Cinedigm Corp (CIDM) surging continue today as well. It has gained 40.40% as of this writing in the pre-market session on Wednesday, March 24, 2021, after it went up 12.69% yesterday.
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Let’s try to find the reason behind its gains.
Cinedigm’s Dove Channel coming to All Frndly TV Customers
On March 22, 2021, The Cinedigmannounced to bring the Dove Channel to the Frndly TV subscribers which are expected to available via Live and On-Demand in the 2nd Quarter 2021. Frndly TV’s on-demand library will be increased by more than a thousand hours while keeping the current price structure for subscribers.Cinedigm is the parent company of the Dove Channel. The CIDM stock soared after the news.
There are rumours in the stock market that the CIDM could be entering into non-fungible token (NFT) especially after Dolphin Entertainment entered recently into NFT.
NFTs have become all the rage in recent weeks, most recently yesterday when it was reported that Twitter CEO Jack Dorsey sold his first tweet ever as an NFT for $2.9m.NFT represents ownership to a unique digital asset that exists on a blockchain and can’t be reproduced. The tokenization allows them to be bought, sold, or traded on an open blockchain ledger.
The CIDM stock went up after the NFT speculations
Cinedigm launched 11 Streaming Channels on SelectTV
On March 19, 2021, CIDM announced to bring 11 of Cinedigm’s streaming channels to SelectTV. The 11 channels are Bambu, Bloody Disgusting, The Bob Ross Channel, ComedyDynamics, CONtv, Docurama, Dove Channel, MyTime, So…Real, Whistle Sports.
CIDM Acquired Films Around the World Content Library
On March 16, 2021, CIDM said that it has acquired the Films Around the World, Inc (FATW) content library but CIDM did not disclose any financial details about the deal.
Recent corporate update
Cinedigm appointed Cheryl Odoardi as Senior Vice President of Finance and Accounting on March 12, 2021.
Cinedigm Corp. is an American entertainment, established in 2000 and its headquarter is in Los Angeles, California. Cinedigm has been a leader at the forefront of the digital transformation of content distribution. Cinedigm is providing original and aggregated programming content, channels, and services to the world’s largest media, technology, and retail companies.
Conclusion: CIDM recent business activities making it an attractive option for the investors to invest. CIDM shares can continue their surging in the coming days.