Cineverse Corp
NASDAQ:CNVS
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Cineverse Corp
Cinedigm Corp. is an independent streaming entertainment company, which engages in the marketing and distribution of movies, television, and other short form content managing a library of distribution rights. The company is headquartered in New York City, New York and currently employs 134 full-time employees. The company went IPO on 2006-04-18. The firm provides diversified specialty streaming, advertising, and content distribution with audiences for global content in North America. The company provides feature film and television series, enthusiast streaming channels and technology services to the media, retail, and platform companies. The company owns and operates seven over-the-top (OTT) channels for genres: AsianCrush (pan-Asian), Midnight Pulp (horror/thriller/action), Cinehouse, RetroCrush (classic anime), Cocoro, and KMTV (K-Pop), and Cinehouse Selects (arthouse). These are available as video-on-demand (AVOD and/or SVOD) apps on Smart TVs, mobile and connected TV devices; on Xbox One and Xbox Series X/S consoles; on the Web; and/or as linear, free ad-supported television (FAST) channels on LG Channels, Peacock, Plex, Redbox, The Roku Channel, Samsung TV Plus, and others.
Cinedigm Corp. is an independent streaming entertainment company, which engages in the marketing and distribution of movies, television, and other short form content managing a library of distribution rights. The company is headquartered in New York City, New York and currently employs 134 full-time employees. The company went IPO on 2006-04-18. The firm provides diversified specialty streaming, advertising, and content distribution with audiences for global content in North America. The company provides feature film and television series, enthusiast streaming channels and technology services to the media, retail, and platform companies. The company owns and operates seven over-the-top (OTT) channels for genres: AsianCrush (pan-Asian), Midnight Pulp (horror/thriller/action), Cinehouse, RetroCrush (classic anime), Cocoro, and KMTV (K-Pop), and Cinehouse Selects (arthouse). These are available as video-on-demand (AVOD and/or SVOD) apps on Smart TVs, mobile and connected TV devices; on Xbox One and Xbox Series X/S consoles; on the Web; and/or as linear, free ad-supported television (FAST) channels on LG Channels, Peacock, Plex, Redbox, The Roku Channel, Samsung TV Plus, and others.
Revenue: Quarterly revenue was $12.7 million, down 3% year-over-year, but would have been up 5% if including a licensing deal to be recognized in future periods.
Margin Improvement: Gross margin jumped to 58%, up 7 percentage points from last year and well above prior guidance of 45% to 50%.
Losses: Net loss widened to $5.5 million and adjusted EBITDA was negative $3.7 million, due to investments in sales, marketing, technology, and the new MicroCo venture.
Streaming Growth: Streaming viewers rose 47% to 143.8 million, minutes streamed increased 45%, and SVOD subscribers rose 6% to 1.39 million.
Tech Progress: Matchpoint technology added more than 20 new customers, expanded internationally, and is now in use by a major Hollywood studio.
Content Pipeline: New fan-centric film releases and IP deals announced, including the 20th anniversary of Pan's Labyrinth and upcoming family film Air Bud Returns.
Content Library Valuation: Library value was independently updated to $45 million, far above the $3.2 million book value.
MicroCo Venture: Micro drama joint venture progressing quickly, with strong industry interest and initial venture funding secured.
