India-Based Team Already Supporting the
Company by Providing Services That Bring Cost-Savings and Business
Optimization
Suite of Services Offered to External SaaS
Customers and Other Partners Looking to Reduce Overhead and
Streamline Expenses
LOS
ANGELES, May 23, 2024 /PRNewswire/ --
Cineverse (NASDAQ: CNVS), an innovative streaming
technology and entertainment company, today announced the expansion
of its India-based Cineverse
Services operation, which is now providing services to customers in
the U.S. seeking to reduce overhead and streamline expenses by
optimizing its back-end operations across a suite of
offerings.
Now approaching 40 team members, with plans to scale to 50 by
the fall, Cineverse Services is available as an add-on to
Matchpoint for existing SaaS customers, as well as other partners,
creating a new revenue stream for the company.
Initially created to support Cineverse's business needs, the
company has now built the team with an eye towards offering a
premium client-facing cost optimization strategy across a variety
of services, with the goal of reducing their overhead by 12.5% or
more. Cineverse Services allows companies to support their team
members so they are free to focus on what's important — content
creation, strategy and growth.
Said Cineverse Chief People Officer Mark
Torres, the architect behind this initiative, "As we
recruited and trained Cineverse Services employees in India to support our business at substantial
cost savings, we realized the next step would be to provide these
services for Matchpoint clients and other companies looking for
options to reduce costs. Without the amazing dedication of our
People & Operations and supervisory training staff, we could
not have created this revenue-generating service."
In fact, Cineverse in its previously-reported Q3 FY24 earnings,
stated that its SG&A expenses decreased $2.7 million, or 30%. One of the key factors
contributing to this reduction was shifting certain operations and
staff to Cineverse Services India, where some business functions
can be accomplished with significant cost savings.
Lines of business now offered to Cineverse Matchpoint customers
through Cineverse Services now include, but are not limited
to:
- Asset Creation/Graphic Design
- Content Analytics
- Quality Control Conformance Editing
- Meta Data Validation and Editing
- Content Cuepoint Insertion
- FAST Content Programming
- Customer Support Services
- Sales Administration
- Royalties Administration
- Finance & Accounting (AP)
"Our 2021 acquisition of FoundationTV (now Cineverse
India) continues to pay off, first with the successful
rollout of Matchpoint technology both internally and to our
partners, and similarly with the offering of Cineverse Services to
third-parties," said Tony Huidor,
Cineverse COO and Chief Technology Officer. "This is no small part
thanks to the creativity and innovation shown not only by our
engineers in India but also the
leadership team that has been able to identify business functions
that could be taken on more cost-effectively, both directly helping
our company via cost-reductions and optimization, but also the
ability to now offer these same services that we are benefitting
from to our partners, creating a new revenue stream for Cineverse
and added value for our customers."
About Cineverse
Cineverse's advanced, proprietary
technology drives the distribution of over 71,000 premium films,
series, and podcasts to more than 82 million unique viewers
monthly. From providing a complete streaming solution to some of
the world's most recognizable brands, to super-serving their own
network of fan channels, Cineverse (NASDAQ: CNVS) is powering the
future of Entertainment. For more information, please
visit cineverse.com.
Press Contacts
For Media
The Lippin Group for Cineverse, cineverse@lippingroup.com
For Investors
Julie
Milstead, investorrelations@cineverse.com
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SOURCE Cineverse Corp.