Cinedigm OTT Video Ventures Top 80K Subs14 Feb, 2017 By: Erik Gruenwedel
Independent home entertainment distributor Cinedigm Feb. 14 announced that its standalone over-the-top video services had about 80,000 paid subscribers through the end of the third quarter, ended Dec. 31, 2016.
Cinedigm said Dove Channel, Docurama and CONtv ended the period with approximately 3.34 million app downloads and 610,000 registered users since launching in 2015. The services are projected to break even in the next fiscal year.
"Our OTT channels continued to gain momentum … and we also generated strong results in our [packaged-media] entertainment distribution business from several family, action/western and sports releases,” CEO Chris McGurk said in a statement.
McGurk is expecting strong results for the pending NFL Super Bowl LI Champions disc release March 7.
Meanwhile, Cinedigm said it narrowed its fiscal loss to $552,000 on revenue of $24.4 million, compared with a loss of $2.5 million on revenue of $30.7 million during the previous-year period.
The distributor also relocated corporate operations as part of $10 million in planned annual operating cost reductions.
“We continue to improve our balance sheet through our recent and significant overall debt prepayments and pay-downs, including significant convertible debt reductions,” said CFO Jeffrey Edell.