Cinedigm has changed its corporate name to Cineverse to reflect its expansion from an electronic distribution supplier to a global streaming content and technology company with one of the world's largest portfolios of owned and operated streaming channels.
The company’s stock symbol will also change from CIDM to CNVS, with shares trading under the new symbol starting May 23.
Cineverse offers content across FAST (free, ad-supported streaming), SVOD (subscription-based video-on-demand) and AVOD (ad-supported video-on-demand) channels, a library with more than 60,000 movie and TV titles, and a podcast network with an estimated 70 million downloads across 28 podcasts. Its flaghship streaming service, Cineverse, is the sixth-largest video streamer in the world by number of titles (22,000), according to the company.
As an advertising network, it reaches more than 1.1 billion devices across connected TV, mobile and the web, with ad placements in content, audio, video, social and newsletters.
The company also licenses a proprietary, AI-enabled Matchpoint streaming platform on a software-as-a-service (SaaS) basis for unifying content management, preparation, delivery, programming and analytics
"We have come a very long way from the Cinedigm of 10 years ago, which specialized in digital innovation within the cinema industry,” to a pure-play streaming content and technology business, chairman and CEO Chris McGurk said in announcing the name change. “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."
In February, the company acquired faith-based review site Dove.org and the Christina Cinema VOD platform. In recent years, it has also acquired or partnered with numerous niche platforms, including The Film Detective, Screambox and Viewster, which later became CONtv Anime.
The company plans to continue to expand its media library, with a goal of offering more content and streaming channels than any other entertainment company, McGurk said.