Cineverse said it launched Cineverse 360, an ad platform enabling brands to reach the streaming company’s audiences across connected TV, FAST channels, digital and social media, podcasts and events.
Terry City has joined the company as senior VP, head of Cineverse 360. City was most recently head of industry sales and partnerships at Tastemade.
City earlier held posts at Tumblr, Group Nine Media, BuzzFeed, Huffington Post and Yahoo.
At launch the Cineverse 360 reach 82 million monthly viewers across the company's owned and operated properties.
Cineverse is also launching the Cineverse 360 Audience Network, which starting next quarter, will give advertisers access to inventory on Cineverse FAST channels on platforms such as Philo, Plex, Samsung TV Plus, Vizio Watchfree and Xumo.
“With our unique ability to execute 360-degree programs for our clients, bring exclusive access to audiences of passionate fans across several popular genres — fans that are not available anywhere else — and offer brands the ability to get in early on a number of our new and soon-to-debut FAST channels, we are positioned stronger than ever to take advantage of industry trends,” City said.
On Wednesday, Cineverse reported that it narrowed its fiscal third-quarter net loss to $2.9 million, or 22 cents a share, from $4.9 million or 55 cents a share a year ago.
Revenues fell to $13.3 million from $27.9 million a year ago.
A year-ago revenue from the company’s legacy digital cinema business and theatrical revenue from the film Terrifier 2, contributed $11 million in revenue.
Adjusting for that lost revenue and a $3 million non-cash investment loss, net income in the quarter would have been $200,000.
Advertising-based revenues fell 31% to $4.1 million, primarily due to Cineverse’s channel optimization efforts, a non-recurring technical transition with a large FAST platform partner and the continued impact of the current economic climate on the advertising market, the company said.
Subscription-based revenues increased 13% to $3.4 million. Total paid subscribers grew 30% to 1.4 million from a year ago.
