LOS ANGELES - Cineverse Corp. (NASDAQ: CNVS), a company specializing in streaming technology and entertainment, announced today the public preview of its AI-powered tool cineSearch, designed to enhance content discovery across major streaming services such as Netflix (NASDAQ:NFLX). cineSearch utilizes advanced artificial intelligence to provide personalized recommendations, aiming to simplify how users find and engage with streaming content.
The AI video advisor within cineSearch, named Ava, offers viewers tailored suggestions by analyzing their viewing habits and preferences. The integration of cineSearch with leading streaming platforms ensures that recommendations are broad and relevant to the user's subscribed services. As part of its commitment to enhancement, Cineverse plans to refine cineSearch based on the feedback received during this public preview phase.
Cineverse's COO & CTO, Tony Huidor, expressed excitement about the public preview, highlighting the potential of cineSearch to evolve content engagement. Huidor emphasized the improvements made since its beta launch and the company's dedication to further advancements through user interaction and AI training.
Key features of cineSearch v1.0 include the ability to connect with streaming accounts for customized suggestions, voice customization options for Ava, and tools for saving searches and creating lists for easy access to content. Users can also enjoy trailers, personalized avatars, and custom backgrounds to enrich their cineSearch experience. While the current version offers a robust search experience, Cineverse is already developing additional features such as genre filters and a mobile app for future updates.
The development of cineSearch has been supported by collaborations with industry partners, including Google (NASDAQ:GOOGL) Cloud AI, Younify, Vionlabs, Datatonic, and Gracenote, a Nielsen company. These partnerships have contributed to creating an AI system with a comprehensive understanding of film content and access to extensive data, while maintaining ethical and secure practices.
To try cineSearch, individuals can visit cinesearch.com, link their streaming accounts, and start interacting with Ava. The launch of this tool is part of Cineverse's broader initiative to drive content distribution and engagement, reaching over 150 million unique viewers monthly with a diverse range of entertainment offerings.
This news is based on a press release statement from Cineverse Corp.
In other recent news, Cineverse Corp. has made significant strides in its operations. The company has integrated LiveRamp's Authenticated Traffic Solution (ATS) into its Matchpoint™ platform, enhancing ad personalization while maintaining user privacy. In financial developments, Cineverse has extended its loan agreement with East West Bank, adjusting the maturity date to September 15, 2025, thereby ensuring continued financial flexibility.
On the earnings front, Cineverse's Podcast Network has recorded a 49% revenue increase and aims to boost monthly downloads and streams to over 20 million by the fiscal year end. The company has also regained compliance with Nasdaq Listing Rules, marking the conclusion of a period of oversight.
In a landmark partnership, Cineverse has teamed up with deep-tech startup XL8, integrating AI-powered captioning and localization capabilities into its Matchpoint platform. This collaboration is expected to streamline the process of captioning and localizing large content libraries, reducing costs and enhancing accessibility.
Furthermore, Cineverse has entered a co-financing partnership with BondIt Media Capital for the production, acquisition, and distribution of North American film projects, starting with "Terrifier 3". Lastly, the company has extended its partnership with Konami Cross Media NY, Inc., ensuring continued distribution of the widely recognized anime series Yu-Gi-Oh! These are the recent developments from Cineverse Corp.
InvestingPro Insights
As Cineverse Corp. (NASDAQ: CNVS) launches its AI-powered cineSearch tool, investors may be interested in the company's financial health and market performance. According to InvestingPro data, Cineverse has a market capitalization of $16.79 million USD, reflecting its current position as a smaller player in the streaming technology sector.
The company's revenue for the last twelve months as of Q1 2023 stood at $45.28 million USD, with a gross profit margin of 61.94%. However, it's worth noting that Cineverse has experienced a revenue decline of 32.84% over the same period, which may raise questions about the company's growth trajectory as it introduces new products like cineSearch.
InvestingPro Tips highlight that Cineverse is "trading at a low revenue valuation multiple," which could potentially indicate an undervalued stock. This might be of interest to investors looking for opportunities in the tech sector. Additionally, the company's stock has shown a "strong return over the last three months," with a 20.31% price total return, suggesting recent positive market sentiment possibly linked to developments like cineSearch.
However, it's important to consider that Cineverse is "not profitable over the last twelve months" and is "quickly burning through cash," according to InvestingPro Tips. These factors may impact the company's ability to sustain investment in AI technologies and product development without additional funding.
For a more comprehensive analysis, InvestingPro offers 11 additional tips for Cineverse, providing deeper insights into the company's financial health and market position.
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