Cinedigm Corp (NASDAQ:CIDM) has revealed that its flagship service, Cineverse, has become the world's fastest-growing streaming library, expanding to over 21,000 movies and shows since its launch in September 2022.
According to the company, the service has grown its library by 430% since January, making it the sixth-largest movie streaming service globally in terms of title count. Cineverse offers more films than Netflix, Hulu, HBOMax, and Paramount+ combined.
Cinedigm said its highly scalable Matchpoint distribution platform has enabled Cineverse to continue adding over 3,000 new titles each month. While the industry's biggest streaming companies continue to reduce their libraries, Cineverse plans to keep expanding.
"Consumers are asking for broader choice in streaming like they have with music. Meanwhile, our competitors are slashing titles and raising prices. We think there's a better way forward, and our long-term vision is to become the world's largest streaming offering in our quest to build the 'Spotify of video'," said Erick Opeka, president and chief strategy officer of Cinedigm in a statement.
Cineverse has quickly become one of Cinedigm's top five streaming channels, offering a variety of on-demand content, free, ad-supported, streaming television (FAST) channels, and partnerships with Row8 to rent the newest theatrical titles.
The service is available on multiple platforms, including iOS/Android, Roku, Samsung, and Vidgo. Cineverse now offers more than two dozen live channels in its lineup, including AsianCrush, GustoTV, and Shout! Factory TV.
Cineverse's website has seen unique users grow by 189% and views by 105% from Q4 2022 to Q1 2023. Cineverse app installs have also soared by 84%.
Cinedigm chairman and CEO Chris McGurk commented: "Cineverse has come out of the gates in such an amazing fashion, driving us toward our goal of being the Spotify of independent streaming video."
Cinedigm said it plans to launch more Connected TV platforms in the coming weeks.
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