RLJ Entertainment announced that its Acorn TV and UMC OTT channels have together reached 500,000 subscribers.
According to the company’s newly released preliminary results for 2016, Acorn TV and UMC topped 500,000 subscribers as of Feb. 28. As of Dec. 31, 2016, the channels topped 450,000 in paying subscribers, up 250,000 year-over-year.
"Half a million subscribers is a major milestone for us and we are very excited by Acorn TV and UMC's continued growth prospects. As we expand our original and exclusive content and enhance our subscribers' experience through improved apps and new platforms, we are confident that audiences will increasingly see Acorn TV as the primary destination for British and International mysteries and dramas, and that Urban and African American viewers will see UMC as a must-have subscription," said RLJ Entertainment CEO Miguel Penella in a statement.
In addition to subscriber counts, RLJ released financial results for 2016. For the full year, total revenues are expected to be $79 million to $80 million along with a net loss projected to be in the range of $21.7 million to $22.1 million. Adjusted EBITDA is expected to be $12.8 million to $13 million. Total revenues for the fourth quarter are expected to be around $27.1 million to $28.1 million with a net loss amounting to $4.1 million to $4.5 million.
RLJ’s growth marks show up after AMC Network’s recently agreed to a deal to invest $65 million into the streaming operation run by BET Networks founder Robert Johnson. As part of the deal, AMC has the option to buy a controlling stake in RLJ.
RLJ said it planned to use the loan to refinance a debt load that stood at about $61 million as of the end of June 2016. RLJ lost $13.6 million on revenues of $33.5 million in the first half of 2016.