Cinedigm Corp. (NASDAQ:CIDM) is experiencing positive business momentum following a strong fiscal year ending March 31, 2022. The company reported a 104% increase in quarterly revenues, reaching $16.9 million, and a 78% increase for the full year at $56.1 million. Cinedigm aims to achieve sustainable profitability and positive cash flow by March 2023 through cost-saving measures totaling $7.5 million and new growth initiatives expected to generate over $50 million in annual revenues. The firm also plans a potential stock buyback to address current valuation challenges.
Cinedigm (NASDAQ:CIDM) is set to launch its new streaming service, Cineverse, in late August 2022, which will feature over 15,000 VOD titles and a range of ad-supported FAST channels. The service utilizes the upgraded Matchpoint Blueprint 2.0 platform, powered by AI and machine learning, to enhance user experience and content delivery. Cineverse will initially be available on major platforms and will include features like gamification through partnerships and advanced content recommendations. This move signifies Cinedigm's commitment to innovation in the streaming ecosystem.
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Cinedigm (CIDM) has partnered with Bloody Disgusting to acquire North American rights for Terrifier 2, a highly anticipated horror film. Set to premiere theatrically this fall and later on the streaming platform SCREAMBOX, this sequel follows the return of Art the Clown on Halloween night. Directed by Damien Leone, it introduces new characters while maintaining the franchise's cult appeal. The film is part of a strategic initiative to expand SCREAMBOX’s content library, enhancing its competitiveness in the streaming market.
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Cinedigm Corp. (NASDAQ: CIDM) reported impressive financial results for the fiscal year ending March 31, 2022, with total revenue of $56.1 million, reflecting a 78% increase year-over-year. The fourth quarter revenue reached $16.9 million, up 104%, driven by a 109% rise in ad-supported streaming revenue. The company achieved a net income of $1.2 million, or $0.01 per share, significantly improving from a net loss of $63.2 million the previous year. Cinedigm continues to expand its streaming portfolio, leveraging its Matchpoint® technology, and aims for substantial growth in streaming revenues.
Cinedigm Corp. (NASDAQ:CIDM) has launched The Elvis Presley Channel, a free ad-supported streaming channel featuring a mix of iconic Elvis films and new original programming. Available on platforms like LG Channels and Amazon Freevee, the channel aims to engage existing fans and attract new audiences with curated content celebrating Elvis' cultural impact. The channel will refresh its offerings monthly, showcasing exclusive specials and themed programming blocks. This launch aligns with a significant year for Elvis, including the release of the film ELVIS by Warner Bros. Pictures.
Cinedigm (NASDAQ:CIDM) recently announced its Podcast Network surpassed 50 million downloads and plans to triple its podcast offerings to 75 titles by the end of the fiscal year in March. The company has expanded its content lineup by 127%, launching new scripted audio dramas like Skin Crawl and Mayfair Watcher's Society. Cinedigm aims to increase its owned podcasts to over 100 within the next 24 months, positioning itself as a multi-million dollar revenue business. This growth is fueled by a booming podcast audience in the U.S., projected to reach 160 million listeners by the end of 2023.
Cinedigm Corp (NASDAQ:CIDM) will announce its financial results for Q4 and the full fiscal year 2022, ending March 31, 2022, on June 27, 2022, after market close. A conference call to discuss the results will take place on June 28, 2022, at 12:00 pm ET. Investors can access the call via the company's webcast or by phone. Cinedigm, a leader in the streaming technology and entertainment sector, focuses on serving enthusiast fan bases and driving innovation in the digital entertainment industry.
Cinedigm has appointed David Chu as the EVP & General Manager of Cinedigm Networks, a newly created position. Previously the President of DMR, which was acquired by Cinedigm, Chu will oversee over a dozen streaming channels including Fandor and Dove. His responsibilities encompass channel strategy, programming, marketing, and distribution, focusing on enhancing audience engagement through social media. With over 20 years of experience in the industry, Chu aims to grow Cinedigm’s rapidly expanding network of channels.