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Chicken Soup for the Soul Entertainment and KC Global Media Ink Business Agreement to Expand Internationally Across Streaming Platforms
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) has partnered with KC Global Media to enhance its international reach in free ad-supported streaming television (FAST) and ad-supported video-on-demand (AVOD) services. This collaboration aims to expand availability in Asia with a variety of curated content, including popular titles featuring celebrities like Lionel Messi and Adele. The companies plan to launch new FAST channels and license AVOD rights in 2023, reflecting a strategic focus on global content monetization. With services like Crackle and Redbox, Chicken Soup is positioned as one of the largest AVOD providers in the U.S., distributing content across numerous platforms.
Positive
Strategic partnership with KC Global Media enhances international content distribution.
Expansion into Asia through new FAST channels and AVOD licensing.
Focus on monetizing owned content globally, which could drive revenue growth.
Negative
Risks associated with international expansion, including market acceptance and competition.
NEW YORK & SINGAPORE--(BUSINESS WIRE)--
Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), one of the largest providers of premium content to value-conscious consumers and Asia’s leading entertainment network and multi-channel operator, KC Global Media, today announced an agreement for the expansion of the companies' international reach across free ad-supported streaming television (FAST) and ad-supported video-on-demand (AVOD). The agreement further enhances growth across Asia, featuring a fresh volume of curated genres, including hit series, movies, and factual titles such as Lionel Messi: The Greatest, BTS: Global Takeover,Adele: Homecoming, and many others. The companies anticipate launching additional FAST channels and licensing AVOD rights in 2023.
“One of our areas of focus in 2023 is to grow the availability of our owned content globally – and monetize it in every way possible,” said Elana Sofko, Chief Strategy Officer of Chicken Soup for the Soul Entertainment. “We always seek to work with prominent media companies already successful in the markets we are entering. KC Global Media is a company with deep relationships throughout Asia, and we know we can continue to scale our international business together.”
Andy Kaplan, Co-Founder and Chairman of KC Global Media, said, “As we head into 2023, one of our key strategic goals is to increase our volume and diversity of premiums content in our current portfolio. Chicken Soup for the Soul Entertainment is one of the largest content providers, and this strategic partnership gives us an edge as we provide more value to our partners and affiliates in the region. This, in turn, will also enable us to reach out to new audiences and new territories and create more opportunities around the world as we continue to grow our business with our affiliates and streaming platforms.”
This strategic agreement strengthens Chicken Soup for the Soul Entertainment’s international presence as it joins KC Global Media’s extensive portfolio in Asia, through AVOD licensing with its wide variety of content across multi-genres and the launch of FAST Channels in Asia. As one of the largest AVOD companies in the United States, Chicken Soup for the Soul Entertainment’s streaming services, Crackle and Redbox, are currently distributed through over 160 touchpoints on platforms including Amazon Fire TV, RokuTV, Apple TV, Smart TVs (Samsung, LG, VIZIO), gaming consoles (PS4 and Xbox One), iOS, and Android mobile devices and on desktops at Crackle.com and Redbox.com.
About KC Global Media
KC Global Media Entertainment LLC is a global multi-media company based in the United States. The brainchild of former Sony executives Andy Kaplan and George Chien, KC Global Media Asia (KCGM Asia) is Asia’s leading entertainment hub through the production, distribution and programming of quality, ground-breaking content. Backed by more than two decades of industry experience, KCGM Asia boasts an impressive portfolio of premium pay-TV channels in South-East Asia and Korea, including English-language general entertainment network AXN, anime channel Animax, South Korea’s ONE and Japanese entertainment channel GEM. By combining award-winning and well-loved entertainment formats with extensive knowledge and insight of the Asia Pacific market, KCGM Asia is paving the way for a new standard of entertainment in Asia and beyond.
About Chicken Soup for the Soul Entertainment Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) provides premium content to value-conscious consumers. The company is one of the largest advertising-supported video-on-demand (AVOD) companies in the US, with three flagship AVOD streaming services: Redbox, Crackle, and Chicken Soup for the Soul. In addition, the company operates Redbox Free Live TV, a free ad-supported streaming television service (FAST), with over 160 channels as well as a transaction video on demand (TVOD) service, and a network of approximately 34,000 kiosks across the US for DVD rentals. To provide original and exclusive content to its viewers, the company creates, acquires, and distributes films and TV series through its Screen Media and Chicken Soup for the Soul TV Group subsidiaries. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous books series and produces super-premium pet food under the Chicken Soup for the Soul brand name.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that are not historical facts. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Such assumptions involve a number of known and unknown risks and uncertainties, including but not limited to our core strategy, operating income and margin, seasonality, liquidity, including cash flows from operations, available funds, and access to financing sources, free cash flows, revenues, net income, profitability, stock price volatility, future regulatory changes, price changes, the ability of the Company’s content offerings to achieve market acceptance, the Company’s success in retaining or recruiting officers, key employees, or directors, the ability to protect intellectual property, the ability to complete strategic acquisitions, the ability to manage growth and integrate acquired operations, the ability to pay dividends, regulatory or operational risks, and general market conditions impacting demand for the Company’s services. For a more complete description of these and other risks and uncertainties, please refer to Item 1A (Risk Factors) in the Company’s Quarterly Report on Form 10-Q for the three- and nine-month period ended September 30, 2022, filed with the SEC on November 14, 2022. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements contained in this press release. Information regarding the acquisition of Redbox and related transactions is qualified by reference to the Company’s Current Reports on Form 8-K filed with the SEC on May 11, 2022 (as amended May 12, 2022), June 6, 2022, August 12, 2022, and November 14, 2022, and all exhibits filed with respect to such reports and the aforementioned registration statement. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
