Cinedigm announced it set a new company record with a 29% growth in revenue across its ad-supported streaming channels from September to October 2020. It also reset its record for revenue year over year, up 148% compared to last October.
Cinedigm’s revenue growth can b attributed in part to more people staying at home and streaming. Ad impressions are up 570% since the beginning of the pandemic in March 2020. It’s also thanks to a major increase in advertisers wanting connected TV ad space. This accounts for more than 96% of all ad impressions generated by Cinedigm
“Cinedigm is in the perfect position to take advantage of the great shift of ad dollars from Cable to streaming,” Said Erick Opeka, President of Cinedigm Networks. “Major national brand advertisers have woken up to the power of targeted digital advertising in the living room, and our portfolio of premium enthusiast networks delivers the audiences and engagement that is increasingly difficult to reach on legacy television.”
Cinedigm added 25 new ad partners in October and is honing in on growing the total number of advertising supply side platforms (“SSPs”) reaching the company’s inventory.
This news comes after Cinedigm recently reached 15.2 million monthly ad-supported users and more than 142,000 paid subscribers.
The network’s main focus is on expanding its subscriber base with some pretty lofty goals as far as numbers are concerned. Cinedigm is also looking into expanding internationally in both paid and free services.
“Our goal is to more than double our paying subscriber base to 290,000 subscribers over the intermediate term through expanded distribution, marketing and new content deals for high-quality programming,” said Opeka, who added: “We also plan to continue to execute our accretive roll-up strategy of profitable streaming companies like our acquisitions of Viewster and Film Detective where we can leverage our extensive expertise, proprietary technology capabilities and distribution muscle to quickly increase monetization and viewership while cutting operating costs.”
The company is also planning to expand its ad-supported device reach with new partnerships with Samsung, PlutoTV, IMDBtv, and Vizio just to name a few. Cinedigm also has 15 new channels set to launch over the next twelve months.