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Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) is set to launch the original series Insomnia on January 1, 2021. This eight-episode action series, produced by Slava N. Jakovleff and Michael Ohoven, follows 20 contestants in a deadly game for survival. Available on Crackle and various devices, Insomnia adds to Crackle's unique programming, which includes exclusive titles. As an operator of ad-supported streaming networks, the company aims to expand its content library and attract more viewers.
Chicken Soup for the Soul Entertainment (CSSE) has gained 100% ownership of Crackle Plus after Sony Pictures Television (SPT) opted to exchange its stake for $40 million in preferred stock. The company can pay cash instead of stock within 30 days. This transaction reinforces the partnership between Chicken Soup and Sony. Since acquiring Crackle in 2019, Chicken Soup has reduced costs, boosted ad sales, and expanded its content library to over 10,800 movies and 22,000 episodes. Efforts are now being made to further increase viewership.
Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) has announced new content for its Crackle platform for December 2020, including exclusive films and themed channels. Highlights include the animated feature Elliot: The Littlest Reindeer and a range of films such as Arrival, Zodiac, and The Bank Job. The service is accessible on various devices, including Smart TVs and gaming consoles, and is available in around 500,000 hotel rooms. Crackle Plus, a joint venture with Sony Pictures, boasts over 30 million monthly visitors.
Chicken Soup for the Soul Entertainment (CSSE) announced the addition of its free AVOD service, Popcornflix, to Plex's video-on-demand library. This launch follows the success of Crackle’s VOD service on Plex, enhancing the streaming options for U.S. users with a range of movies and TV shows, including titles like Drinking Buddies and 3rd Rock from the Sun. The relationship with Plex signifies continued growth for Crackle Plus, which boasts over 50 million streams monthly, providing a significant content offering amidst the competitive AVOD landscape.
Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE, CSSEP, CSSEN) announced a regular monthly dividend of $0.2031 per share of its 9.75% Series A Cumulative Redeemable Perpetual Preferred Stock. The dividend is scheduled for payment on December 15, 2020, to shareholders on record as of November 30, 2020. The Company operates streaming video-on-demand networks and owns a majority stake in Crackle Plus, among other assets.
Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) announced the release of the animated film Elliot: The Littlest Reindeer, available for free on Crackle starting December 1. The film features a star-studded cast, including Josh Hutcherson, Samantha Bee, and John Cleese, and is targeted at family audiences. This release enhances Crackle's holiday programming lineup, which features exclusive content across various devices. The film's storyline revolves around Elliot, a miniature horse competing to replace a retiring reindeer while facing personal dilemmas about friendship and dreams.
Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) reported a strong third quarter for 2020, with gross revenue reaching $20.0 million, up from $13.9 million in Q2 2020 and $17.0 million year-over-year. Despite a net loss of $13.0 million, improved adjusted EBITDA of $4.2 million was noted. The Online Networks segment generated $6.7 million in revenue, while Distribution & Production saw a surge to $13.3 million. The company is focused on enhancing its content and financial position for growth in 2021.
Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE) announced a 30-day extension for Sony Pictures Television's decision regarding its ownership options in Crackle Plus. Initially due by November 14, 2020, SPT can now decide by December 14, 2020, whether to convert its stake into 49% common ownership or $40 million in preferred shares. The company views this extension positively as an opportunity to explore a stronger partnership with Sony.
Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) will participate in the 11th Annual Craig-Hallum Alpha Select Virtual Conference on November 17, 2020. Management plans to hold virtual one-on-one and small group meetings throughout the day. The company operates several streaming video-on-demand networks, including Crackle Plus in collaboration with Sony Pictures Television, offering ad-supported and subscription-based platforms like Crackle and Popcornflix. Additionally, it produces original content through its Landmark Studio Group.
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