CINEVERSE ACHIEVES SIGNIFICANT YEAR-OVER-YEAR FAST VIEWING GAINS

Rhea-AI Summary

Cineverse Corp. (NASDAQ: CNVS) reported significant growth in free ad-supported streaming TV (FAST) viewing for Q2 2024. The company's FAST channels achieved 2.26 billion minutes watched, a 73% increase from the same period last year. Cineverse's owned and operated brands contributed 33% of the year-over-year gains, while partner brands accounted for 50%, and new channel growth added 17%.

This growth demonstrates Cineverse's ability to build and market niche brands effectively. The company's Chief Strategy Officer, Erick Opeka, highlighted the alignment of this surge with the launch of their direct sales team and the availability of CTV inventory. Cineverse's multiple revenue streams include AI-powered content discovery tool CineSearch, OTT solution Matchpoint™, and expansion of India-based Cineverse Services.

Positive

• 73% year-over-year increase in FAST viewing minutes (2.26 billion in Q2 2024 vs 1.31 billion in Q2 2023)
• Owned and operated brands drove 33% of year-over-year gains
• Partner brands operated by Cineverse contributed 50% of increased minutes watched
• New channel growth accounted for 17% of year-over-year gains
• Launch of direct sales team and availability of CTV inventory
• Multiple revenue streams including AI-powered CineSearch, Matchpoint™ OTT solution, and expansion of India-based Cineverse Services

Negative

• None.

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, cineverse@lippingroup.com 

For Investors
Julie Milstead, investorrelations@cineverse.com

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SOURCE Cineverse Corp.

FAQ

What was Cineverse's (CNVS) FAST viewing growth in Q2 2024?

Cineverse (CNVS) reported a 73% year-over-year increase in FAST viewing, reaching 2.26 billion minutes watched in Q2 2024 compared to 1.31 billion minutes in Q2 2023.

How did Cineverse's (CNVS) owned and partner brands contribute to FAST viewing growth?

Cineverse's (CNVS) owned and operated brands drove 33% of the year-over-year gains, while partner brands operated by Cineverse accounted for 50% of the increased minutes watched.

What new initiatives has Cineverse (CNVS) launched to support its growth?

Cineverse (CNVS) has launched a direct sales team, made CTV inventory available, and expanded its revenue streams with AI-powered CineSearch, Matchpoint™ OTT solution, and India-based Cineverse Services.

How is Cineverse (CNVS) positioned for the upcoming election and holiday season?

Cineverse (CNVS) is strongly positioned for the election and holiday season due to the surge in FAST viewing engagement and the launch of its direct sales team with available CTV inventory.