Business
Cinedigm Reports Third Quarter Fiscal Year 2023 Financial Results
Revenues of $27.9 Million, up $13.8 Million or 98% Over Prior Year Quarter Net Income of $4.9 Million, up $5.4 Million or 1,139% Over Prior Year Quarter
About this update from Cineverse Corp.
[{"type":"text","content":"Revenues of $27.9 Million, up $13.8 Million or 98% Over Prior Year Quarter\nNet Income of $4.9 Million, up $5.4 Million or 1,139% Over Prior Year Quarter\nEarnings per Share of $0.03, up $0.03 or 100% Over Prior Year Quarter\nAdjusted EBITDA of $5.1 Million, up $3.7 Million or 279% Over Prior Year Quarter\nLOS ANGELES, Feb. 14, 2023 /PRNewswire/ -- Cinedigm Corp. (NASDAQ: CIDM), a leading entertainment and streaming technology company serving enthusiast audiences, today announced its financial results for the third quarter of fiscal year 2023, which ended December 31, 2022, with total revenues of $27.9 million, up 98% over the prior year quarter. The Company also posted Net Income of $4.9 million and Adjusted EBITDA of $5.1 million, up 1,139% and 279% over the prior year quarter, respectively.\n\n \n \n \n \n \n \n\n \nChris McGurk, Cinedigm Chairman and CEO, said, \"Our strong momentum continued in the fiscal third quarter with our business firing on all cylinders as we close in on our goal of sustainable profitability and positive cash flow. We once again generated record revenues in our streaming business with advertising-supported and subscription streaming revenue growth of 79% and 38%, respectively, over the prior year quarter and growth of 258% and 189%, respectively, on a two-year basis. We also now have grown to over 1.2 million paid subscribers to our channels. All our business lines contributed to this very profitable and high growth quarter, demonstrating that we have one of the most diversified revenue and income portfolios in the streaming content business. These results underscore why Cinedigm has built such a unique competitive position and investment proposition, guided by a responsible operating approach that is fundamentally working now in real time while many of the big streaming companies are still struggling to identify their best strategic way forward. A major reason for this strong position is because, unlike others, we were very early movers in the free, ad-supported streaming television (FAST) space, and have not spent years overspending on content and marketing. In fact, by specializing in acquiring content in genres with passionate fan bases, distributing it across multiple platforms – including our portfolio of more than two dozen enthusiast-focused channels – and continuing to develop and enhance ou...