CuriosityStream, a streaming platform for non-fiction content like historical documentaries and science explainers, became the latest tech company this week to go public via an increasingly popular SPAC merger.
The reverse merger with Software Acquisition Group values CuriosityStream, which is a sponsor of Cheddar, at about $330 million. The newly public company will trade on the Nasdaq under the ticker 'CURI.'
The decision to go the SPAC route rather than raising capital via a traditional IPO came down to a question of speed and efficiency, said CuriosityStream CEO Clint Stinchcomb. He told Cheddar on Wednesday that the influx of capital from the reverse merger will act as a "tremendous accelerant" as the company continues to scale its content and programming reach.
"Our vision has always been to take CuriosityStream to hundreds of millions of global subscribers," Stinchcomb said.
CuriosityStream is betting that a focus on high-quality documentary-style content — what the company's founder coined as "factual media" — can help the streamer stand out in the increasingly crowded realm of streaming platforms. Indeed, the bet appears to be working. Stinchcomb said the company added more subscribers in Q1 of 2020 than it did in its first two years of existence, and that its "churn," or attrition rate, was at 2.5 percent and dropping. In other words, the vast majority of subscribers are sticking with the platform. (He did not disclose how many paying subscribers the platform has.)
The bet itself is rather simple: as other, more capitalized, streaming networks spend billions on content, including relatively inexpensive but low-quality reality TV, and others go niche, CuriosityStream believes it can stand out as an option for customers who want to engage with more educational video content that is "programmed to the full category of factual." Whether that means a documentary on Abraham Lincoln or an engineering-focused show about how machines work, Stinchcomb said he believes CuriosityStream can own that "factual" space in the crowded streaming pool.
The "Field of Dreams mentality," as he put it — the idea that if you just build a streaming network without a specific content strategy viewers will still flock to it — is not CuriosityStream's business model.
"Day in, day out, consistent work," he said. "That's what's required today."
AI is reshaping investigations. Longeye CEO Guillaume Delepine shares how their AI workspace empowers law enforcement to uncover insights faster and smarter.
Stephen Kates, Financial Analyst at Bankrate, joins to discuss the Fed’s 25-basis-point rate cut, inflation risks, and what it all means for consumers and marke
Big tech earnings take center stage as investors digest results from Alphabet, Meta, Microsoft, Amazon, and Apple, with insights from Gil Luria of D.A. Davidson
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
