Company Cites Increased Distribution Demand
& More Opportunities for Content Acquisition for Unprecedented
Growth – Drives Surge in Unique Users, Minutes Viewed and App
Installs
LOS
ANGELES, May 2, 2023 /PRNewswire/ --
Cinedigm's (NASDAQ: CIDM) flagship streaming
service Cineverse, experiencing unprecedented growth in the
first six full months since its launch, has become the
fastest-growing streaming library in the world, growing to more
than 21,000 movies and shows since launching in September last
year. Since January, the service has grown its library by 430%,
rising to become the sixth largest movie streaming service in the
world in terms of title count, with an offering of films larger
than Netflix, Hulu, HBOMax, and Paramount+. While the industry's
biggest streaming companies continue to decrease their libraries,
Cineverse plans to continue adding more than 3,000 new titles a
month, a feat that can only be achieved through the Company's
highly scalable Matchpoint distribution platform. This announcement
was made today by Cinedigm Chairman and CEO Chris McGurk.
Cineverse is also growing in the context of Cinedigm's overall
portfolio of streaming brands, becoming one of the company's Top 5
streaming channels in a short period of time following its
September 15 debut. It has also
scored significant growth in distribution across desktop and mobile
platforms, including iOS/Android, Roku and Samsung – as well as
availability via Vidgo – with more Connected TV platform launches
scheduled in the coming weeks.
"Consumers are asking for broader choice in streaming like they
have with music," said Erick Opeka,
President and Chief Strategy Officer of Cinedigm. "Meanwhile, our
competitors are slashing titles and raising prices. We think
there's a better way forward, and our long-term vision is to become
the world's largest streaming offering in our quest to build the
'Spotify of video. The pace at which we are adding titles to the
service is unprecedented in the streaming industry."
Alongside the series, specials, movies, documentaries and short
films available on-demand – as well as the ability to rent the
newest theatrical titles via its partnership with Row8 – the
streaming service also distributes a variety of free, ad-supported,
streaming television (FAST) channels from third parties, including
GustoTV (food) and Qwest TV (music). Cineverse now offers more than
two dozen live channels in its lineup, both from the company's
portfolio and third parties, including:
- AsianCrush
- The Bob Ross Channel
- The Bob Ross Channel en Espanol
- The Carol Burnett Show
- Comedy Dynamics
- Crime Hunters
- The Country Network
- Docurama
- El Rey Network
- GustoTV
- The Elvis Presley Channel
- The Film Detective
- Johnny Carson TV
- Lone Star
- Midnight Pulp
- Mystery Science Theater 3000
- Quest TV
- RetroCrush
- RealMadrid TV
- SCREAMBOX TV
- So... Real
- Shout! Factory TV
- TOKUSHOUTSU
Cineverse's appeal with consumers is also expanding
exponentially. Its website's unique users have grown from Q4 2022
to Q1 2023 by 189%, with views up by 105%. Additionally, the number
of Cineverse app installs has soared by 84%.
Remarked McGurk, "As a premier independent streaming
entertainment company super-serving fans across all genres, while
the big streamers keep shedding titles from their shelves, we are
very excited to be growing our offering. Cineverse has come out of
the gates in such an amazing fashion, driving us toward our goal of
being the Spotify of independent streaming video, at a time during
which an embarrassing 3% of the TV shows and films ever made are
available to stream. From a content and technology standpoint we
knew Cineverse would be an industry game-changer, but we are
particularly proud of the service's fast growth and consumer
acceptance."
ABOUT CINEDIGM
For more than 20 years, Cinedigm (NASDAQ: CIDM) has led the
digital transformation of the entertainment industry. Today,
Cinedigm entertains consumers around the globe by providing premium
feature film and television series, enthusiast streaming channels
and technology services to the world's largest media, retail and
technology companies. As a leader in the rapidly evolving streaming
ecosystem, Cinedigm continues its legacy as an innovator through
its adoption of next-generation technologies, such as artificial
intelligence and machine learning, through its proprietary,
highly-scalable Matchpoint™ technology platform. For more
information, visit cinedigm.com.
ABOUT CINEVERSE
Cineverse is your ticket to a world of
entertainment delights, thrilling filmmaker discoveries, and more.
In a world where algorithms steer viewers towards the predictable,
Cineverse will buck that trend with a focus not only on passionate
curation but also by leveraging Cinedigm's Matchpoint technology to
provide content recommendations based on real-time feedback from
viewers. From artfully entertaining American indies to the boldest
in global film and television, emerging voices, and non-fiction
storytelling, Cineverse's library of world-class, on-demand
content, and lineup of free linear channels, will reward the
curious and adventurous. Cineverse is available at
https://www.cineverse.com and can be downloaded from all major
app platforms.
PRESS CONTACT FOR CIDM:
The Lippin Group for
Cinedigm
cinedigm@lippingroup.com
Julie Milstead
investorrelations@cinedigm.com
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SOURCE Cinedigm Corp.