AMC Networks' horror-focused streaming service Shudder had the 'biggest' quarter in its history in terms of trials, paid subscribers and amount of time spent on the service, says CEO Josh Sapan. More details:
The company, led by CEO Josh Sapan, had previously said that second-quarter U.S. ad revenue would be down about 30 percent given demand problems amid the virus crisis and the fact that it forced the season 10 finale of . Advertising has been particularly hard hit in such categories as travel, auto, restaurants and movies, the firm has said, while highlighting that it has "relatively less exposure" to ad revenue than its entertainment peers.
AMC Networks also recorded $130 million in impairment charges in the latest quarter related to its AMC Networks International unit. "As a result of the continuing impact of the COVID-19 pandemic, management assessed the value of the goodwill and long-lived assets recorded on its balance sheet," the company explained.
COO Ed Carroll said that the company's streaming business was running "significantly" ahead of its previously shared 2024 year-end target for revenue of $500 million-plus and 5 million-7 million subscribers.
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