This press release is an update to the press release issued at 10:00AM ET that includes the percent sign at the end of the headline.
Cinedigm Forecasts the Company Will Continue to Substantially Outperform Connected TV Market Growth in 2022
LOS ANGELES, CA / ACCESSWIRE / May 11, 2022 / Cinedigm Corp. (NASDAQ:CIDM), the leading streaming company focused on entertaining enthusiast audiences, announced today that the company's connected television advertising business grew more than 192% in 2021, beating the overall industry's streaming growth rate by 236%.
According to figures released last week by the Internet Advertising Bureau, connected TV spending increased to $15.2 billion, up 57% over 2020, one of the fastest year-over-year rises in the history of digital advertising. Cinedigm bested that growth rate by more than 236%, driven by the company's growth in viewership to more than 40 million monthly ad-based viewers across the company's 30 enthusiast streaming services.
Cinedigm began launching hybrid advertising and subscription services in 2017 and launched the company's FAST digital linear business in 2018.
"We had the best year in terms of revenue growth in the history of the company," said Erick Opeka, President of Cinedigm Networks and Chief Strategy Officer of Cinedigm. "While many companies talk about adding advertising to their subscription offerings, we were prescient to move in that direction years ago, and the foresight is really paying off."
For 2022, the IAB forecasts a 39% gain in the current year, to $21.2 billion, more than doubling CTV spending since 2020. Cinedigm expects to significantly beat the industry growth rates once again in 2022 by expanding network distribution, launching a direct advertising sales division, and by bringing additional new, scale channels to market. The company has several new flagship channels launching in the coming weeks and months including The Elvis Channel and Cineverse, a discovery platform for the world's best films and series.
"In 2021, Cinedgim nearly doubled what was likely the fastest year-over-year growth rate since the IAB has been tracking digital ad growth," said Opeka. "And now, with our new initiatives and the recent acquisition of DMR and Bloody Disgusting, we offer advertisers an omni-platform audience of tens of millions of passionate, dedicated fans."
For over 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. Cinedigm continues its legacy as an innovator through its adoption of next-generation technologies, such as artificial intelligence and machine learning, across its proprietary, highly scalable Matchpoint® technology platform. For more information, visit cinedigm.com.
PRESS CONTACT FOR CIDM:
DKC Public Relations
High Touch Investor Relations
SOURCE: Cinedigm Corp.