The streaming and entertainment company Cinedigm Corp. (NASDAQ:CIDM) recorded a 42% year-over-year increase in its quarterly revenue, according to the Los Angeles-based company’s fiscal third-quarter earnings data.
What Happened: Cinedigm reported $14.1 million in third-quarter revenue, compared to $9.9 million from one year earlier. The company attributed this growth to the launch of new streaming channels — the revenue stream for this aspect of operations spiked by 104% year-over-year, a company record.
On the downside, Cinedigm recorded a net loss of $500,000. Still, that was an improvement from the previous year’s net loss of $9.7 million and a 7-cent per share loss.
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How It Happened: Cinedigm closed the quarter with approximately 954,000 total subscribers to its streaming channels. The company’s film and television library grew to approximately 40,000 assets owned or under management by the Dec. 31, 2021, conclusion of the quarter, with approximately 90% of those titles available as streaming assets. at the end of the quarter — with approximately 35,000, or 90%, of the titles available as streaming assets, an increase of more than 14,000 titles, or 69%, from one year earlier.
The company credited the expansion of its streaming presence to ongoing content acquisitions and merger and acquisition activity of film, television and streaming channel catalogs.
“We put up our fourth record quarter in a row of triple-digit streaming revenue growth, have generated a net profit year-to-date and have zero debt,” said Chairman and CEO Chris McGurk. “Clearly, our strategy to generate multiple high growth revenue streams from advertising, subscriptions, digital content and from our Matchpoint technology, combined with our successful portfolio approach to the streaming network business with more than two dozen enthusiast channels, is paying off in a huge way, separating us from other players in the space and driving this tremendous growth.”
