Cinedigm (NASDAQ:CIDM) is on the rise Wednesday after the NFT play revealed recent milestones for the company.
These milestones include Cinedigm’s monthly active ad-supported viewers reaching roughly 23.8 million. That’s worth noting as it’s a more than 208% increase year-over-year. It also points out that subscriptions to its portfolio of streaming services climbed 574% to 640,000.
Other highlights from the recent update include 423 million minutes streamed in March 2021, advertising requests jumping 431% YoY, 96% of streaming taking place via connected TV, as well as 16 streaming channels currently live.
Of course, what investors in CIDM stock really want to know about is its NFT efforts. The company also goes over those in its update. This has it saying it plans to release at least one NFT product during the month of April.
While only one of its products is likely to come out this month, Cinedigm has other NFT plans. In total, it’s working on four products. They include “a new, NFT-based film releasing label, an NFT-based consumer loyalty product for our streaming services, an NFT automation and distribution platform, and a marketplace product for video-based NFT collectibles.”
Considering all these recent milestones and NFT plans, CIDM is a buy for sure, right? Not so fast. While NFTs are seeing a massive boom recently, that doesn’t mean that CIDM is worth it just because it’s entering the space.
There are still significant risks in CIDM stock that investors will want to consider. Among these are continuing concerns about the pandemic’s effect on movie theaters, its NFT plans being more of a gamble, and the company’s status as a Reddit stock.
CIDM stock was up 16.7% as of Wednesday afternoon and is up 98.5% since the start of the year.
Luckily for investors, CIDM is nowhere close to the only company tipping its toes into the NFT market.
Quite a few other companies are experimenting in the space with hopes to cash in on its rising popularity. That includes Takung Art (NYSEAMERICAN:TKAT), Santo Mining (OTCMKTS:SANP), and others. Investors can learn more about these NFT plays at the links below.
More NFT News
- 7 NFT Crypto Plays for the Adventurous Investor’s Watch List
- SANP Stock: 13 Things to Know About the New Skullys NFT Website as Penny Stock Santo Mining Soars
- 10 NFT Stocks to Watch as the Crypto Frenzy Heats Up
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.