LOS ANGELES, March 21, 2019 (GLOBE NEWSWIRE) -- Cinedigm Corp (NASDAQ: CIDM) announced that it has entered into an agreement with Future Today, Inc, a market-leading OTT platform and one of the largest AVOD channel networks in the world, to distribute and Monetize Viewster, Cinedigm’s general entertainment ad-supported service.
Under the terms of the agreement, Future Today will relaunch Viewster across all channels of distribution including connected televisions, set-top boxes, mobiles applications, and the web. Future Today will also leverage their proven advertising technology and sales capabilities to monetize the service, which is expected to relaunch on the Future Today platform within the next 30 days.
Founded in Zurich, Switzerland in 2007, and acquired by Cinedigm in February 2019, Viewster is a core element of the Company’s ad-based content strategy, offering an eclectic entertainment library of more than 6,000 films and series. Viewster’s content spans a wide array of genres, including animation, anime, comedy, documentaries, drama and horror.
Future Today, owns and operates more than 700 content channels with more than 60 million app installs, and manages more than 200,000 film, television and digital content assets that currently receive more than 85 million video views per month in a variety of categories including entertainment, movies, food & lifestyle, animation, and kids. Future Today’s cloud-based technology and ad-based monetization platform manages OTT services for more than 350 content owners, producers, distributors and major media companies helping them launch and monetize complex Connected TV channels across devices in a matter of days.
“Future Today is the perfect partner to take our acquisition and monetization of Viewster to the next level,” said Erick Opeka, President of Cinedigm Digital Networks. “They are experts at quickly relaunching ad-supported OTT services and dramatically improving watch times, user engagement, and revenue potential.”
“Viewster is a great brand and a pioneer in the AVOD space,” said Vikrant Mathur, co-founder of Future Today. “We look forward to revitalizing the service’s market position and market potential.”
Cinedigm recently announced that it has entered into a definitive agreement to acquire Future Today for $45 million in cash and $15 million in Cinedigm Common stock. The transaction is expected to close in the second calendar quarter of 2019 and is subject to customary closing conditions.
Since inception, Cinedigm has been a leader at the forefront of the digital transformation of content distribution. Adjusting to the rapidly transforming business needs of today’s entertainment landscape, Cinedigm remains a change-centric player focused on providing content, channels and services to the world’s largest media, technology and retail companies. Cinedigm’s Content and Networks groups provide original and aggregated programming, channels and services that entertain consumers globally across hundreds of millions of devices. For more information, visit www.cinedigm.com.
About Future Today
Established in 2006 by Founder and CEO Alok Ranjan and Co-Founders Vikrant Mathur, Sumeet Anand and Sharib Khan, Future Today, Inc is a pioneer and leader in the OTT media and technology landscape having launched its first suite of OTT channels in 2011. The company has also successfully developed popular channels like HappyKids.tv and Fawesome.tv. To date, the company has amassed more than 60 million downloads of their more 700+ channels across a diverse segment of categories including food, lifestyle, news, sports, kids and entertainment. The self-funded company runs a well-managed, cost-efficient and profitable operation. For more information, visit www.futuretodayinc.com
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 Cinedigm officials during presentations about Cinedigm, along with Cinedigm's filings with the Securities and Exchange Commission, including Cinedigm's 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 Cinedigm'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 Cinedigm, its technology, economic and market factors and the industries in which Cinedigm does business, among other things. These statements are not guarantees of future performance and Cinedigm undertakes no specific obligation or intention to update these statements after the date of this release.
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Jill Newhouse Calcaterra
Source: Cinedigm Digital Cinema Corp.