Cinedigm Grows to 1.2 Million Paid Streaming Customers, Led by Major Screambox Growth

Cinedigm may be a relative newcomer to the streaming video game, but its becoming harder and harder to ignore. The company shared its earnings report for its 2023 fiscal third quarter on Tuesday, and reported having a total of 1.2 million paid subscribers to its various streaming services including Cineverse, Screambox, and more, a year-over-year increase of 28%.

Cinedigm did not report user numbers for its various streaming services separately., but content on the niche horror service Screambox was the biggest driver of new sign-ups, according to Cinedigm executives. Thanks to movies like “Terrifier 2,” Screambox was able to triple its paid subscriber count in 2022.

The report indicates that Cinedigm has added around 200,000 new paid subscribers since November 2022, the last time it reported its earnings. Total minutes streamed in the quarter rose to 2.14 billion, up 60% year-over-year.

What may be most important from Cinedigm’s perspective is that it was able to report turning a profit. Cinedigm CEO Chris McGurk credits the company’s overall strategy and approach to streaming content for keeping it clear of the billions of dollars in debt that many streaming services are currently mired in.

“A major reason for this strong position is because, unlike others, we were very early movers in the free, ad-supported streaming television (FAST) space, and have not spent years overspending on content and marketing,” McGurk said. “In fact, by specializing in acquiring content in genres with passionate fan bases, distributing it across multiple platforms – including our portfolio of more than two dozen enthusiast-focused channels – and continuing to develop and enhance our own streaming content technology, we have clearly set ourselves apart as a leading industry innovator and, frankly, as an undervalued investment opportunity.”

Cinedigm has worked diligently over the past few years to enhance its presence in the streaming community. Thanks to the company’s moves, Screambox has grown by over 900% since being acquired by Cinedigm. The service will likely see continued expansion, with films like “The Outwaters” becoming Screambox exclusives once they leave theaters.

Cineverse could also start raking in customers in the near future. The free ad-supported service recently added a transactional video-on-demand option powered by ROW8, which allows users to rent or purchase new Hollywood blockbusters. The new content from ROW8 includes some movies that are still in theaters, making Cineverse one of the best ways to see the newest and biggest movies from major studios like Disney, Universal, Warner Bros. Discovery, and more before they head to their respective streaming services.

All in all, Cinedigm is in a strong position to continue its impressive growth. The little service that could is turning into a major player in the streaming industry.