Business
Cinedigm Reports Second Quarter Fiscal Year 2023 Financial Results
Consolidated Revenue of $14 Million, Up 39% Over Prior YearTotal Streaming Revenue Up 78% Over Prior YearRecord Ad-Supported Streaming Revenue Up 102% Over
About this update from Cineverse Corp.
[{"type":"text","content":"Consolidated Revenue of $14 Million, Up 39% Over Prior YearTotal Streaming Revenue Up 78% Over Prior YearRecord Ad-Supported Streaming Revenue Up 102% Over Prior YearPaid Subscribers Increased to 1.06 million, Up 48% Over Prior YearFinancial Impact of Terrifier 2 Film Release will be Reported in Fiscal Q3 and Subsequent QuartersLOS ANGELES, CA / ACCESSWIRE / November 14, 2022 / Cinedigm Corp. (\"Cinedigm\" or \"the Company\") (NASDAQ:CIDM), a premier streaming technology and entertainment company super-serving enthusiast fan bases, today announced its financial results for the second quarter of fiscal year 2023, which ended September 30, 2022, highlighting the Company's positive business results and momentum, growth trajectory, financial targets and plan for sustainable profitability and positive cash flow.Chris McGurk, Chairman and CEO of Cinedigm, said: \"Our strong business momentum continues with total streaming revenue increasing 78% in our fiscal second quarter - generating another record revenue quarter for the Company. Our advertising-supported streaming revenues more than doubled versus last year, thanks to our smart pivot into the AVOD and FAST businesses years ago, while other major streaming companies are just now scrambling to put their advertising strategies in place. We have now had 10 consecutive quarters of record ad revenue growth. Additionally, despite Q2 being our seasonally slowest quarter, we increased consolidated revenue by 39% versus the prior year quarter. We are very well-positioned going into our next fiscal quarter, the seasonally best of the year, where, in addition to continued strong streaming growth, the success of the breakout film phenomenon Terrifier 2 is going to provide a significant upside to our fiscal Q3 financial results and beyond. This financial upside will underscore the growing impact that our multifaceted horror strategy, led by our Bloody Disgusting and Screambox units, is having on our long-term business and financial performance.\"Mr. McGurk continued, \"One of the most important elements of our streaming strategy successfully debuted in fiscal Q2 when we launched our flagship service, Cineverse, powered by our proprietary Matchpoint technology. Showcasing our growing portfolio of free, ad-supported linear channels and more than 12,000 titles, alongside enhanced content discovery...