AMC Networks Inc. (NASDAQ:AMCX) reported a fiscal first-quarter 2024 revenue decline of 16.9% year over year to $596.46 million, missing the analyst consensus estimate of $602.60 million.

The American entertainment company's adjusted EPS of $1.16 fell 55.7% year over year and missed the analyst consensus estimate of $1.67. The stock slid after the print.

Domestic Operations: Affiliate revenue decreased 14% due to basic subscriber declines. Advertising revenues decreased 13% Y/Y to $140 million due to anticipated linear ratings declines and a challenging ad market.

Content licensing revenues declined 40% to $62 million as the corresponding 2023 period included deliveries of AMC Studios-produced series Silo.

Despite these setbacks, AMC Networks reported that streaming subscribers increased by 2% to 11.5 million across its offerings, including AMC+, which added "The Walking Dead: The Ones Who Live" starring Andrew Lincoln and Danai Gurira. This is compared to 11.2 million subscribers as of March 31, 2023.

The company returned to streaming subscriber growth in the third quarter of 2023 after two quarters of declines, the Hollywood Reporter reports.

Streaming revenues of $145 million increased 3%, primarily driven by year-over-year streaming subscriber growth and price increases.

The consolidated adjusted operating income decreased 30.9% to $149.12 million, with free cash flow at $144.15 million.

The company, helmed by CEO Kristin Dolan, is tilting toward data-led audience targeting for ad buying as marketing dollars continue to shift from linear TV networks to streaming platforms.

AMC Networks stock lost close to 8% in the last 12 months. Investors can gain exposure to the stock via Invesco Leisure And Entertainment ETF (NYSE:PEJ) and Schwab Strategic Trust Schwab Crypto Thematic ETF (NYSE:STCE).

Price Action: AMCX shares are down 4.08% at $13.17 premarket at the last check Friday.