CuriosityStream Inc. operates as a factual content streaming service and media company. The company provides premium video programming services in various categories of factual entertainment, including science, history, society, nature, lifestyle, and technology through direct subscription video on-demand (SVoD) platforms accessible by internet connected devices, or indirectly via distribution partners who deliver CuriosityStream content via the distributor's platform or system; and through bundled content licenses for SVoD and linear offerings, partner bulk sales, brand partnerships, and content sales. It offers streaming content through devices, including televisions, set-top boxes, computers, streaming media players, game consoles, and mobile devices. As of December 31, 2021, it had approximately 23 million total paying subscribers, including direct subscribers, partner direct subscribers, and bundled MVPD subscribers. The company was founded in 2015 and is based in Silver Spring, Maryland.
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Here are 1-2 brief analogies for CuriosityStream (CURI):
- Netflix for documentaries
- National Geographic for streaming
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- Subscription Video-on-Demand (SVOD) Service: This is CuriosityStream's flagship direct-to-consumer streaming platform, offering thousands of factual documentaries and series on a subscription basis.
- Linear TV Channels: The company distributes curated factual entertainment channels to traditional and virtual pay-TV providers globally.
- Content Licensing: CuriosityStream licenses its extensive library of documentaries and original programming to other global streaming platforms and broadcasters.
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CuriosityStream (CURI) primarily sells its streaming service subscriptions to **individuals** rather than other companies directly as major customers. Therefore, the following categories describe its individual customer base:
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General Factual Content Enthusiasts
This category includes individuals who have a strong interest in non-fiction programming across various genres such as science, history, nature, technology, current events, and society. They seek high-quality documentaries, series, and exclusive content that expands their knowledge and offers intellectual stimulation.
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Lifelong Learners & Educational Users
This group comprises individuals who use CuriosityStream as a tool for continuous learning, self-education, or supplementing formal studies. It includes students, educators (using personal subscriptions, separate from institutional licenses), and adults committed to personal growth and intellectual development. They value the platform for its depth of information and expert-led content.
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Families Seeking Educational & Enrichment Content
This category represents households looking for engaging, educational, and family-friendly content. Parents may subscribe to provide their children with screen time that is both entertaining and enriching, fostering curiosity and learning in a safe environment. The platform offers an alternative or supplement to general entertainment services, focusing on valuable, knowledge-based programming for all ages.
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Clint Stinchcomb President and CEO
Clint Stinchcomb was appointed President and CEO of CuriosityStream in June 2018, having joined the company in 2017 as Chief Distribution Officer. With over 25 years of experience in traditional and digital media, he is an entrepreneurial executive who co-founded and served as CEO of Poker Central, the world's first 24/7 global multi-platform network dedicated to poker. He also served as Managing Director of Worldwide Media Group. Prior to CuriosityStream, Stinchcomb spent 17 years at Discovery Communications in various senior roles, including Executive Vice President and General Manager of Emerging Television Networks, and Senior Vice President of New Media Operations and HDTV. He also played a critical role in the fundraising efforts that led to CuriosityStream becoming a publicly traded company.
P. Brady Hayden Chief Financial Officer
P. Brady Hayden became Chief Financial Officer of CuriosityStream on May 31, 2024, after joining the company in June 2023 as Corporate Controller. In this role, he oversees global finance operations and investor relations. Before his tenure at CuriosityStream, Hayden was the Vice President of Finance and Principal Accounting Officer at Cyren Ltd., a publicly traded cybersecurity company. He possesses extensive experience in senior finance positions within several public reporting companies and serves on the board of the U.S. Postal Service Federal Credit Union.
Tia Cudahy Chief Operating Officer
As Chief Operating Officer, Tia Cudahy is responsible for overseeing operations, key partnerships, corporate matters, and governance at CuriosityStream. Her background includes significant experience in media business, including previous roles in Business Affairs at NPR and as Deputy General Counsel at Discovery Communications. Cudahy's expertise encompasses management, business development, partnerships, joint ventures, and legal support for digital and educational ventures.
Rob Burk Head of Content
Rob Burk serves as the Head of Content for CuriosityStream, where he oversees the company's entire portfolio of original programming, including productions from Curiosity Studios, commissions, and co-productions. An award-winning executive producer, writer, and editor with over 20 years of experience, Burk has been with CuriosityStream since its inception, initially as an Executive Producer. His extensive career includes developing and creating a wide range of series and specials for prominent factual entertainment brands such as Discovery Channel, National Geographic, Nat Geo Wild, Science Channel, Animal Planet, and Travel Channel.
Becky Reed SVP and General Counsel
Becky Reed is the Senior Vice President and General Counsel of CuriosityStream Inc., a position she has held since transitioning from Vice President and Associate General Counsel from July 2021 through January 2023. Her prior experience includes serving as Vice President, Business Affairs for Public Broadcasting Service and spending fifteen and a half years as Vice President, Business Affairs and Programming Legal for Discovery Communications. Earlier in her career, Reed worked as an associate at the law firm Davis Wright Tremaine and as Deputy General Counsel for the Bill Bradley for President Campaign.
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CuriosityStream (CURI) faces several key business risks, primarily centered around its core streaming service and the sustainability of its newer revenue streams.
- Declining Streaming Business and Subscriber Loss: The company's main streaming platform has experienced a decline in subscribers, with no clear indication of a turnaround. This poses a significant threat to CuriosityStream's core business model. The highly competitive streaming landscape, dominated by larger players like Netflix, further exacerbates this risk as these competitors possess greater financial resources to invest in content.
- Unpredictable Nature of Licensing and Partnerships Revenue: While licensing and new partnerships have contributed to recent revenue growth, this income stream is characterized as "lumpy and unpredictable". The long-term viability of AI licensing revenue, despite its potential, is also uncertain and may not be sufficient to offset the declines in the primary streaming business.
- Content Library Weakness and Acquisition Challenges: There is a risk that CuriosityStream's content library could gradually weaken due to dwindling content spend if the company does not accelerate its content acquisitions. The ability to effectively invest in and acquire quality content, including original programming, is crucial for attracting and retaining subscribers.
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CuriosityStream (CURI) faces clear emerging threats from two primary areas:
- Increased investment and proliferation of high-quality factual and documentary content by major, diversified streaming services. Platforms like Netflix, Disney+ (with National Geographic content), Max, Amazon Prime Video, and Apple TV+ are significantly expanding their libraries of science, nature, history, and technology documentaries. This directly challenges CuriosityStream's niche value proposition by offering comparable or even higher-budget factual content as part of a broader entertainment package, potentially making a dedicated factual subscription less appealing to consumers who can get a wide array of content, including factual, from a single, often comparably priced, major streamer.
- The rising prominence and content libraries of free, ad-supported streaming (FAST) services. Platforms such as Tubi, Pluto TV, The Roku Channel, and Freevee are increasingly offering a wide selection of factual and documentary content, including dedicated channels for genres like history, science, and nature. While CuriosityStream offers an ad-free, premium experience, the availability of a growing volume of "good enough" factual content for free could dilute the perceived value of a paid subscription for some viewers, particularly those who are price-sensitive or only occasionally consume factual content. This mirrors how free online video platforms disrupted traditional paid content models.
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CuriosityStream (CURI) primarily operates as a subscription video-on-demand (SVOD) service specializing in documentary and factual entertainment, complemented by a linear broadcast channel, advertising-supported video-on-demand (AVOD) components, content licensing, and distribution partnerships.
The addressable markets for CuriosityStream's main products and services include:
Global Subscription Video On Demand (SVOD) Market
The global SVOD market was valued at approximately USD 128.74 billion in 2025 and is projected to reach USD 242.02 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 8.21% during the forecast period. Another estimate valued the global SVOD market at USD 151.9 billion in 2023, with a projected CAGR of over 11% between 2024 and 2032. North America held over 41% of the global SVOD market share in 2023. In 2024, the global SVOD industry is projected to gross USD 108.5 billion, with over 40% of that revenue coming from the U.S. The global SVOD user base is expected to reach 1.4 billion in 2024.
Global Documentary Films and Shows Market
The global documentary films and shows market was valued at USD 5.35 billion in 2024 and is estimated to grow to USD 9.01 billion by 2033, with a CAGR of 5.96% during the forecast period (2025–2033). Another report estimates the market size at USD 13.64 billion in 2025, expected to reach USD 22.96 billion by 2035 with a CAGR of 5.3%. North America contributes 39% of this market share.
Global Online Streaming Platform Market
The global online streaming platform market size is estimated to be USD 218.56 billion in 2025. It is forecast to expand at a CAGR of 16.20% from 2025 to 2033, reaching USD 726.48 billion by 2033. North America held over 40% of the global revenue for online streaming platforms, with a market size of USD 80.87 billion in 2025.
Connected TV (CTV) Advertising Market
Global CTV advertising is a USD 23 billion market in 2024. U.S. advertisers are expected to spend USD 28.75 billion on CTV in 2024, growing 18.8% year-over-year, and this is forecasted to surpass USD 42 billion by 2028. CTV ad spend is projected to reach USD 33.35 billion in 2025 and grow to USD 46.89 billion by 2028. In 2024, CTV ad spend in the U.S. is anticipated to reach USD 31.77 billion.
Smart TV Apps Market
The global Smart TV Apps Market was valued at USD 451.26 billion in 2023 and is projected to reach USD 571.58 billion by 2031, growing at a CAGR of 9.90% during the forecasted period (2024-2031). Another source anticipates the global Smart TV Platforms market size to be valued at USD 449.74 billion in 2024, with a projected growth to USD 966.87 billion by 2033 at a CAGR of 10.04%.
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CuriosityStream (CURI) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
- Growth in AI Video and Data Licensing: CuriosityStream is actively expanding its capabilities in AI video and data licensing, aiming to become a dominant player in this emerging market. The company reported that AI partnerships significantly contributed to its Q2 2025 revenue, and CEO Clint Stinchcomb emphasized plans to license more video and data than in 2025. The AI training dataset market is projected to grow substantially, presenting a significant opportunity for CuriosityStream.
- Expansion of Content Licensing Partnerships: Beyond AI-specific deals, CuriosityStream is generally focused on increasing the licensing of its extensive video, audio, and data library to a broader range of media and technology companies. This includes leveraging existing partnerships for new content deals and exploring opportunities with traditional media firms and government agencies. Licensing is highlighted as one of the company's three core revenue pillars, alongside subscriptions and advertising.
- Global Market Expansion and New Distribution Deals: The company is actively pursuing growth by entering new international markets and forging new distribution agreements. Recent examples include expanding its content library and launching services in new international markets such as Asia, Latin America, and several European countries (e.g., Finland, the Netherlands, Sweden) through platforms like Amazon Prime Video. CuriosityStream has also extended partnerships, such as with Samsung TV Plus in Spain, and secured multi-tier distribution deals like the one with DIRECTV.
- Growth in Direct-to-Consumer (DTC) and Partner Subscriptions: Subscriptions, encompassing DTC, Partner Direct, and Bundled Distribution revenues, remain a fundamental revenue pillar for CuriosityStream. The company is implementing strategies, such as launching new currencies, to enhance the international subscription experience and reduce friction, indicating a continued focus on growing its subscriber base.
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Share Repurchases
- On June 11, 2024, CuriosityStream's Board of Directors authorized a share repurchase program for up to $4 million of the company's common stock.
- The program has no specified expiration date and allows for repurchases through open market purchases, privately negotiated transactions, or block purchases.
- The timing and actual amount of shares repurchased under this program are subject to various factors and management's discretion.
Share Issuance
- In October 2020, the CuriosityStream 2020 Omnibus Plan was adopted, which approved the issuance of 7,725,000 shares for stock options, share appreciation rights, restricted stock units, and restricted stock.
- Stockholders approved an amendment in June 2025 to increase the number of shares reserved for issuance under the 2020 Plan by 3,000,000 shares.
- As of June 30, 2025, 57,927,000 shares were issued, an increase from 56,814,000 shares issued as of December 31, 2024.
Capital Expenditures
- CuriosityStream's Capital Expenditures were reported as 0.077.
- The amount, timing, and allocation of capital expenditures are largely discretionary and within management's control, with the flexibility to defer or increase spending based on market conditions.
- Adjusted EBITDA calculations do not reflect cash capital expenditure requirements for asset replacements or new capital projects, indicating ongoing capital needs.
