Cineverse ended 2023 with 1.4 million subscribers. According to the company, the updated subscriber number represents a 30% year-over-year increase and an 11% increase over the previous quarter.
While an increase on the year before, most of those new subscribers appeared to have come through in the final three months of the year. After starting 2023 with 1.22 million subscribers, Cineverse continued to hover between 1.21 million and 1.24 million subscribers over the first three calendar quarters of the year. As a result, the jump up to 1.4 million occurred in calendar Q4 2023 (Cineverse’s Q3 FY 2024).
Cineverse also confirmed subscription-based revenues increased 13% to $3.4 million, with the increase “driven by the continued success of the company’s enthusiast streaming services.” Cineverse owns and operates a number of subscription services, including the flagship Cineverse streaming service and the horror-themed Screambox streaming service.
While subscription-based revenues were up, advertising-based revenues declined 31% to $4.1 million. Cineverse pointed to a variety of reasons to explain the decline, including “our channel optimization efforts, a non-recurring technical transition with a large FAST platform partner and the continued impact of the current economic climate on the advertising market.”
Shortly before confirming its latest subscriber number, Cineverse unveiled its new cineSearch search and discovery tool. Scheduled to roll out to the Cineverse streaming service in the spring, cineSearch will make use of an ‘Ava’ movie concierge to help users find new content to watch, including content housed on other streaming services.
Earlier in the year, Cineverse also announced a new deal with Criterion Pictures that will see some of its FAST channels becoming available in non-theatrical markets, such as universities, hospitals and cruise ships.
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