Cinedigm Reports Preliminary Q4 Revenue Above Consensus

Cinedigm Corp CIDM reported preliminary fourth-quarter FY21 revenue growth of 197% year-on-year to $8.3 million, above the analyst consensus of $7.7 million.
Combined Streaming/Digital revenues increased 66% Y/Y. Ad-supported streaming channel (AVOD) revenues rose 331% Y/Y.
Subscription streaming channel revenues grew 117% Y/Y.
Partners like Amazon.com Inc AMZN, Apple Inc AAPL, and Tubi Ltd TBUIF drove digital sales billings growth for the fourth consecutive quarter.
Total streaming minutes increased 285% Y/Y to 1.16 billion.
Total monthly ad-supported streaming channel viewers rose 248% Y/Y to 23.6 million.
Streaming advertising demand partnerships rose 178% Y/Y to 64. Key new partner additions include Comcast Corp's CMCSA Freewheel and TripleLift.
Film and television libraries for linear streaming grew by 88% Y/Y to 6,591 titles.
Streaming platform partnerships rose 82% Y/Y to 31, including new linear distribution partnerships and channel expansions with Roku Inc ROKU and TCL.
Total streaming channel distribution deals increased 170% Y/Y to 135. Total live streaming enthusiast channel brands increased 23% Y/Y to 16.
During the quarter, Cinedigm agreed with AMC Entertainment Holdings Inc AMC for a sales plan for legacy digital cinema equipment with net proceeds of $10.8 million over two years.
Key acquisitions included streaming services Fandor, Screambox, and Films Around the World content library.
Total subscribers to the subscription video streaming services rose 414% Y/Y to above 683,000 subscribers in June 2021. Total streaming minutes reached 504.1 million in June.
Cinedigm intends to file Annual Report as soon as possible, as it experienced unanticipated delays in preparing the Form 10-K.
Price action: CIDM shares traded higher by 16.7% at $1.26 in the premarket session on the last check Thursday.

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Cinedigm Reports Preliminary Q4 Revenue Above Consensus