Cinedigm (NASDAQ:CIDM) has launched eleven free, ad-supported streaming services on TCL CHANNEL, enhancing its reach in North America. TCL CHANNEL offers a diverse range of entertainment content without subscription fees and has quickly gained popularity, becoming the second-largest TV brand in the U.S. Cinedigm's channels include genres like horror, comedy, and family movies, aimed at expanding their user base significantly. Cinedigm's Chief Strategy Officer highlighted the strategic partnership, emphasizing the potential to reach tens of millions of new viewers through TCL's expansive install base.
Cinedigm (CIDM) has announced a significant expansion of its streaming content, acquiring over 300 hours of new material, including 65 films, 17 new series, and 44 specials from various production companies. This move follows three consecutive quarters of record-breaking digital revenue. Key acquisitions include acclaimed documentaries and new series targeting family, horror, and anime enthusiasts. With this influx of premium content, Cinedigm aims to enhance its streaming services and reach a wider audience across multiple devices.
Cinedigm Corp. (NASDAQ:CIDM) reported strong financial results for the third quarter of fiscal 2021, ending December 31, 2020. Consolidated revenues reached $10.0 million, reflecting a 13.5% decline year-over-year due to the impact of COVID-19 on theatrical revenues. However, streaming revenues surged with ad-supported streaming channel revenues up 150% compared to the prior year. Total debt was reduced by 51%, and core streaming metrics showed significant growth, including a record 907 million streaming minutes and 22.6 million viewers.
Cinedigm Corp. (NASDAQ:CIDM) has appointed two key executives to bolster its streaming business: Daniel Schneider as Senior Vice President of Revenue and Eric Rowe as Director of Programming. Schneider will enhance monetization and data-driven decisions, drawing on his experience at Cheddar and Sling TV. Rowe, formerly with Sinclair and Sony US Networks, will lead programming strategy for Cinedigm's various streaming services. President Erick Opeka emphasized the importance of adding top talent to achieve aggressive growth targets in the streaming sector.
Super Bowl LV Champions: Tampa Bay Buccaneers, a commemorative film from NFL Films, will be available starting March 23, 2021, on Digital, Blu-Ray™, and DVD. This film celebrates the Buccaneers' historic 31-9 victory over the Kansas City Chiefs in Super Bowl LV, making them the first team to host and win the Super Bowl on their home field. Produced in collaboration with Cinedigm (NASDAQ:CIDM), the film includes highlights of their championship season, featuring key moments and behind-the-scenes access. Pre-orders are available at NFL Shop and Apple TV.
Cinedigm (CIDM) will announce its third quarter fiscal year 2021 financial results for the period ending December 31, 2020, on February 22, 2021, at 6:00 pm ET. Investors can join the conference call by calling 877-407-9124 for domestic calls or 201-689-8584 for international participants. An audio webcast will also be available. Following the call, a replay can be accessed by dialing 877-481-4010 (U.S.) or (919) 882-2331 (International) with the passcode 40084. Cinedigm has been a leader in the digital transformation of the entertainment industry for over 20 years.
Cinedigm Corp (NASDAQ:CIDM) has acquired Screambox, a streaming service focused on the horror genre. The transaction aims to leverage Cinedigm's extensive content library and distribution network to enhance Screambox's offerings. With the horror genre generating over $2.3 billion in global revenue, Cinedigm anticipates achieving seven-figure subscriber levels within 36 months. The company plans to double Screambox's available content and expand its distribution through various platforms, including third-party partners like Roku and Comcast.
Cinedigm (NASDAQ: CIDM) has partnered with rlaxx TV, a Germany-based AVOD provider, to integrate Comedy Dynamics' comedy catalogue into its streaming platform. This collaboration allows viewers to access a wide range of stand-up comedy without any subscription fees, promoting an advertisement-based revenue model. Currently, rlaxx TV is available on many smart TV brands and aims for broader device compatibility by mid-2021, expanding its reach to international markets. The partnership enhances rlaxx TV's content diversity, appealing to various viewer demographics.
Cinedigm (NASDAQ:CIDM) announced a partnership with Rockbot to distribute four of its video channels, including The Bob Ross Channel and Dove Channel, to Rockbot's business-to-business streaming service. This collaboration aims to tap into the growing out-of-home streaming market, targeting venues like gyms and restaurants. With 20+ million monthly viewers, the partnership seeks to expand Cinedigm's reach in ad-supported television networks. The easy-to-use platform enables businesses to control Cinedigm's programming efficiently.
Cinedigm Corp. (NASDAQ:CIDM) has completed a registered direct offering of 5,600,000 shares at $1.25 each, raising $7 million. Proceeds will be used to retire approximately $3.2 million in second lien debt, and for content and streaming channel acquisitions. This action is part of Cinedigm's ongoing strategy to reduce overall debt, having previously decreased it by $35 million since December 2019. After this offering, only a small asset-backed revolving loan will remain, reportedly under $3 million at a favorable interest rate of 3.75%.