Business
Cinedigm Reports Second Quarter and First Half Fiscal 2022 Results
First Half Revenues of $25.1 Million Up 90% Year-Over-YearSecond Quarter and First Half Streaming Revenues Up 139% and 157%, Respectively,
About this update from Cineverse Corp.
[{"type":"text","content":"First Half Revenues of $25.1 Million Up 90% Year-Over-YearSecond Quarter and First Half Streaming Revenues Up 139% and 157%, Respectively, Year-Over-YearSecond Quarter and First Half Ad-Supported Streaming Channel Revenues Up 208% and 247%, Respectively, Year-Over-YearSecond Quarter and First Half Subscription Streaming Channel Revenues Up 73% and 80%, Respectively, Year-Over-Year First Half Net Income of $4.8 Million or $0.03 Per ShareLOS ANGELES, CA / ACCESSWIRE / November 15, 2021 / Cinedigm Corp. (\"Cinedigm\" or \"the Company\") (NASDAQ:CIDM), the leading independent streaming entertainment company super-serving enthusiast fan bases, today announced its results for the period ended September 30, 2021.\"We continued our strong momentum with another triple-digit streaming revenue growth performance in the second quarter. Led by our ad-supported streaming business, which increased by 208% in the quarter, total streaming revenues grew by 139% and are up 157% year to date. We registered this dramatic growth despite this quarter being the seasonally slowest period of the year,\" said Chris McGurk, Cinedigm Chairman and CEO. \"We look forward to continuing this momentum as we further broaden our robust enthusiast streaming channel portfolio and expand platform distribution into the next two fiscal quarters, which are the historically strongest seasonal periods of our business.\"McGurk continued, \"With no debt and a strong cash position, we remain in excellent financial condition to continue on pace with accretive acquisitions to drive further growth in our streaming revenues. Organic growth and M&A, coupled with continued technology enhancements and supply-chain automation via our proprietary Matchpoint™ distribution platform and our blue-chip partnership ecosystem, will continue to fuel our rapid revenue growth leveraging all of our unique competitive business and technology advantages in streaming. We are well-positioned to scale the high volume of film & television content we license and deliver it to our partners at the click of a button, while at the same time reducing our operational costs.\"Key Second Quarter Financial Results (Quarter Ended September 30, 2021):Consolidated revenues were $10.1 million, up 41% over the prior year quarter, driven by several factors including the addition of new streaming channels, an expansi...