What happened Shares of Cinedigm (NASDAQ: CIDM) rose a quick 29% on April 14. That's a pretty sizable gain, with the excitement almost certainly driven by a business update put out this morning. So what Cinedigm's historical business is tied to the movie theater space. That business has been under significant pressure thanks to the coronavirus pandemic and the increasing consumption of streamed content. However, management has been working to shift with the times and is building a niche streaming business consisting of small and focused subscription services and advertising-supported streaming. According to the most recent update, which looks at March data, material progress has been made in this new business line. Image source: Getty Images. In March, Cinedigm's "total streaming viewer footprint" was 23.8 million "active ad-supported viewers." This number includes both linear streaming, which is like regular television delivered over the internet, and on-demand streaming. That's up 208% from the same month in 2020. On the subscription side of the business, the company increased its channel count from five to 16, largely thanks to acquisitions, and had 640,000 subscribers, up 574% year over year. It's understandable that investors would see this progress in a positive light, as it clearly shows material progress is being made as Cinedigm looks to grow its streaming operations. Now what Cinedigm's stock is up more than 200% over the past year, but it has been something of a roller-coaster ride. In fact, at one point over that span the stock was higher by more than 750%, with a couple of big spikes and declines along the way. Conservative long-term investors will probably want to sit on the sidelines until Cinedigm's transition is further along. Indeed, in the most recent quarter, the company's loss increased 40% to $0.07 per share. Right now it seems as if the peaks and valleys may be driven more by emotion than the company's underlying financial results. 10 stocks we like better than CinedigmWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now… and Cinedigm wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source