Cineverse Corp (CNVS)

[creakyhottie]

From Seeking Alpha Cinedigm dips 9.4% amid swing to loss despite streaming gains

Feb. 22, 2021 6:17 PM ETCinedigm Corp. (CIDM)By: Jason Aycock, SA News Editor1 Comment
Cinedigm (NASDAQ:CIDM) has slipped 9.4% postmarket after its fiscal third-quarter earnings fell short of expectations.
Despite some bright spots, overall revenue fell by nearly 14% to $9.95M.
And against that double-digit decline, streaming channel revenues rose 85% year-over-year, and ad-supported streaming channel revenues rose 150% (and were up 79% from the prior quarter).
Along with higher expenses, the company swung to an operating loss of $1.28M from a year-ago gain of $611,000. And GAAP net loss swelled to $9.67M from a year-ago loss of $2.16M.

In key operational results: Total streaming minutes for the quarter jumped 391% to 907M, a new company record. And total monthly ad-supported streaming channel viewers rose 303% to 22.6M.
"Our streaming business, where we are laser-focused on building out a portfolio of targeted enthusiast channels, is growing rapidly both organically and through our streaming roll-up acquisition strategy, which has delivered three key, accretive streaming assets in just the last three months in The Film Detective, Fandor and Screambox," says CEO Chris McGurk.