LOS ANGELES—Cineverse Corp. is reporting significant year-over-year growth in free ad-supported streaming TV (FAST) viewing with its FAST channels being viewed for 2.26 billion minutes in Q2 2024, up 73% compared to the same period last year (1.31 billion minutes in 2Q23).
Cineverse's owned and operated brands drove 33% of the year-over-year gains. Partner brands operated by Cineverse drove 50% of the increased minutes watched, while new channel growth contributed to 17% of the YoY gains, the company said.
"We are thrilled with the tremendous growth in FAST viewing minutes, which aligns perfectly with the launch of our direct sales team and the availability of coveted CTV inventory. This surge in engagement comes at a crucial time as we head into the election and holiday season, positioning us strongly for the future," said Erick Opeka, Cineverse's Chief Strategy Officer and President.
In addition to ad revenue from content, Cineverse's multiple revenue streams include innovations such as its AI-powered content discovery tool, CineSearch; complete OTT solution, Matchpoint; and the expansion of its India-based Cineverse Services to companies seeking to reduce overhead and streamline expenses by optimizing back-end operations.
