Cinedigm Corp (NASDAQ: CIDM) has announced its final Q4 2021 audited financial results for the entire year ending March 31, 2021. The company didn’t make any changes to the interim results reported on July 14, 2021.
Cinedigm releases Q4 results.
Chris McGurk, Cinedigm CEO, said, “We reached a key inflection point during the fourth quarter, where we generated huge growth in our streaming business. Our streaming/digital business was 75% of our total revenues during the quarter and we expect that percentage will continue to increase as we grow the business both organically and through our streaming acquisition rollup strategy. In addition, we reduced our debt significantly and recently announced we now have zero debt and our strongest ever overall balance sheet position. Clearly, we have great forward momentum and are set up for continued rapid growth in fiscal year 2022.”
The company reported consolidated revenue of $8.3 million attributed to a 197% rise in streaming channel revenues. As a result, Digital/streaming revenues increase to 75% of the total revenues in Q4 2021 compared to 48% a year ago. Equally combined digital/streaming revenues were up 66% Yoy and 27% QoQ. Additionally, the company saw Ad-supported streaming channel revenues increase 331% YoY, with subscription streaming revenue increasing $117 million YoY.
Cinedigm launches three channels on SLING TV
Recently, the company announced that its popular channels CONtv, Dove Channel, and Docurama are available on SLING TV. The company’s abundance of various channels has become a favorite for fans, and SLING TC will offer instant access to its on-demand TV services. At $35 per month, you can access various SLING TV services, including live news, kids’ programs, and sports entertainment.
Cinedigm Business Development & Strategy VP Jennifer Soltesz said, “Working with SLING TV not only allows us to reach a diverse, new audience, but it gives us a partner with the same forward-thinking drive.”