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Cinedigm Chops Net Loss as Streaming Business Jumps

Cinedigm

Cinedigm nearly broke even in its fiscal second quarter as streaming revenue skyrocketed.

The company’s net loss was $273,000, or zero cents per share, compared to a net loss of $26.6 million, or 23 cents a share a year ago.

Revenue went up 41% to $10.1 million.

Also: Cinedigm Swings to $15 Million Net Income in First Quarter

The company said its second quarter streaming revenue went up 139% and its second quarter ad supported streaming channel revenue went up 208%. Subscription streaming channel revenue went up 73% in the quarter.

"We continued our strong momentum with another triple-digit streaming revenue growth performance in the second quarter," said Chris McGurk, Cinedigm chairman and CEO. "We look forward to continuing this momentum as we further broaden our robust enthusiast streaming channel portfolio and expand platform distribution into the next two fiscal quarters, which are the historically strongest seasonal periods of our business."

McGurk said the company is “well-positioned to scale the high volume of film & television content we license and deliver it to our partners at the click of a button, while at the same time reducing our operational costs."