Cineverse Corp (NASDAQ: CNVS) is an entertainment technology company that operates streaming channels and distributes film and television content. Revenue comes from a mix of streaming platform fees, advertising, and content distribution across digital and theatrical channels. The company previously operated a legacy digital cinema business, which had wound down by FY2025. Direct operating margin on streaming and distribution revenue was 50% for the year ended March 31, 2025, down from 61% for the year ended March 31, 2024, partly due to $3.8 million of non-recurring legacy digital cinema revenue in the prior year and lower-margin theatrical revenues tied to the film Terrifier 3. Christopher J. McGurk has served as CEO and Chairman since January 2011, bringing prior executive roles at MGM, Universal Pictures, and The Walt Disney Studios. The company is classified as a smaller reporting company and trades on Nasdaq. Its fiscal year ends March 31.

Revenue model

Revenue is generated through streaming channel distribution (including advertising-supported and subscription models), theatrical content distribution, and content licensing. Legacy digital cinema equipment and services revenues have substantially run off as of FY2025. The company also employs offshore staffing through Cineverse Services India to manage operating costs.

Products and services

Streaming channels, film and television content distribution, theatrical distribution (including releases such as Terrifier 3), and legacy digital cinema technology services (substantially wound down by FY2025).

Customers and end markets

End markets include streaming platform audiences (advertising-supported and subscription), theatrical exhibitors, and content licensees. Specific customer concentration data is not disclosed in the available filing excerpts.

Value-chain role

Content aggregator, streaming channel operator, and distributor. The company sits between content producers and end consumers or exhibition platforms, handling distribution across digital streaming and theatrical channels.

Geographic exposure

The filing references Cineverse Services India as part of the company's operational structure, indicating some offshore operations. Specific revenue geographic breakdown is not disclosed in the available filing excerpts.

Source: SEC 10-K, filed 2025-06-30

Industry: Services-Video Tape Rental Peers: Reading International Inc Chicken Soup for the Soul Entertainment, Inc. CuriosityStream Inc Gaia Inc Kartoon Studios Inc Loop Media, Inc. LiveOne Inc Walt Disney Co