Key Points
- AMC Networks named former Peacock executive Annie Luo its first President of Streaming Growth as streaming revenue surpasses legacy distribution fees.
- Luo will oversee subscription, revenue and programming strategy across AMC Plus, Shudder, Sundance Now, Acorn TV, ALLBLK, HIDIVE and All Reality.
- Her appointment follows an assertion by executives in October that AMC was transitioning from a cable networks business into a streaming-first company.
AMC Networks has appointed former Peacock executive Annie Luo as its first President of Streaming Growth, a newly created role that reflects the company’s shift toward streaming as its primary domestic revenue driver.
Luo will oversee subscription and revenue growth across AMC Networks’ portfolio of direct-to-consumer services, which include AMC Plus, Shudder, Sundance Now, Acorn TV, ALLBLK, HIDIVE and All Reality. Her remit also covers programming strategy and the pursuit of new business opportunities, including domestic and international partnerships. She will report to Kim Kelleher, AMC’s Chief Commercial Officer.
Luo recently served as Executive Vice President and Head of Global Partnerships and Strategic Development at Comcast’s streaming service Peacock and held previous roles at Disney’s Hulu, CNBC, BBC Worldwide and Bloomberg. She played key roles at both Peacock and Hulu during periods of subscriber expansion and platform development: At Peacock, she led global partnerships that helped broaden the service’s reach, while her tenure at Hulu included work across business development, strategy and operations.
Kelleher said Luo’s background in building streaming platforms and forging distribution agreements will support AMC Networks as it expands its digital footprint.
“As streaming becomes our largest source of domestic revenue and partnerships continue to be central to our innovative distribution strategy, Annie’s depth of experience will be instrumental in positioning us for our next phase of growth,” Kelleher said.
In a statement, Luo said she is joining AMC Networks at a pivotal moment as the company accelerates its transition into a streaming-led business.
“AMC Networks is known for bringing captivating and enduring stories to life and is committed to serving its passionate fandoms wherever they are,” she said.
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Luo’s appointment comes at a time when AMC is focused on transitioning into a streaming-first venture, after years of trying to make its cable networks business work alongside its nascent digital units.
Following its most-recent financial earnings report, executives affirmed AMC Networks will continue to maintain its existing portfolio of domestic and international cable networks, but was moving full steam ahead on orienting its business around direct-to-consumer streaming, including its subscription platform AMC Plus and free, ad-supported streaming TV (FAST) channels.
During its third quarter (Q3), domestic streaming revenue leapfrogged income from distribution fees charged to cable and satellite companies. Streaming-related revenue was up 14 percent to $174 million, while cable and satellite fees earned AMC Networks just $142 million, down 13 percent.
Advertising revenue clocked in at $110 million, down 27 percent, despite the fact that AMC operates an ad-supported streaming service and several free, ad-supported streaming television (FAST) channels. The company’s insistence on maintaining its cable networks business weighed down on overall revenue, which clocked in at $458.7 million, down 8.4 percent.
