Ad-supported streaming company Chicken Soup for the Soul Entertainment reported record revenue growth of 50% year over year to $29.1 million in the third quarter, but still missed Wall Street expectations of around $29.6 million in sales.
The so-called CSS Entertainment, which purchased Sony ad-supported streaming platform Crackle back in March 2019 and just relaunched AVOD service Popcornflix, reported a net loss of $16.7 million in the third quarter, up from a net loss of $13 million in the third quarter of 2020.
Adjusted EBITDA was $4.9 million compared to $4.2 million a year ago.
“We delivered a strong quarter that increases our confidence that we can meet our 2021 goals, with record all-time revenue and the second-best Adjusted EBITDA performance in our history,” said William Rouhana Jr., chairman and CEO of Chicken Soup for the Soul Entertainment.
“We are seeing momentum in our AVOD networks, highlighted by viewership growth at Crackle in Q3 and strong growth at Popcornflix since our September relaunch," he added. "This growth reflects our focus on expanding distribution of our networks and our lineup of original and exclusive content, including additional titles from the recently acquired Sonar assets, as well as our new technology platforms. With the initial launch of our highly anticipated Chicken Soup for the Soul streaming service, as well overall ad impression growth at Crackle Plus, consolidation of our television production activities, Screen Media’s growing lineup of acquired films, and our recent international partnership and acquisition activity, we are poised to accelerate execution of our strategy into 2022.”
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Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!