Benzinga | Jul 15, 2021 06:02AM EDT

Cinedigm Reports Preliminary Q4 Revenue Above Consensus

* Cinedigm Corp (NASDAQ:CIDM) reported preliminary fourth-quarter FY21 revenue growth of 197% year-on-year to $8.3 million, above the analyst consensus of $7.7 million.

* Combined Streaming/Digital revenues increased 66% Y/Y. Ad-supported streaming channel (AVOD) revenues rose 331% Y/Y.

* Subscription streaming channel revenues grew 117% Y/Y.

* Partners like Amazon.com Inc (NASDAQ:AMZN), Apple Inc (NASDAQ:AAPL), and Tubi Ltd (OTC:TBUIF) drove digital sales billings growth for the fourth consecutive quarter.

* Total streaming minutes increased 285% Y/Y to 1.16 billion.

* Total monthly ad-supported streaming channel viewers rose 248% Y/Y to 23.6 million.

* Streaming advertising demand partnerships rose 178% Y/Y to 64. Key new partner additions include Comcast Corp's (NASDAQ:CMCSA) Freewheel and TripleLift.

* Film and television libraries for linear streaming grew by 88% Y/Y to 6,591 titles.

* Streaming platform partnerships rose 82% Y/Y to 31, including new linear distribution partnerships and channel expansions with Roku Inc (NASDAQ:ROKU) and TCL.

* Total streaming channel distribution deals increased 170% Y/Y to 135. Total live streaming enthusiast channel brands increased 23% Y/Y to 16.

* During the quarter, Cinedigm agreed with AMC Entertainment Holdings Inc (NYSE:AMC) for a sales plan for legacy digital cinema equipment with net proceeds of $10.8 million over two years.

* Key acquisitions included streaming services Fandor, Screambox, and Films Around the World content library.

* Total subscribers to the subscription video streaming services rose 414% Y/Y to above 683,000 subscribers in June 2021. Total streaming minutes reached 504.1 million in June.

* Cinedigm intends to file Annual Report as soon as possible, as it experienced unanticipated delays in preparing the Form 10-K.

* Price action: CIDM shares traded higher by 16.7% at $1.26 in the premarket session on the last check Thursday.