Cinedigm's Cineverse Bolts Out Of The Gate With The World's Fastest-Growing Streaming Library
Company Cites Increased Distribution Demand & More Opportunities for Content Acquisition for Unprecedented Growth – Drives Surge in Unique Users, Minutes Viewed and App Installs
LOS ANGELES, May 2, 2023 /PRNewswire/ -- Cinedigm's (NASDAQ: CIDM) flagship streaming service Cineverse, experiencing unprecedented growth in the first six full months since its launch, has become the fastest-growing streaming library in the world, growing to more than 21,000 movies and shows since launching in September last year. Since January, the service has grown its library by 430%, rising to become the sixth largest movie streaming service in the world in terms of title count, with an offering of films larger than Netflix, Hulu, HBOMax, and Paramount+. While the industry's biggest streaming companies continue to decrease their libraries, Cineverse plans to continue adding more than 3,000 new titles a month, a feat that can only be achieved through the Company's highly scalable Matchpoint distribution platform. This announcement was made today by Cinedigm Chairman and CEO Chris McGurk.
Cineverse is also growing in the context of Cinedigm's overall portfolio of streaming brands, becoming one of the company's Top 5 streaming channels in a short period of time following its September 15 debut. It has also scored significant growth in distribution across desktop and mobile platforms, including iOS/Android, Roku and Samsung – as well as availability via Vidgo – with more Connected TV platform launches scheduled in the coming weeks.
"Consumers are asking for broader choice in streaming like they have with music," said Erick Opeka, President and Chief Strategy Officer of Cinedigm. "Meanwhile, our competitors are slashing titles and raising prices. We think there's a better way forward, and our long-term vision is to become the world's largest streaming offering in our quest to build the 'Spotify of video. The pace at which we are adding titles to the service is unprecedented in the streaming industry."
Alongside the series, specials, movies, documentaries and short films available on-demand – as well as the ability to rent the newest theatrical titles via its partnership with Row8 – the streaming service also distributes a variety of free, ad-supported, streaming television (FAST) channels from third parties, including GustoTV (food) and Qwest TV (music). Cineverse now offers more than two dozen live channels in its lineup, both from the company's portfolio and third parties, including:
- AsianCrush
- The Bob Ross Channel
- The Bob Ross Channel en Espanol
- The Carol Burnett Show
- Comedy Dynamics
- Crime Hunters
- The Country Network
- Docurama
- El Rey Network
- GustoTV
- The Elvis Presley Channel
- The Film Detective
- Johnny Carson TV
- Lone Star
- Midnight Pulp
- Mystery Science Theater 3000
- Quest TV
- RetroCrush
- RealMadrid TV
- SCREAMBOX TV
- So... Real
- Shout! Factory TV
- TOKUSHOUTSU
Cineverse's appeal with consumers is also expanding exponentially. Its website's unique users have grown from Q4 2022 to Q1 2023 by 189%, with views up by 105%. Additionally, the number of Cineverse app installs has soared by 84%.
Remarked McGurk, "As a premier independent streaming entertainment company super-serving fans across all genres, while the big streamers keep shedding titles from their shelves, we are very excited to be growing our offering. Cineverse has come out of the gates in such an amazing fashion, driving us toward our goal of being the Spotify of independent streaming video, at a time during which an embarrassing 3% of the TV shows and films ever made are available to stream. From a content and technology standpoint we knew Cineverse would be an industry game-changer, but we are particularly proud of the service's fast growth and consumer acceptance."
ABOUT CINEDIGM
For more than 20 years, Cinedigm (NASDAQ: CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains consumers around the globe by providing premium feature film and television series, enthusiast streaming channels and technology services to the world's largest media, retail and technology companies. As a leader in the rapidly evolving streaming ecosystem, Cinedigm continues its legacy as an innovator through its adoption of next-generation technologies, such as artificial intelligence and machine learning, through its proprietary, highly-scalable Matchpoint™ technology platform. For more information, visit cinedigm.com.
ABOUT CINEVERSE
Cineverse is your ticket to a world of entertainment delights, thrilling filmmaker discoveries, and more. In a world where algorithms steer viewers towards the predictable, Cineverse will buck that trend with a focus not only on passionate curation but also by leveraging Cinedigm's Matchpoint technology to provide content recommendations based on real-time feedback from viewers. From artfully entertaining American indies to the boldest in global film and television, emerging voices, and non-fiction storytelling, Cineverse's library of world-class, on-demand content, and lineup of free linear channels, will reward the curious and adventurous. Cineverse is available at https://www.cineverse.com and can be downloaded from all major app platforms.
PRESS CONTACT FOR CIDM:
The Lippin Group for Cinedigm
cinedigm@lippingroup.com
Julie Milstead
investorrelations@cinedigm.com
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SOURCE Cinedigm Corp.
