From AMC to Warner Bros. Discovery: Tracking Q1 2023 video earnings

Earnings season has wrapped, and FierceVideo tracked results from streaming services, programmers, pay TV operators and broadcasters throughout the period. Check out a round up of our coverage across key companies. 

Be sure to check out FierceWireless and FierceTelecom for their earnings coverage in the wireless and wireline sectors.

Alphabet (Google/YouTube)

YouTube continued to see ad revenue slide in the first quarter, as Google parent Alphabet reported a 2.6% year-over-year decline on the platform from $6.87 billion to $6.69 billion. At the same time, the company is focusing on a “multi-format strategy” for YouTube, with Shorts and connected TV engagement at the forefront.


AMC Networks

AMC Networks saw a dip in overall direct-to-consumer relationships during the three-month period that ended March 31. Its subscriber count stands at 11.5 million, a decrease of 300,000 compared to the end of 2022. Executives at AMC Networks say the company is focused on cultivate high-value subscribers for its streaming services, including an ad-supported version of its flagship AMC+ service that is expected to launch later this year. 

Charter Communications

Charter continued to lose video subscribers in Q1 – shedding 237,000 residential customers in the period for a current base of about 14.3 million. Charter plans to begin deploying Xumo-branded streaming devices in late 2023.


Comcast’s cable video subscriber losses reached 614,000 in Q1 for a base that now stands around 15.5 million. NBCUniversal’s Peacock SVOD, however, saw subs climb to 22 million alongside quarterly ad growth.


CuriousityStream in Q1 added “several million paying subscribers” through bundled distribution partnerships across five continents and CEO Clint Stinchcomb said it anticipates meaningful improvements to revenues from distribution partners moving forward. In the first quarter DTC and partner direct revenue streams reached $8.6 million, contributing to consolidated revenue of $12.4 million. The company reported a net loss of $7.8 million.

Dish Network

Dish marked steep subscriber losses in Q1, losing 552,000 across satellite and virtual MVPD Sling TV – which now have respective bases of 7.09 million and 2.1 million. Analysts at MoffettNathanson cited "an almost unprecedented jump" in churn.

E.W. Scripps

E.W. Scripps during first quarter earnings touted momentum for its newly formed sports division, having signed deals with the WBNA and more recently the NHL’s Golden Knights. Executives said live sports is a strategy that will boost the value of its linear TV business, serve as a catalyst for continued free OTA growth and give teams and leagues a new model to grow fan bases.


The Super Bowl LVII was key in Fox’s fiscal third quarter, underpinning 43% growth in total advertising revenue and the main driver of 61% growth in its TV segement. The Tubi FAST, meanwhile, saw ad revenue climb 31% year over year to $170 million on the back of increased engagement. Tubi’s total viewing time climbed 38% in the quarter.  The company reported a $50 million net loss for the period, mainly due to charges associated with Fox News Media settling a defamation lawsuit by Dominion voting systems.


Fubo’s subscriber count grew 22% year over year to 1.28 million, but saw its base decline sequentially. During the earnings call executives attributed the addition of Bally Sports regional sports networks as help to curb churn despite price hikes in the quarter. Total revenue was up 34% to $324 million, while net losses narrowed to $83 million.



Lionsgate in the first three months of 2023 picked up 700,000 more Starz streaming subscribers in the U.S., for a total of 12.3 million. During the earnings call executives disclosed plans to raise the current $9 per month price by $1 in June.


Netflix added 1.75 million global subscribers in Q1 and decided to push back its broader launch of paid sharing until to Q2. During the earnings call executives detailed a country-specific approach to paid sharing.

Nexstar Media

Nexstar reported $425 million in total TV ad revenue, a 6% year over year decline. Distribution revenue grew 9% to $728 million, helping a 3.9% bump in net revenue to $1.25 billion.  Net income declined to $88 million, compared to $329 million Nexstar posted in Q1 2022.

Paramount Global

Paramount’s flagship Paramount+ service added 4.1 million subscribers in Q1, bringing its total tally to 60 million globally. Free ad-supported streaming TV (FAST) service Pluto TV grew monthly active users to more than 80 million around the globe.  Still the company struggled with a softer ad market, contributing to a 1% year over year decline in total revenue of $7.26 billion – much of which was attributed to the TV media sector.


Roku in Q1 grew net active accounts by 1.6 million to reach 71.6 million. The company reported tepid revenue growth as platform revenue dropped 1% year over year and device revenue climbed 18%.  Total operating expenses jumped 42% to $550 million, and Roku reported a quarterly net loss of $212.5 million. The same day as earnings the streaming platform announced a new partnership with Instacart – which is a type of relationship that executives said enables it to enhance targeting, attribution and measurement for ad customers – differentiating its ad offering.


Sinclair Broadcast Group

Sinclair reported a 40% drop in revenue over the prior year as the bankrupt Diamond Sports Group subsidiary weighed on financial results. Excluding Diamond Sports, broadcast and non-media revenue only declined by 7% in the quarter. Separately, executives on the call touted the strength of the Tennis Channel, including carriage on YouTube TV, and discussed an FCC task force focused on the eventual shutdown of ATSC 1.0 signals.


Tegna held its first quarter earnings call after the long-pending proposed acquisition by Standard General was terminated in the face of regulatory hurdles. The company reported total revenue of $740 million, down 4% year over year but counted record first quarter subscription revenue of $414 million, up 6%. Adjusted EBITDA was $205 million, reflecting an 18% year over year drop – which the company said was expected due to a hard comp from 2022 that had benefited from political and Super Bowl advertising on NBC stations, as well as NBC Winter Olympics revenue.


TelevisaUnivision stemmed streaming losses in Q1, and recorded 6% total revenue growth year over year to reach $1.07 billion.  On the earnings call, CEO Wade Davis announced a swift pivot to drop the “+” from the paid tier of its Spanish-language ViX streaming service, saying two separate go-to-market brands for the free and premium tiers that live within a single app caused consumer confusion. 


Vizio followed an increasingly familiar trend in the first quarter, as lower device demand resulted in a steep 40% year over year decline for hardware revenue, while as the smart TV maker enjoyed 24% revenue growth for its expanding ad business – boosted by increased usage on its streaming platform. Vizio shipped 900,000 TV sets in the period, a 32% drop.  

The Walt Disney Company

Disney curbed losses for its direct-to-consumer streaming segment but saw subscriber growth stall in the U.S., counting subscriber declines domestically for Disney+ and virtual MVPD Hulu + Live TV. Management disclosed plans to integrate Hulu content into the Disney+ app later this year.

Warner Bros. Discovery

For the first time, Warner Bros. Discovery’s streaming businesses made more money than they lost, with DTC advertising bringing in $103 million, reflecting a 27% year over year increase. HBO Max and Discovery+ saw global subscribers grow by 1.6 million in Q1, for a total direct-to-consumer count of 97.6 million.