LOS ANGELES, Nov. 8, 2023 /PRNewswire/ -- Cineverse
Corp. ("Cineverse" or the "Company") (NASDAQ: CNVS), a global
streaming technology and entertainment company with one of the
world's largest portfolios of streaming channels and content
libraries, today released the following statement by Chairman
and CEO Chris McGurk.
To Our Valued Stakeholders,
Today marks a significant milestone in the journey of Cineverse
as we announce a groundbreaking partnership with Amagi, the global
SaaS leader in cloud-based linear playback technology for broadcast
and connected TV. This collaboration is not just a business
decision; it is a strategic move that addresses a critical need
within the entertainment industry for a comprehensive platform in
the rapidly evolving FAST and ad-supported streaming sectors.
Our longstanding alliance with Amagi—a SaaS unicorn valued at
$1.5 billion with an esteemed roster
of blue-chip investors—sends a clear message: Cineverse's
technology is ready for the prime-time spotlight. With Amagi, we
will bring our advanced Matchpoint Suite and content services to an
impressive array of over 700 brands that span the globe's largest
studios, production companies, platform operators, hardware
manufacturers, and telecommunications companies.
Our relationship with Amagi has always been a strong one: we
were their second North American customer in 2017, back when FAST
services barely existed. We are proud to have been there from the
beginning of this nascent industry and are excited about how both
companies can strategically shape the industry together.
Gaining access to Amagi's expansive global salesforce heralds a
new era of market strategies. We are deep in planning our
go-to-market strategy and anticipate implementing in time
for CES and NAB, two key technology conferences scheduled for
early next year. Our mutual efforts are focused on leveraging the
unique synergies and complementary fit between the two companies'
technology portfolios, which will allow us to deliver unparalleled
service and a complete end-to-end solution to both new and existing
customers. This partnership reinforces the Company's long-standing
commitment to innovation and validates our ability to transform our
cutting-edge technology advances into market-ready products that
resonate with emerging industry needs.
We are fully confident in the revenue growth this partnership
will generate for our business. As we integrate our technology
portfolio and bring to market a unified solution, we anticipate
technology revenues to increase rapidly, reaching up to low eight
figures annually once we are fully operational and our solutions
come to market.
In parallel with our collaboration with Amagi, we are also
laser-focused on strengthening our own technology salesforce. This
dual growth trajectory will complement the momentum we gain through
this partnership. We have already seen the early fruits of these
efforts through our recent Matchpoint announcements regarding
brands like Entrepreneur, Nine Story (distributors of Barney &
Garfield), Fubu, Meateater, and many more.
Our vision for Matchpoint extends far beyond today's
announcement. Cineverse continues to innovate, expanding our
engineering team in India and
planning the launch of new products that promise to further disrupt
and lead the market. We are on the cusp of making further
announcements about our products, our team, and our growing list of
prestigious customers in the coming weeks.
This partnership is a testament to our strategy, our team, and
our technology. It is an exciting chapter in Cineverse's story, and
we are thrilled to have you with us on this journey. Together, we
are redefining the future of entertainment and streaming.
Thank you for your continued support.
Warm regards,
For details on Amagi's FAST technology suite, visit
www.amagi.com, and for Cineverse's Matchpoint platform, visit
www.matchpoint.tv. This new offering will begin to roll out Q1 of
this calendar year.
About Cineverse
Cineverse's advanced, proprietary
technology drives the distribution of over 70,000 premium films,
series, and podcasts to more than 150 million unique viewers
monthly. From providing a complete streaming solution to some of
the world's most recognizable brands, to super-serving their own
network of fan channels, Cineverse is powering the future of
Entertainment. For more information, please
visit www.cineverse.com. (NASDAQ: CNVS)
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 filings
with the Securities and Exchange Commission, including Cineverse
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.
PRESS CONTACT:
For Media
The Lippin Group, cineverse@lippingroup.com
For Investors
Julie Milstead,
investorrelations@cineverse.com
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SOURCE Cineverse Corp.