• by Wayne Friedman , May 9, 2023

Streaming revenue gains help offset linear TV revenue declines. Overall company-wide revenue for the period was virtually unchanged -- up 0.7% to $717.5 million.

Total advertising revenues declines brought its quarterly totals to $161 million as a result of linear viewership declines, softness in the advertising market and fewer original programming episodes. AMC said there were some gains in advance advertising in revenue.

At the same time, negative free cash flow expanded by four times versus the first quarter of 2022 to a net loss of $144 million, due to rising streaming costs.

Operating income slipped 1% to $173 million, while content-licensing revenues grew 70% to $103 million.

AMC's streaming business -- which includes AMC+ -- witnessed strong growth in subscribers of 22% to 11.5 million. Subscription revenue -- which include streaming results -- was up 1%.

In response to this overall streaming news, AMC Networks' stock was up 7.3% in mid-day Tuesday and closed 5% higher to $16.11.

Previously, AMC said it would offer an advertising option for its streaming platform AMC+.