CuriosityStream hits 15m subs
March 24, 2021
CuriosityStream, the global factual entertainment streaming company, has announced its financial results for the fourth quarter and full year ended December 31st 2020.
“We had a strong 2020, ending the year with more than double our 2019 revenue with approximately 15 million subscribers,” said Clint Stinchcomb, President & CEO. “More recently, we raised approximately $100 million (€84.5m) 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.”
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 per cent year-over-year;
- Gross margin of 59 per cent compared to 64 per cent in the fourth quarter of 2019;
- Net loss was $(15.7) million compared to net loss of $(14.6) million in the fourth quarter of 2019; and
- 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 million in 2019;
- Gross margin for the full year 2020 at 61 per cent, consistent with gross margin of 62 per cent for the full year 2019;
- Net loss for the full year 2020 was $(38.6) million compared to 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; and
- 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; and
- Closed business combination with Software Acquisition Group, and began trading on the NASDAQ exchange under ticker symbol “CURI” on October 15th 2020, becoming the first streaming media company devoted to factual entertainment to go public.
Financial Outlook
For the full year 2021, CuriosityStream currently expects revenue of at least $71 million, or 80 per cent year-over-year growth.