Cinedigm (NASDAQ: CIDM) stock has risen by 93% so far this year. This digital content distribution company just announced record ad revenue enhancements from the deployment of Amagi's ad solutions. The company's streaming channel revenues for the third quarter fiscal 2021 rose by 85% compared to the same period last year, and it's expected to continue to maintain considerable growth in the next quarter.

The Happy Kids channel is one of the most popular of Future Today's 700 ad-supported OTT networks. (IMAGE COURTESY OF CINEDIGM)

The company has also reduced its debt and interest expense have resulted in a strong balance sheet and cash position, which will enable the company to acquire valuable assets in the future, and to speed up investment in its streaming business.

In total, the stock is worth watching for investors who focus on digital entertainment companies. Although the stock is still a penny stock, it has shown huge growth potential.

Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.