Alphabet's (GOOGL 1.08%) (GOOG 1.06%) YouTube is reportedly launching a marketplace for video streaming services and is in talks with other entertainment companies about participating in the platform. The one-stop streaming shop would allow consumers to subscribe to various services, similar to streaming hubs already offered by Amazon, Apple, and Roku. Referred internally as a "channel store," the Alphabet offering has been in development for 18 months and will create a space for consumers to browse a collection of third-party streaming services subscribable directly through the YouTube app. Consumers will be able to easily compare services by browsing the app icons of participating streaming platforms. 

The new YouTube service has the potential to substantially boost AMC Networks (AMCX -2.19%) and Comcast (CMCSA -0.25%), whose more minor streaming offerings would benefit from being part of a platform that already has billions of users.

Are AMC Networks and YouTube a match made in heaven?

On August 5, AMC Networks' stock fell 15% when the company reported less-than-stellar second-quarter earnings results. The company's streaming services, which include AMC+, Acorn TV, Sundance Now, Shudder, IFC Films, HIDIVE, and Allblk, shined as their combined subscriptions grew by 10.8 million in the second quarter of 2022, and AMC Networks shared that it is on track to hit 20 million to 25 million members by 2025. However, these figures were overshadowed by a slip in operating income, which fell 22% year over year.

Additionally, the entertainment company's revenue of $738 million in the quarter decreased by 4%, with its normalized streaming revenue rising by 36%. AMC Networks' domestic operations net revenue fell by 2.8% over the year to $621.1 million, while its International & Other segment's net revenue followed the same trend by slipping 9% to $125.8 million.

The one saving grace in the company's second-quarter report rested on the shoulders of its streaming business. AMC Networks has seen growth in the streaming industry by offering niche services. For example, AMC+ is home to prestige TV series such as Breaking Bad, Mad Men, and The Walking Dead, Shudder caters to horror fanatics, HIDIVE is for anime fans, Acorn TV provides a wealth of British content, and Sundance Now offers an extensive library of independent films.

AMC Networks' streaming strategy of launching several smaller platforms to pull fans in from different genres would greatly benefit from YouTube's coming marketplace. The immense popularity of streaming titans such as Disney and Netflix means they don't stand to gain much by sharing a portion of their revenue to participate in YouTube's channel store. However, YouTube's 2.6 billion users could significantly boost AMC Networks' smaller services.

Should Comcast join in?

Like AMC Networks, Comcast delivered subpar second-quarter results, with investor panic over a loss in subscribers tanking the stock by 13% from July 27 to July 29. A decline of 10,000 residential subscribers, leaving a total of 29.8 million, marked the first time Comcast saw a loss in the area and made its gain of 10,000 broadband members for a total of 2.3 million seem inconsequential.

Before the earnings release, the company had expected to add 84,000 subscribers in the second quarter. Its current third quarter is doing little to stymie investor disappointment, as Comcast reported losing 30,000 broadband subscribers in July. CEO Brian Roberts attributed the losses to a rise in fixed wireless internet options but expects mobile substitution to "eventually stabilize." Moreover, the company's streaming business also left little for investors to rally around, as Comcast's Peacock service saw zero growth; its subscriptions remained at 13 million.

The shining light in Comcast's second quarter was its entertainment business in studios and theme parks, where revenue grew 5% to just over $30 billion and net income increased 14% to $4.5 billion.

As Comcast's business moves steadily away from cable and possibly broadband, streaming will become an increasingly important source of revenue. The company has succeeded with its free ad-supported option on Peacock, with 53.5% of its user base choosing the cost-effective tier. However, the company is still working toward growing its paid subscriptions. With immensely popular titles such as The Office, Brooklyn Nine-Nine, and Parks and Recreation, Peacock would benefit considerably from joining YouTube's streaming marketplace, as the service would put more eyes on the platform, and its content could no doubt take it from there.

An opportunity for investors

As it stands, AMC Networks and Comcast stock are not attractive buys. Both companies stumbled in the second quarter, with their stocks losing steam at the start of August. However, both companies stand to gain a lot by committing to partnerships with YouTube if they result in featuring their streaming services on the platform's coming channel store.

Investors should keep an eye out for news of either of these companies joining YouTube's streaming marketplace. Only time will tell, but AMC Networks and Comcast would potentially enjoy a considerable boost in subscribers and revenue if they strike deals.