In recent times there has been a lot focus on streaming entertainment companies but the Cinedigm Corp (NASDAQ:CIDM) stock has actually started off on the wrong foot today and gone down by 1%.
The company, which now commands an enthusiastic fan base, announced its financial results for the fourth fiscal quarter and also for the full fiscal year that ended on March 31, 2021. In this regard, it should be noted that the final audited results announced today were the same as the unaudited results that had been announced by Cinedigm earlier on in the month on July 14.
In the quarter that ended on March 31, 2021 the company managed to generate revenues of $8.3 million. In this regard, it is necessary to point out that the streaming revenues generated by Cinedigm soared by 197% year on year and on the sequential basis it recorded a rise of 39%.
More importantly, the streaming service became an even more integral part of the company in the fourth quarter as streaming revenues made up 75% of total revenues. In the prior year period, the streaming revenues only made up 48% of the total revenues generated by Cinedigm.