Cinedigm Acquires Leading Faith & Family Streaming Media Properties Dove.org and Christian Cinema from Giving Company

Rhea-AI Summary

Cinedigm (NASDAQ: CIDM) has announced a strategic acquisition of Dove.org and Christian Cinema from Giving Company, enhancing its position as a leading provider of Faith & Family content. This move aims to consolidate their existing Dove Channel and provide a comprehensive entertainment solution across various platforms. The Faith & Family market is projected to exceed $1.5 billion annually in North America, with a growth rate of 20% CAGR through 2027. The acquisition is expected to generate immediate revenue and expand Cinedigm's offerings significantly, providing a robust platform for family-friendly content.

Positive

• Acquisition of Dove.org and Christian Cinema strengthens Cinedigm's presence in the growing Faith & Family market.
• The market for Faith & Family content is estimated at over $1.5 billion annually, presenting significant growth opportunities.
• Immediate accretive revenue from established consumer bases of Dove.org and Christian Cinema.

Negative

• None.

Top Movie Review & Ratings Service and Streaming Platform Properties to be joined with Dove Channel to Super-Serve Faith & Family Audiences

LOS ANGELES, Feb. 28, 2023 /PRNewswire/ -- Cinedigm (NASDAQ: CIDM), the leading independent streaming company super-serving enthusiast audiences, today announced a major step towards becoming the premier provider of Faith & Family content with the acquisition of movie review and ratings service Dove.org and faith-based streaming platform Christian Cinema from Giving Company. These two well-known brands will be combined with Cinedigm's existing streaming service the Dove Channel, providing a single-stop solution for faith and family entertainment across subscription, advertising, commerce, editorial and podcasts.

Founded in 1991, Dove.org's mission is "to encourage and promote the creation, production, distribution and consumption of wholesome family entertainment." Its legacy goes back two decades to the organization's first "Dove Approved" seal of approval given to thousands of titles since inception. Today the organization publishes reviews, news, podcasts and rates films, TV shows, video games, online content and more through its website, email newsletters and social channels to help families make informed media choices. Cinedigm and Dove.org first partnered in 2015 to launch the family-focused Dove Channel, and Cinedigm will now operate both services by integrating them together in order to super-serve consumers seeking safe, family-friendly content. 

The acquisition dramatically strengthens Cinedigm's position in the fast-growing Faith & Family film & TV market vertical, which, according to a study published by Grandview Research in 2020, is estimated at more than $1.5 billion dollars annually in North America and is expected to grow at 20% CAGR through 2027.

Christian Cinema is a leading transactional video-on-demand (TVOD) service for faith-based films, offering the ability to buy or rent movies with Christian values via ChristianCinema.com as well as leading app platforms such as Apple TV, iOS, Android, Roku, Chromecast, Amazon Fire TV, and Amazon Fire tablets. 

"Over the last few years, we have perfected what we think is the best approach to enthusiast streaming: giving customers more of what they want in the medium they want – movies, podcasts, editorial, commerce – under the business model of their choice," said Erick Opeka, President & Chief Strategy Officer of Cinedigm. "This has led to record growth in other verticals for us, including Fandom, Genre, and Asian content, and we think that Faith & Family could be bigger than all of those combined. This pair of acquisitions immediately provides us with an established consumer base, immediately accretive revenue, and multiple new avenues for growth. Much like we have done in other verticals, we expect to dramatically ramp up our offerings in original theatrical releases, podcasts, publishing, audiobooks and more. It is an exciting time to see this culmination after nearly 8 years of successful partnership with Dove.org and Giving Company."

"As an advocate for entertainment and media that reflects faith and family values, I couldn't be more excited about the opportunities that will come from Christian Cinema becoming part of the Cinedigm family," said David Henriksen, President and CEO of Giving Company. "The audience for Faith & Family-focused content is powerful, passionate and growing – yet very underserved. I am convinced that the sky is the limit for how these services can grow with the addition of advanced technology, content and marketing expertise from Cinedigm. Cinedigm is the perfect long-term home for Christian Cinema and Dove.org."

ABOUT CINEDIGM 

For more than 20 years, Cinedigm (NASDAQ: CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains consumers around the globe by providing premium feature film and television series, enthusiast streaming channels and technology services to the world's largest media, retail and technology companies. As a leader in the rapidly evolving streaming ecosystem, Cinedigm continues its legacy as an innovator through its adoption of next-generation technologies, such as artificial intelligence and machine learning, through its proprietary, highly-scalable Matchpoint™ technology platform. For more information, visit cinedigm.com.

PRESS CONTACT: 

The Lippin Group for Cinedigm
cinedigm@lippingroup.com

INVESTOR RELATIONS CONTACT:

Julie Milstead
investorrelations@cinedigm.com

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SOURCE Cinedigm Corp.

FAQ

What does the acquisition of Dove.org and Christian Cinema mean for CIDM?

The acquisition signifies Cinedigm's commitment to becoming a premier provider of Faith & Family content, enhancing its market position and revenue potential.

When was the acquisition of Dove.org and Christian Cinema announced?

The acquisition was announced on February 28, 2023.

How does the Faith & Family market impact CIDM's growth strategy?

The Faith & Family market, valued at over $1.5 billion with a projected 20% CAGR through 2027, aligns with Cinedigm's growth strategy by expanding its content offerings and audience reach.

What is the expected revenue impact of CIDM's new acquisitions?

The acquisitions are expected to generate immediate accretive revenue and provide multiple avenues for growth in family-friendly content.