Cinedigm Corp. announced it will rebrand to Cineverse Corp. in order to better reflect the company's business as a streaming content and technology provider.
Cinedigm, a Los Angeles-based company (Nasdaq CIDM), has announced that its stock symbol will also change from CIDM to CNVS. The shares of Cinedigm will start trading on the Nasdaq capital market under the new ticker once the market opens on May 23. The new symbol will be used for all future stock transactions, market information and filings.
Cineverse described its corporate name as 'an important move forward' in the company's evolution to become a provider of streaming content and technologies.
In a press release, Chairman and CEO Chris McGurk stated that "we have come a long way since Cinedigm 10 years ago which was specialized in digital innovations within the cinema industry." We have now moved past our legacy digital film business by the end of the last fiscal year ending March 31, 2023. A new name better reflects the business and brand we are today, a leading brand that is at the intersection of innovation and entertainment.
McGurk stated that the company intends to continue expanding their media library. The number of titles is currently over 60,000. Recent investments and acquisitions have been made across a variety of entertainment genres including anime, Asian entertainment, faith, family, horror, and independent films. The company has also created a network of podcasts that have received 70 million downloads.
Erick Opeka, Cineverse's Chief Strategy Officer and president, said that, "Given the strategic importance of the company's flagship streaming service, it was only natural to consolidate the corporate identity into one brand." The company's mission is to celebrate culture by combining entertainment, storytelling and innovative ideas. Our channel portfolio already does this, allowing storytellers to reach an even wider audience and connecting fans with content they can't find anywhere else as major streaming services reduce their content offerings.