AMC streaming revenue rises 6% as US advertising falls 11%
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AMC Global Media reported higher streaming revenue in the second quarter of 2026, but falling US advertising and other domestic revenues contributed to a wider-than-expected loss. The results underline the continuing pressure on its traditional television business, while a new Netflix licensing agreement for the wider “Walking Dead” franchise is expected to strengthen future revenue and cash flow.
Streaming revenue rose 6% year on year to $180 million in the March-to-May quarter, while US advertising sales fell 11% to $109 million, partly affected by a resolved systems integration issue. Total revenue was $547 million and adjusted loss per share was 28 cents, compared with analysts’ forecasts of $554.65 million and a 7-cent loss; AMC raised its full-year revenue forecast to $2.4 billion-$2.5 billion, supported by a Netflix deal valued at about $445 million in recognised revenue.
- Streaming grew, but US advertising and domestic revenue declined.
- AMC’s quarterly loss was substantially worse than expected.
- The Netflix deal boosts AMC’s full-year revenue outlook.
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AMC Global Media owns television channels and streaming services, including AMC+, and makes programmes such as The Walking Dead. Like many traditional TV companies, it earns money from both advertising shown on its channels and fees from streaming services, licensing and distribution deals.
The company is trying to rely more on streaming and selling rights to its programmes as viewing habits move away from scheduled television. Its expanded agreement with Netflix covers the Walking Dead franchise, which could bring AMC income over several years by making those shows available to Netflix viewers.
Advertising revenue is important because it has historically funded a large part of television businesses. A fall in US advertising sales can weigh on profits, while streaming growth may not fully offset it if subscriber numbers are flat or falling and content costs remain high.
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The case for
Supporters argue that the rise in streaming revenue and the expanded Netflix deal show AMC is building more dependable, long-term income beyond declining linear television advertising. They may view the company’s higher full-year guidance as evidence that management expects its content library, particularly the Walking Dead franchise, to convert into stronger cash flow despite a difficult advertising market.
The case against
Sceptics argue that modest streaming growth does not yet offset the sharper fall in US advertising, the wider-than-expected loss or the revenue miss. They may also see the decision to stop routinely reporting subscriber totals, after a prior decline, as reducing visibility into the health of AMC’s direct-to-consumer business and question whether licensing can compensate for structural pressure on its traditional channels.
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Originally published by Variety as “AMC Global Media Streaming Revenue Rises 6% in Q2, U.S. Ad Sales Down 11%”.