Cinedigm Corp (NASDAQ:CNVS) told investors it is rebranding to Cineverse to reflect the importance of its flagship service and consolidate its overall corporate identity under one brand following its evolution into a streaming content and technology company.
The Los Angeles-based company said its stock ticker will also change to CNVS from CIDM when its shares commence trading on the Nasdaq Capital Market today, May 23, 2023.
"We have come a very long way from the Cinedigm of 10 years ago, which specialized in digital innovation within the cinema industry,” chairman and CEO Chris McGurk said in a statement.
“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.”
The company said it aims to provide audiences with more compelling content and streaming channels than its competitors, with its media library currently at over 60,000 titles and growing rapidly. Recent acquisitions and investments have placed it as a leader across multiple entertainment genres, from Anime and Asian entertainment to faith and family, horror, and independent film, among others, it 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,” chief strategy officer and president Erick Opeka added.
“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.”
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