CuriosityStream sheds subs, but inches towards profitability

Global factual entertainment company CuriosityStream has reported a revenue increase of 26% for Q3 2022, up to $23.6m. However the subscriber base at its flagship global streaming service dropped from around 25m to 23m. The company also posted an operating loss of $4.4m, compared to $8.2m in Q3 2021.

Clint Stinchcomb

Despite the drop in subscribers, which was the result of not renewing a carriage arrangement, president and CEO Clint Stinchcomb declared himself pleased with the results, which cover the three months to September 30. “We delivered another strong quarter, with revenue and EBITDA above our guidance ranges and the best quarterly EBITDA performance since becoming a public company, as we made clear progress towards our goal of becoming sustainably profitable,” he said.

“CuriosityStream remains the largest pure-play factual streaming service with a multifaceted revenue stack underpinned by a library of over 15,000 video and audio titles and industry-leading subscriber retention. We continue to maintain a solid balance sheet.”

While the company is best known as a streaming pioneer, content creation and distribution is also a core part of the business. New original programming during the quarter included Cracking The Code, Planet Insect and Titans: The Rise of Hollywood. During an earnings call, CFO Peter Westley said content licensing contributed $10.8 million to the company’s revenues, while direct revenue brought in $8.6 million.

In terms of business highlights during Q3 2022, the company singled out 100 Days of Curiosity, a campaign to celebrate and revisit some of the best films, series, and specials that have premiered on CuriosityStream during its eight-year history. It also signed a new distribution agreement with an MVPD in the Netherlands.