Cinedigm Chops Net Loss as Streaming Business Jumps

By Jon Lafayette
( Broadcasting & Cable )
last updated

Ad supported streaming channel revenue climbs 208%

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."

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.