Cinedigm said that it reduced its net loss in its fiscal fourth quarter as streaming revenue rose.
For the quarter ended March 31, Cinedigm said its net loss was $3.1 million, or 2 cents a share, down from $6.9 million, or 5 cents a share, a year ago.
Revenues rose 104% to $16.9 million.
Ad supported streaming revenues rose 109%, the company said.
“We achieved these impressive results because we aggressively entered the high growth ad-supported streaming business several years ago while many other companies continued to solely focus on the highly competitive and expensive general entertainment subscription business,” said CEO Chris McGurk.
At the end of the quarter, Cinedigm acquired Digital Media Rights and said it plans to rollout Cineverse and other initiatives taking advantage of its Matchpoint streaming technology.
“We expect all these initiatives will generate substantial new multi-million dollar annual revenue streams with minimal working capital and overhead requirements,” McGurk said. ■
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.
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