PR Newswire
LOS ANGELES, Aug. 12, 2024
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, [email protected]
For Investors
Julie Milstead, [email protected]
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SOURCE Cineverse Corp.
