AMC Networks Chief Matt Blank Finds It “Funny” That Netflix And Large Rivals Think Advertising “Solves All Problems” In Streaming

deadline.com:

Matt Blank, interim CEO of AMC Networks, said the company has “no plans” for ad-supported tiers of its family of targeted streaming services including Shudder, Acorn TV and AMC+.“If the business changes,” he said during the company’s quarterly conference call with Wall Street analysts, “we believe we do have the opportunity to be nimble and adapt.”In its first-quarter report, AMC Networks said it reached 9.5 million total streaming subscribers by the end of the quarter on March 31, up a half-million from the previous quarter.Blank did not mention Netflix by name, but he was asked about AMC Networks exploring cheaper, ad-supported versions of its services, which are on track to reach internal forecasts for 20 million to 25 million cumulative subscribers by 2025.

That’s the playbook followed by HBO Max and Disney+, and Netflix Co-CEO Reed Hastings dropped the bombshell last month that the company would finally pursue advertising after steadfastly rejecting it for years.

The revelation was offered as a ray of hope for investors during a disastrous quarterly report. Netflix posted its first loss of subscribers since 2011 and issued a bleak outlook suggesting its long-dominant global streaming machine has hit a wall, at least for the time being.“It’s funny,” Blank said. “When you hear of one other large player having trouble  … all of a sudden an ad tier is going to solve all problems.

We don’t think that’s true, but we’ll certainly monitor it.”Analysts also asked about profitability, given that Netflix’s recent loss of two-thirds of its market value has raised urgent questions about the viability and profitability of the overall streaming business.