Cinedigm Reports 27% Fiscal Second Quarter Digital Sales Growth in Transactional and Ad-Based Video On Demand
Cinedigm (NASDAQ: CIDM) announced today that Q2 FY 2021 (July 1, 2020 through September 30, 2020) Transactional Video On Demand (TVOD) and Ad-Based Video On Demand (AVOD) digital sales increased 27% year-over-year. Viewership increased across all platforms and consumer transactions were significantly higher than in the past, the Company reported. The driving force for the digital sales growth is the digital transactional space, with partners such as Amazon seeing 78% year-over-year growth in Q2 and 49% sequential growth within Q2 from August to September.
In addition to Cinedigm’s rapidly growing streaming channel business, the Company distributes tens of thousands of hours of premium digital film and TV content to every major streaming platform across the global OTT ecosystem, with over 70 platform partners in over 180 territories worldwide. Key premium branded content includes films in the Action, Horror, Western and Military genres such as the current box office success The Call, along with Family (Hallmark, ZDF), Anime (Konami Cross Media) and Sports (NFL, NHL) content.
“We continue to generate impressive year-over-year double digit growth with our TVOD and AVOD digital sales businesses, yielding a combined 27% increase,” said Yolanda Macias, Executive Vice President, Cinedigm Entertainment Group. “Consumers are actively engaged with streaming content in home entertainment either with rental, purchase or free advertising supported options.”
Cinedigm also enacted various promotional programs to accelerate sales of our digital catalog business. The promotional programs that led the catalog business to overperform include Hallmark Summer Romance and Hallmark Bundle promotions on Apple and Vudu, BLM and seasonal promotions like Summer Travel, July 4th, Anime, Labor Day, and Back to School, and TV season catch up sales.
Cinedigm continues to expand its distribution footprint with new accounts, recently closing new deals with NBC Universal’s Peacock, Kanopy, Fubo, Plex, Redbox AVOD, Local Now AVOD, Fuse and opened LATAM for PlutoTV and Tubi.
For more than twenty years, Cinedigm (NASDAQ: CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains hundreds of millions of consumers around the globe by providing premium content, free and paid streaming channels, and technology services to the world’s largest media, technology and retail companies. For more information, visit cinedigm.com.
Cinedigm uses, and will continue to use, its website, press releases, SEC filings, and various social media channels, including Twitter (https://twitter.com/cinedigm), LinkedIn (https://www.linkedin.com/company/cinedigm/), Facebook (https://facebook.com/Cinedigm), StockTwits (https://stocktwits.com/CinedigmCorp) and the Company website (www.cinedigm.com) as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated in press releases, SEC filings, and on social media could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its website, disseminates in press releases, SEC filings and on the social media channels identified above, as such information could be deemed to be material information.
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