Revs nearly double in strong Cinedigm third quarter
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Editor
| 16 February 2023
After a series of key launches and partnerships, premier fan-focused content company Cinedigm says that it is firing on all cylinders with a third quarter in which it generated record revenues in its streaming business.
Cinedigm Screambox 12Feb2021
For the third quarter of fiscal year 2023, which ended 31 December 2022, Cinedigm posted total revenues of $27.9 million, up 98% over the prior year quarter. The Company also posted net income of $4.9 million and adjusted EBITDA of $5.1 million, up 1,139% and 279% over the prior year quarter, respectively.

All Cinedigm business lines contributed to the profitable and high growth quarter, and the company has grown to over 1.2 million paid subscribers to its channels.

Cinedigm's content distribution business also contributed to the company's strong performance in the quarter, with revenues up 72%, led by the success of Terrifier 2, which were said to have performed "exceptionally well" across theatrical, TVOD, and streaming – with the sleeper horror hit helping more than triple the number of paid subscribers to Cinedigm's horror streaming channel, Screambox. The Company expects the horror genre to continue to perform well in the coming months, with continued strong consumer product revenue from Terrifier 2, the recent release of the critically acclaimed film The Outwaters. More theatrical and Screambox-exclusive titles are planned.

Commenting on the results, Chris McGurk, Cinedigm chairman and CEO, said, "We have one of the most diversified revenue and income portfolios in the streaming content business. These results underscore why Cinedigm has built such a unique competitive position and investment proposition, guided by a responsible operating approach that is fundamentally working now in real time while many of the big streaming companies are still struggling to identify their best strategic way forward. A major reason for this strong position is because, unlike others, we were very early movers in the free, ad-supported streaming television (FAST) space, and have not spent years overspending on content and marketing.”