July 11, 2023
Cineverse July 11 announced the launch of Cineverse Services India, a new business unit set up to cost-cutting efforts in the current fiscal year at the erstwhile home entertainment distributor.
The new unit, located in Kolkata and adjacent to Cineverse’s engineering and technology facility, will focus on providing customer service, quality control, operations, accounting, information technology, administrative and other back-office functions to support Cineverse’s digital growth.
The company expects the move to save $7.5 million in SG&A expenses over the course of the current fiscal year (a 21% reduction), driven by savings from the relocation of more than 50 U.S. jobs, full-time role eliminations, and the reduction of third-party contract labor.
Cineverse, which just had its stock trading removed from possible delisting by Nasdaq, expects the majority of back office and support roles to be operated from India, while the U.S. employee focus will center on sales, business development, content and consumer strategy roles.
The company recently hired Abhishek Pradhan as a key leader of these efforts. Pradhan has over 13 years’ experience in business process outsourcing and operations management, with experience at companies such as MSR IT Solutions and WIPRO BPO. He will work closely with senior management and will oversee the hiring, training and day-to-day management of the Indian team.
“Over the last two years, we have demonstrated that our Indian operations provide a significant and unique strategic advantage in the market,” CEO Chris McGurk said in a statement. “As we continue to focus on leveraging next-generation technologies like AI, machine learning and computer vision already integrated into our Matchpoint platform suite, the teams in India will become a central and integral part in building the future of streaming across all facets of the company.”