Genius Brands Inc (NASDAQ:GNUS) may be making significant moves and it made a key announcement yesterday too but investors did not seem to be particularly impressed.
Genius Brands Expands Kartoon Channel! on Roku
Channel on The Roku Channel. It was a major announcement considering the fact that the Kartoon Channel app had found considerable success on the Roku platform and the latest decision was perhaps a natural progression. However, the Genius Brands stock suffered from a strong selloff and ended up with a decline of as much as 5% for the day.
In the first quarter of 2021, the Roku Channel had managed to command an audience of as much as 80 million in the United States alone. Hence, the move to launch a dedicated channel could prove to be a significant one for Genius Brands.
The company noted that it was now fully distributed in the United States market and has managed to reach millions of viewers across a range of platforms. It may now be a good move for investors to consider keeping an eye on the sort of moves that the company makes as it continues to expand its foothold in one of the most lucrative markets.
Key Quote
“As we begin rolling out the new Kartoon Channel! Kidaverse, we’re excited to share that in less than two years we are fully distributed in the U.S., reaching millions of viewers across multiple platforms! We are now further enhancing our offering to consumers by bringing The Roku Channel on board as a media partner, significantly expanding our presence in the digital marketplace,” commented Genius Brands’ Jon Ollwerther, President, Kartoon Channel!.
Technical Data
GNUS stock is trading below the 20-Day and 50-Day Moving averages of $0.90 and $0.92 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.25.
