Cinedigm Networks Paid Subscriber Count Surges 45% to 142,000 in Last 6 Months
October 26 2020 - 9:00AM
Business Wire
Surge Leverages Ad -Supported Viewer Growth
of 238% to 15.2 Million Monthly Viewers Year-Over-Year
Flagship Network CONtv Subscribers up 78%
since April 1st
Cinedigm (NASDAQ: CIDM) today announced its portfolio of paid
subscription streaming services has grown to more than 142,000 paid
subscribers, up 45% during the first half of the company’s fiscal
year that began on April 1st, 2020.
Cinedigm leverages its user base on free streaming services to
grow its base of paid memberships. The company now reaches more
than 15.2 million ad supported users per month, up 238% year over
year, from 10 live streaming services. The company has 15 more
ad-supported services signed to go live within the next twelve
months.
“This rapid growth illustrates the success of our ‘freemium’
model,” said Erick Opeka, President of Cinedigm Networks. “Users
can discover and enjoy our free networks across hundreds of
millions of devices, and with savvy marketing and advertising we
convert the most passionate of those viewers into long-term paid
subscribers who want commercial-free and exclusive content.
Cinedigm is one of the few public streaming companies that
generates users, subscribers, and revenues from all major streaming
business models. At this level, we estimate a stream of over $4
million per year in high margin subscriber revenues in addition to
our digital advertising and licensing revenues.”
Leading the way in subscriber growth is Cinedigm’s flagship
network CONtv, up 78% in paid subscribers since April 1st. This
growth was driven by a relaunch and expansion of the service on
Vizio and Roku devices, the integration of more than 10,000 digital
comics from last year’s acquisition of ComicBlitz, a comics
subscription service, and a successful subscriber bundling deal
with e-book and audiobook subscription service Scribd.
Cinedigm’s other premium services also saw significant
subscriber growth since April 1st, with Viewster Anime, a Japanese
Anime-focused service up 39%, Docurama, a premium documentary
service up 24%, and The Dove Channel, a family movie service, up
21%.
“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.”
Cinedigm plans to further expand its bundle partnerships in the
coming months and will also expand the successful strategy of
launching its networks on cable, satellite and telco platforms. The
company launched on Cox and Cox Contour on August 18th, joining
Cinedigm’s other scale platform deals including Comcast Xfinity,
Dish Network / SlingTV, The Roku Channel, Amazon Channels and
more.
The company also plans on international expansion of both free
and paid services in the coming quarters, and will also explore the
creation of new subscription streaming services from Cinedigm’s
library of tens of thousands of film and television titles.
About Cinedigm:
For more than twenty years, Cinedigm (NASDAQ: CIDM) has led the
digital transformation of the entertainment industry. Today,
Cinedigm entertains hundreds of millions of consumers around the
globe by providing premium content, free and paid streaming
channels, and technology services to the world’s largest media,
technology and retail companies. For more information, visit
cinedigm.com.
Cinedigm uses, and will continue to use, its website, press
releases, SEC filings, and various social media channels, including
Twitter (https://twitter.com/cinedigm), LinkedIn
(https://www.linkedin.com/company/cinedigm/), Facebook
(facebook.com/Cinedigm), StockTwits
(https://stocktwits.com/CinedigmCorp) and the Company website
(www.cinedigm.com) as additional means of disclosing public
information to investors, the media and others interested in the
Company. It is possible that certain information that the Company
posts on its website, disseminated in press releases, SEC filings,
and on social media could be deemed to be material information, and
the Company encourages investors, the media and others interested
in the Company to review the business and financial information
that the Company posts on its website, disseminates in press
releases, SEC filings and on the social media channels identified
above, as such information could be deemed to be material
information.
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version on businesswire.com: https://www.businesswire.com/news/home/20201026005553/en/
Press Contact for CIDM: Jill Calcaterra 310-466-5135
jcalcaterra@cinedigm.com
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