Business
Cinedigm Reports Fourth Quarter and Full Year Fiscal 2022 Financial Results
Consolidated Fourth Quarter Revenue of $16.9 Million Up 104% Over Prior Year Led by Record Streaming RevenueConsolidated Full Year Revenue of $56.1 Million Up
About this update from Cineverse Corp.
[{"type":"text","content":"Consolidated Fourth Quarter Revenue of $16.9 Million Up 104% Over Prior Year Led by Record Streaming RevenueConsolidated Full Year Revenue of $56.1 Million Up 78% Over Prior YearStreaming Revenue Up 108% Over Prior Full YearAd-Supported Streaming Revenue Up 147% Over Prior Full YearFull Year Net Income of $1.2 Million or $0.01 Per ShareLOS ANGELES, CA / ACCESSWIRE / June 27, 2022 / Cinedigm Corp. (\"Cinedigm\" or \"the Company\") (NASDAQ:CIDM), a premier streaming technology and entertainment company super-serving enthusiast fan bases, today announced its audited financial results for the three and twelve-month periods ended March 31, 2022.\"We had tremendous success again this fourth fiscal quarter, growing our total revenues by 104% to $16.9 million. This was driven by record-high streaming revenues that included a 109% increase in ad-supported streaming revenues, which were also up an incredible 793% on a two-year basis,\" said Chris McGurk, Chairman and CEO of Cinedigm. \"Our full-year revenues of $56.1 million were up 78%, driven by a 108% increase in our streaming channel revenues, again led by ad-supported revenue growth of 147%, strongly outperforming the rest of the industry. On a two-year basis, full year streaming channel and ad-supported revenues rocketed up as well, higher by 290% and 514%, respectively. We achieved these impressive results because we aggressively entered the high growth ad-supported streaming business several years ago while many other companies continued to solely focus on the highly competitive and expensive general entertainment subscription business. Combined with the successful monetization of our legacy Cinema Digital Equipment business, this rapid revenue growth generated $7.1 million in Adjusted EBITDA for the full fiscal year. That helped eliminate all our debt, fund the bulk of the important Digital Media Rights (DMR) acquisition and generate positive net income for the full year.\"McGurk continued, \"Clearly, our unique diversified streaming and content strategy is working and driving impressive results. And now, adding to this strong business momentum, we are leveraging our vastly increased scale, with a 30-channel streaming portfolio and 46,000 films and TV episodes in our library, by launching four new high-return growth initiatives that fully leverage our asset base, capabilities and...