Chicken Soup for the Soul Entertainment Ups Q2 Revenue, Fiscal Loss

Ad-supported VOD distributor Chicken Soup for the Soul Entertainment Aug. 11 reported a net loss of $20 million on revenue of $37.6 million during the second quarter (ended June 30). That compared with a net loss of $11 million on revenue of $22.1 million during the previous-year period.

Cos Cob, Conn.-based Chicken Soup, whose AVOD platforms include Crackle Plus, earlier in the day closed the acquisition of Redbox Entertainment.

William J. Rouhana Jr.,

William J. Rouhana Jr., chairman and CEO of Chicken Soup, said the AVOD distributor’s quarterly revenue growth reflected “terrific execution” by the company’s ad sales team, underscored by strong viewership growth, and increased user time spent on the company’s tech platform.

“[The Redbox deal] gives us immediate scale, growing our film and television library to over 51,000 titles, 36,000 [Redbox] kiosks, establishing a broad complement of AVOD, TVOD and FAST channel services reaching millions of viewers across dozens of platforms,” Rouhana Jr. said in a statement.

The executive said the collective assets of Chicken Soup and Redbox create an entertainment company that he believes would generate more than $500 million in revenue and $100 million to $150 million in pre-tax earnings on an annualized basis.

“We delivered outstanding results in our last quarter ahead of the transformational acquisition of Redbox,” Rouhana Jr. said.

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