- Cinedigm Corp CIDM reported preliminary fourth-quarter FY21 revenue growth of 197% year-on-year to $8.3 million, above the analyst consensus of $7.7 million.
- Combined Streaming/Digital revenues increased 66% Y/Y. Ad-supported streaming channel (AVOD) revenues rose 331% Y/Y.
- Subscription streaming channel revenues grew 117% Y/Y.
- Partners like Amazon.com Inc AMZN, Apple Inc AAPL, and Tubi Ltd TBUIF drove digital sales billings growth for the fourth consecutive quarter.
- Total streaming minutes increased 285% Y/Y to 1.16 billion.
- Total monthly ad-supported streaming channel viewers rose 248% Y/Y to 23.6 million.
- Streaming advertising demand partnerships rose 178% Y/Y to 64. Key new partner additions include Comcast Corp's CMCSA Freewheel and TripleLift.
- Film and television libraries for linear streaming grew by 88% Y/Y to 6,591 titles.
- Streaming platform partnerships rose 82% Y/Y to 31, including new linear distribution partnerships and channel expansions with Roku Inc ROKU and TCL.
- Total streaming channel distribution deals increased 170% Y/Y to 135. Total live streaming enthusiast channel brands increased 23% Y/Y to 16.
- During the quarter, Cinedigm agreed with AMC Entertainment Holdings Inc AMC for a sales plan for legacy digital cinema equipment with net proceeds of $10.8 million over two years.
- Key acquisitions included streaming services Fandor, Screambox, and Films Around the World content library.
- Total subscribers to the subscription video streaming services rose 414% Y/Y to above 683,000 subscribers in June 2021. Total streaming minutes reached 504.1 million in June.
- Cinedigm intends to file Annual Report as soon as possible, as it experienced unanticipated delays in preparing the Form 10-K.
- Price action: CIDM shares traded higher by 16.7% at $1.26 in the premarket session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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