CuriosityStream is one of the largest independent subscription streaming services in the U.S., but it appears growth stalled out last quarter.
The company this week reported its third-quarter earnings, highlighted by approximately 20 million paid subscribers, up 43% year over year. However, that figure is identical to what the company reported in August, suggesting that CuriosityStream didn’t see much, if any, positive subscriber momentum during the third quarter.
It’s a notable slowdown, too, when compared with the 4 million subscribers the service added in the second quarter.
CuriosityStream’s full subscriber count comes from across its direct-to-consumer product, its deals with traditional linear TV distributors outside the U.S. and its bundled offerings through MSOs like Altice USA.
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Despite the apparent subscriber growth plateau, CuriosityStream still saw other financial metrics trend upward during the previous quarter. The company reported total revenue of $18.7 million, up from $8.7 million in the year-ago quarter. Net income swung to a gain of $0.8 million compared to net loss of $6.7 during the same quarter of 2020.
CuriosityStream now expects revenue of at least $71 million for all of 2021, which would represent 80% year over year growth.
“The triple-digit revenue growth we generated during the third quarter is a testament to the success of our unique, multifaceted content monetization strategy and the broad appeal of our award-winning factual content. With business momentum continuing into the fourth quarter, we are thrilled to announce that 100% of our fiscal year 2021 revenue target of $71 million is now committed,” said Curiosity Stream CEO Clint Stinchcomb in a statement. “As we accelerate the pace of new content additions to our platform this quarter to the highest level in our company’s history, we are laying the groundwork for attractive long-term growth as we fulfill our mission to satisfy humanity's enduring curiosity about our world with premium factual content that informs, enchants and inspires.”