Across the Company's Brands, 2.26 Billion
Minutes Were Watched, Up 73% From Last Year
LOS
ANGELES, Aug. 12, 2024 /PRNewswire/
-- Cineverse Corp. (NASDAQ: CNVS), an innovative
streaming technology and entertainment company, today announced
remarkable year-over-year growth in free ad-supported streaming TV
(FAST) viewing.
In the fiscal second quarter of 2024, Cineverse's FAST channels
amounted to 2.26 billion minutes watched, reflecting a 73% increase
compared to the same period last year (1.31 billion minutes in
2Q23).
Cineverse's owned and operated brands drove 33% of the
year-over-year gains. Partner brands operated by Cineverse drove
50% of the increased minutes watched, while new channel growth
contributed to 17% of the YOY gains.
These across-the-board gains amid an expansive and growing
universe of streaming channels is a testimony to Cineverse's
ability to build and market sticky niche brands – from strong
single IP to carefully curated genre and movie channels. Cineverse
quickly ingests what the data shows the viewers want and
incorporates it into strategy.
"We are thrilled with the tremendous growth in FAST viewing
minutes, which aligns perfectly with the launch of our direct sales
team and the availability of coveted CTV inventory. This surge in
engagement comes at a crucial time as we head into the election and
holiday season, positioning us strongly for the future," said
Erick Opeka, Cineverse's Chief
Strategy Officer and President.
Beyond its content, Cineverse's multiple revenue streams include
innovations such as its AI-powered content discovery tool,
CineSearch; complete OTT solution, Matchpoint™; and
the expansion of its India-based
Cineverse Services to companies seeking to reduce
overhead and streamline expenses by optimizing back-end
operations.
ABOUT CINEVERSE
Cineverse's advanced, proprietary technology drives the
distribution of over 70,000 premium films, series, and podcasts to
more than 150 million unique viewers monthly. From providing a
complete streaming solution to some of the world's most
recognizable brands, to super-serving their own network of fan
channels, Cineverse (NASDAQ: CNVS) is powering the future of
entertainment. For more information, please visit
cineverse.com.
Press Contacts:
For Media
The Lippin Group for Cineverse, cineverse@lippingroup.com
For Investors
Julie Milstead, investorrelations@cineverse.com
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SOURCE Cineverse Corp.