The company behind popular television networks AMC, BBC America, IFC, and SundanceTV, is the latest entertainment company to join the long list of those undergoing layoffs.
The company has announced that it will begin ‘large-scale layoffs’ in the near future, though it has not given any specifics on how many jobs will be cut or which divisions will be affected.
This comes as the entertainment industry as a whole is facing an increasingly uncertain future.
AMC Networks is just the latest company to announce layoffs, joining a growing list that includes major studios as well as smaller companies and organizations.
AMC has long been one of the most popular cable channels, but in recent years it has been losing subscribers as cord-cutters ditch their expensive cable packages in favor of cheaper streaming services. AMC parent company MSG Entertainment CEO, James Dolan, recently admitted that the company initially believed that gains in subscribers to their AMC+ and Shudder streaming services would offset losses from cable cutting, but that has not been the case.
As cord-cutting has accelerated, AMC has been forced to adapt. The company has started producing its own original content for its streaming services, and it has also been investing in other streaming platforms like Pluto TV.
Dolan said “It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray. We have directed the executive leadership of AMC Networks to undergo significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating area of AMC Networks.”
Despite the challenges posed by cord-cutting, Dolan is optimistic about AMC’s future. He believes that the company’s strong brand and track record of success will help it continue to thrive in the streaming era.