Cinedigm reported record subscriber growth for its horror streaming service SCREAMBOX following the launch of Terrifier 2, which saw subscribers increase by 144% in two weeks. The film has also achieved over $11M at the global box office and ranked among the top 10 digital transactional releases. This success highlights Cinedigm's profitable streaming strategy that leverages multiple monetization paths. Upcoming films like Life With Chucky are set to enhance content offerings, furthering subscriber growth.
Cinedigm reported strong Q2 2023 results with consolidated revenue of $14 million, up 39% year-over-year. Total streaming revenue surged 78%, powered by a 102% jump in ad-supported revenue. The company also welcomed 1.06 million paid subscribers, an increase of 48%. Key highlights include the success of the horror film Terrifier 2 and the launch of Cineverse, its new streaming service. Despite these gains, net loss reached $5.8 million, with challenges including decreased legacy sales and rising operational costs.
Cinedigm Corp. (NASDAQ:CIDM) has expanded its distribution agreement with Samsung, enabling the launch of its flagship streaming service, Cineverse, on Samsung Smart TVs. This partnership aims to enhance audience reach by allowing Samsung Smart TV users to access Cineverse's extensive library of over 10,000 video-on-demand titles and free ad-supported streaming channels at no extra cost. The agreement aligns with Cineverse's goal to provide a comprehensive entertainment experience, with a focus on diverse content genres and innovative technology for user engagement.
Cinedigm Corp. (CIDM) has acquired worldwide rights (excluding Italy) for three documentaries by Annalaura di Luggo: We Are Art: Through the Eyes of Annalaura, Blind Vision, and Napoli Eden. The acquisition occurred during the AFM and aims for streaming in early 2023. We Are Art is an Academy Awards contender for Documentary Feature and original song. This move aligns with Cinedigm's strategy of enhancing premium content offerings, and the company remains focused on social inclusion and environmental themes in media.
Cinedigm Corp. (CIDM) announced a partnership with ROW8 to integrate their transactional video-on-demand service into Cinedigm's Cineverse. This collaboration allows viewers to rent newly released theatrical films prior to their availability on subscription platforms. With agreements in place with major studios like Disney and Warner Bros., Cinedigm aims to enhance its content offering and TVOD distribution capabilities. The new features, including a dedicated section for ROW8's content, will soon be available on the Cineverse platform.
Cinedigm Corp (NASDAQ:CIDM) will release its financial results for the second quarter of fiscal year 2023 after market close on November 14, 2022. The results will cover the period ending September 30, 2022. Following the results announcement, Cinedigm's management will host a conference call to discuss the earnings on November 15 at 12:00 PM ET / 9:00 AM PT. Investors can access the live call via the Company's website or by phone. A replay will be available shortly after the call concludes.
Cinedigm reports a surge in consumer demand for its latest release, Terrifier 2, which saw an 8% week-over-week box office increase, totaling $7.7 million in North America after four weeks. The film's screen count nearly doubled to over 1,500 for Halloween weekend, driven by positive word of mouth. It earned an 87% critics score on Rotten Tomatoes and spurred a 250% traffic increase for the Screambox streaming service. The Collector's Edition Blu-ray pre-sale ranked as the #1 horror film on Amazon.
Terrifier 2 by Cinedigm has achieved a remarkable 82% increase in box office revenue in its third week, totaling over $5.5 million. The film will expand to over 1,500 screens for Halloween weekend due to strong demand. Its per-screen revenue surged by 58%, ranking fourth among wide releases. With a 90% Critics score and an 85% Audience score on Rotten Tomatoes, the film is currently the third most-searched film globally. This unprecedented success reflects a grassroots, fan-driven campaign.
Cinedigm announced the exclusive streaming of TERRIFIER 2 on its horror streaming service, SCREAMBOX, starting October 31, 2022. The relaunch of SCREAMBOX aims to enhance user experience with new features and content discovery. TERRIFIER 2, a surprise hit at the box office, has garnered an 89% Critics score and 85% Audience score on Rotten Tomatoes. The updated SCREAMBOX will offer uncut, ad-free movies and several live channels catering to horror enthusiasts, available across multiple platforms.
Terrifier 2 has achieved a remarkable 31% increase in box office revenue during its second week, marking the best non-holiday week-over-week performance for a horror film in nearly 30 years. The film grossed $1.03M, bringing its total to almost $2.5M with limited screenings. It holds impressive ratings with 89% from critics and 90% from audiences on Rotten Tomatoes. Cinedigm has announced that Terrifier 2 will continue to run in theaters for a third weekend due to its strong box office performance and positive audience reception.