Over the top (OTT) entertainment networks and content provider Cinedigm Corp. (CIDM:NASDAQ) today announced "a partnership with Vewd, the world's largest Smart TV OTT software provider, offering Cinedigm's portfolio of streaming entertainment networks on Vewd-enabled devices worldwide." Under the terms of the agreement, Cinedigm's networks will now be available on an installed base of greater than 300 million Smart TVs and connected devices including Sony, Samsung, Skyworth, Hisense, Philips and TiVo brands and others. As part of the partnership arrangement, Cinedigm's networks will also be made available on the more than 40 million new Vewd-powered devices shipped each year.
The company reported that the partnership extends scaling of its offerings in the fast-growing ad-supported video on demand market and further extends it reach and distribution worldwide across top selling OEMs and hardware manufacturers with a special emphasis on the E.U., Latin America and Asia.
The firm indicated that the first Cinedigm channels planned for the initial Vewd rollout are Comedy Dynamics, The Bob Ross Channel and Docurama.
The company's General Manager of Digital Networks Tony Huidor commented, "Vewd is the perfect partner for Cinedigm, as both companies have a common goal to entertain viewers through high-quality programming, now more than ever, as more viewers seek out free alternatives to established Pay-TV services...Vewd's worldwide reach presents an invaluable opportunity for Cinedigm by allowing us to grow our distribution footprint even further as the ad-supported market continues to mature internationally."
Cinedigm Networks' President Erick Opeka added, "With global ad-supported OTT revenues surging to $53 billion globally over the next five years, our focus is on rapidly expanding our distribution footprint to maximize growth...Vewd helps us dramatically expand the viewer base for our rapidly growing portfolio of OTT networks, which we expect to double over the next 18 months."
The firm stated that Vewd is the world's largest smart TV OTT software provider which connects consumers to content by making OTT possible on nearly 50 million connected devices annually.
Cinedigm is based in Los Angeles, Calif., and is an independent entertainment studio focused on the digital transformation of content distribution. The company known for its film/TV/digital production, digital cinema, OTT channels, and content and marketing distribution. The firm provides content, channels and services to the world's largest media, technology and retail companies.
Cinedigm started off the day with a market capitalization of around $134.6 million with approximately 102.7 million shares outstanding. CIDM shares opened 235% higher today at $4.38 (+$3.07, +234.35%) over yesterday's $1.31 closing price and reached a new 52-week high price this morning of $6.00. The stock has traded today between $3.15 and $6.00 per share and is currently trading at $3.55 (+$2.24, +170.99%).
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