Cinedigm shared its Q4 earnings report, and the earnings for its linear and AVOD streaming channels is up 59% thanks to a 466% growth in ad revenue. In addition, monthly streaming viewers on all of its ad-supported streaming services grew to more than 9 million by the end of March, and up to 13.2 million by May 31 of this year, almost tripling over the past 7 months.
Since last year, Cinedigm has signed multiple new advertising partners including Verizon Media, AT&T’s Xandr, Beachfront Media and more. Additionally, it’s expanded its global distribution by hundreds of millions of reachable devices thanks to an array of new streaming distribution partners, bringing the total to more than 40 partners including Amazon, Apple, Comcast, Dish Networks/SlingTV, Roku, Samsung and Vizio, among many others
Last month we reported Cinedgim’s latest growth with the announcement of 9 new channels on Select TV including a 24/7 Bob Ross channel, the premium Chinese Film network Bambu, plus ConTV and ConTV Anime featuring the best of Comicon and Anime content.
“This strong performance and deal flow demonstrate how we are rapidly scaling up our streaming business to capitalize on the on-going and permanent cord-cutting shift towards premium OTT entertainment,” said Chris McGurk, Cinedigm’s Chairman and CEO. “Heavy streaming adoption rates, particularly for free, ad-supported linear channels, continue to dramatically accelerate. We are uniquely well positioned to take advantage of this once-in-a-generation permanent shift in viewing habits, accelerated by the current stay-at-home environment, by capturing and growing a meaningful, high margin, and profitable share of this huge market.”
“Over the last fiscal year, Cinedigm has become the go-to provider of channels, streaming content, and services for major global media companies seeking to compete in this once-in-a-generation paradigm shift from traditional to OTT media consumption,” added Erick Opeka, President of Cinedigm Digital Networks. “Our revenue model is driven by signing and launching new channels, increasing our distribution footprint, growing our viewership, and achieving monetization with scale partners. Our relentless focus on these four key areas can be reflected in our outstanding results and our announced deals with the best companies in the industry. Given this, Cinedigm has enormous prospects for growth in the coming fiscal year.”
Cinedigm also significantly reduced its debt by $15.5 million, a 24% reduction year-over-year, decreasing the company’s interest expense by $3 million annually.
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