US factual streamer has announced a rapid expansion, with a 50% rise in its subscriber base, to approximately 15 million at the end of Q4 2020.
US factual streamer CuriosityStream has announced a rapid expansion, with a 120% increase in total revenue last year and a 50% rise in its subscriber base. Revealing its Q4 and full-year 2020 financial results, the streamer announced its full 2020 revenue was $40m, up 120% on the previous year, while also posting Q4 2020 revenue of $11.4m, up 70% from $6.7m YOY. “More recently, we raised approximately $100 million in a follow-on offering completed in February of this year. We enter 2021 with a strong balance sheet, one of the largest libraries of factual content in the world, and a world-class team of experienced media executives executing strongly against our plans. I couldn’t be prouder of what we accomplished in 2020, and I look forward to 2021,” the company stated.
CuriosityStream also saw a 50% jump in its subscriber base to approximately 15 million at the end of Q4 2020, compared to around 10 million at the same point in 2019. The streamer, which reaches more than 175 countries, specializes in factual content, ranging from science and technology to history, natural history, and lifestyle programming. The company went public on the NASDAQ stock exchange in October last year, following a merger with special purpose acquisition company (SPAC) Software Acquisition Group – that left the company well-capitalized, with zero debt and an estimated $180m of cash on the balance sheet on closing.
Fourth Quarter 2020 Financial Results
Revenue of $11.4 million, up from $6.7 million in the fourth quarter of 2019.
Total paying subscribers of approximately 15 million, up 50% year-over-year.
Gross margin of 59% compared to 64% in the fourth quarter of 2019.
Net loss was $(15.7) million compared to a net loss of $(14.6) million in the fourth quarter of 2019.
EBITDA was $(15.5) million compared to EBITDA of $(14.8) million in the fourth quarter of 2019.
Full Year 2020 Financial Results
Revenue for the full year 2020 of $39.6 million, up from $18.0 million in 2019.
Gross margin for the full year 2020 at 61%, consistent with a gross margin of 62% for the full year 2019.
Net loss for the full year 2020 was $(38.6) million compared to a net loss of $(42.5) million for the full year 2019.
EBITDA for the full year 2020 was $(38.6) million compared to EBITDA of $(44.1) million for the full year of 2019.
Ending cash, cash equivalents, restricted cash, and investments totaled $42.4 million as of December 31, 2020.
Full Year 2020 Business Highlights
Announced several brand-defining original series throughout 2020, including "Pompeii: Disaster Street", "History Of Home", "4Th And Forever: Muck City, Engineering The Future", and "Beyond The Spotlight" executive produced by Leonardo DiCaprio and Appian Way.
Strengthened leadership team with high-performance veterans leading international and North American distribution, brand and media partnerships, finance, and growth.
Grew subscribers and maintained low single-digit churn.
Closed business combination with Software Acquisition Group, Inc. and began trading on the NASDAQ exchange under the ticker symbol “CURI” on October 15, 2020, becoming the first streaming media company devoted to factual entertainment to go public.