New Brand Marks
the Transformation to a Pure-play Streaming Entertainment Content
and Technology Company Reimagining the Entertainment
Experience
LOS
ANGELES, May 22, 2023 /PRNewswire/ -- Cinedigm
Corp. (NASDAQ: CIDM) today announced it is rebranding to Cineverse,
a global streaming technology and entertainment company with one of
the world's largest portfolios of owned and operated streaming
channels.
Along with the corporate name change to Cineverse Corp., the
Company's stock symbol will also change from CIDM to CNVS; its
shares will commence trading on the NASDAQ Capital Market under the
new stock symbol "CNVS" at the market opening on May 23, 2023. All stock trading, filings and
market-related information will be reported under the new stock
symbol going forward.
The corporate name change is an important step forward in the
Company's evolution into a streaming content and technology company
– focused on transforming the way people discover and interact with
a universe of films, television series and other streamed content
all bound together by compelling and innovative storytelling.
Chris McGurk, Chairman and CEO of
Cineverse, stated, "We have come a very long way from the Cinedigm
of 10 years ago, which specialized in digital innovation within the
cinema industry. Today we officially turn the page to become
Cineverse, a pure-play business in the exciting and dynamic
streaming content and technology space. Our mission is to give
audiences a level of access like never before to the vast universe
of film and television entertainment through the power of our
proprietary technology and the breadth of our content offerings. We
plan to continue expanding our media library, currently at over
60,000 titles and growing rapidly, so that we have more compelling
content and streaming channels to offer audiences than any other
player in the entertainment business. Our recent investments and
acquisitions have enabled us to become a leader across multiple
entertainment genres, spanning Anime and Asian entertainment, to
faith & family, horror, independent film and many other
genres."
McGurk continued, "Having now fully moved beyond our legacy
digital cinema business at the end of our last fiscal year ended
March 31, 2023, we believe a new
company name more accurately reflects our business and brand as it
stands today – a leading brand at the intersection of entertainment
and innovation. We believe our expanding media library and
proprietary Matchpoint® streaming technology and content
distribution platform will allow us to transform the way people
interact with the stories they love and bring a growing universe of
compelling content and channels to the broadest audience possible.
While the big studio gatekeepers and our competitors continue to
reduce their content catalogs, we plan to open the doors they are
closing to audiences and the creative community by providing the
widest and most diverse selection of content and channels ever,
complemented by the best discovery and user experience in all of
streaming."
What is Cineverse?
Cineverse is a content distributor. With channels
for every kind of fan, and more to come, across every streaming
model (FAST, AVOD, SVOD). A growing library that now features more
than 60,000 film and TV titles. And a podcast network of an
estimated 70 million downloads across 28 podcasts.
Cineverse is a growing advertising
platform. Reaching more than 1.1 billion devices with
access points across editorial, audio, video, social, newsletters
and more with advanced ad-tech solutions across mobile, web and
CTV.
Cineverse is a streaming technology provider. With
its proprietary Matchpoint® custom-built streaming platform that
offers a unified content management, preparation, delivery,
programming and analytics solution. A deep focus on AI and machine
learning to automate tasks that previously required a large team to
accomplish by hand. Entrepreneur Magazine, FUBU and others recently
selected Matchpoint® on a Software-as-a-Service (SaaS) basis to
establish their streaming businesses.
Cineverse is the Company's flagship streaming
service. A media library that has expanded more than 5x
since January 2023. With more than
22,000 titles, Cineverse is the sixth-largest video streamer in the
world by number of titles, boasting a library more extensive than
that of Netflix, Hulu, HBO Max and Paramount+.
Erick Opeka, Chief Strategy
Officer and President of Cineverse, added, "We are thrilled to
adopt the Cineverse name, and based on the strategic importance of
our flagship streaming service to the Company, it made sense to
consolidate our overall corporate identity under one brand. A key
part of the Company's vision is to celebrate culture through
entertainment, storytelling and innovation. We already do this with
our channel portfolio, providing a platform for storytellers to
reach a broader audience while connecting communities of fans –
wherever they watch – with content that they often cannot find
elsewhere as other major streaming services cut back on their
content offerings. We invite fans to discover more stories with
more ways to watch – to satisfy any content craving, mood, budget
or fandom. We hope to empower our partners with the tools and
support they need to showcase their storytelling, engage with
communities and reach people where they watch."
Cineverse – It's On:
https://youtu.be/Fg75e7Ch-e4
About Cineverse
Cineverse is a global streaming
technology and entertainment company with one of the world's
largest portfolios of owned and operated streaming channels, all
powered by its advanced, proprietary technology platform. Cineverse
currently features enthusiast brands for subscription video on
demand (SVOD), advertising-based video on demand (AVOD) and free,
ad-supported streaming television (FAST) channels. Cineverse
entertains consumers around the globe by providing premium feature
film and television series, enthusiast streaming channels and
technology services to some of the world's largest media, retail
and technology companies. For more information, please visit
www.cineverse.com.
Safe Harbor Statement
Investors and readers are
cautioned that certain statements contained in this document, as
well as some statements in periodic press releases and some oral
statements of Cineverse officials during presentations about
Cineverse, along with Cineverse's filings with the Securities and
Exchange Commission, including Cineverse's registration statements,
quarterly reports on Form 10-Q and annual report on Form 10-K, are
"forward-looking'' statements within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act'').
Forward-looking statements include statements that are predictive
in nature, which depend upon or refer to future events or
conditions, which include words such as "expects," "anticipates,''
"intends,'' "plans,'' "could," "might," "believes,'' "seeks,"
"estimates'' or similar expressions. In addition, any statements
concerning future financial performance (including future revenues,
earnings, or growth rates), ongoing business strategies or
prospects, and possible future actions, which may be provided by
Cineverse's management, are also forward-looking statements as
defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to
various risks, uncertainties, and assumptions about Cineverse, its
technology, economic and market factors, and the industries in
which Cineverse does business, among other things. These statements
are not guarantees of future performance, and Cineverse undertakes
no specific obligation or intention to update these statements
after the date of this release.
For additional information, please contact:
For Media
The Lippin Group for Cineverse
cineverse@lippingroup.com
For Investors
At Cineverse
Julie Milstead
424-281-5411
investorrelations@cineverse.com
The Equity Group Inc.
Carolyne Sohn
408-538-4577
csohn@equityny.com
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SOURCE Cineverse Corp.