse after the company said in August that due to an update in the way industry watchers count subscribers — estimated subscriber conversions are no longer counted as actual subscribers — it was revising its first-quarter subscriber count to 11.2 million.
In the second-quarter, the company lost another 200,000 subscribers.
But AMC+ has walked out of the wilderness in the third-quarter, adding 100,000 subscribers in the period thanks to the success of the latest iteration of The Walking Dead television series, bringing its total subscriber count to 11.1 million
"The Walking Dead: Daryl Dixon" was the biggest debut ever for AMC+, according to CEO Kristin Dolan, back in September, and it helped reverse a decline for the network.
"The Walking Dead: Daryl Dixon" premiered during the quarter and became the most viewed premiere in the history of AMC+ in addition to delivering strong viewership on AMC linear," Dolan said during the company's earnings call Friday.
Thanks to the success of the show, AMC says it now expects to achieve its free cash flow goals for the year as it remains "focused on responsible content investment and monetization across a wide array of distribution platforms and licensing opportunities.
AMC is no stranger to must-watch television as the home of some TV's most critically celebrated franchises like "Breaking Bad", "Better Call Saul" and "Mad Men".
But The Walking Dead franchise has been its bread and butter since the show debuted in Oct. 2010.
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