Investor Presentation
First Quarter 2021 Disclaimer
Color Except for statements of historical fact, information contained in this presentation may constitute "forward-looking statements“ within the meaning Scheme of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current views of CuriosityStream Inc. (the "Company") about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that 250 166 10 may cause events or the Company’s actual activities or results to differ significantly from those expressed in any forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “plan,” “expect,” “estimate,” “anticipate,” “intend,” “goal,” 0 17 63 “strategy,” “believe” and similar expressions and variations thereof. Forward-looking statements include statements regarding the Company’s future operating results, market position, strategy and plans, and expectations for future operations. These forward-looking statements are subject to a 13 44 137 number of risks, uncertainties and assumptions. These forward-looking statements speak only as of the date of this presentation, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. 51 97 193
191 209 236 Certain information contained in this presentation may be derived from information provided by industry sources. The Company believes such information is accurate and that the sources from which it has been obtained are reliable. However, the Company cannot guarantee the accuracy of, 109 120 133 and has not independently verified, such information.
2 CuriosityStream at a Glance
Our Mission Color Scheme To satisfy humanity’s enduring curiosity about our 3,000+ ~16mm world with premium factual content that informs, Available Titles Paid Subscribers 250 166 10 enchants and inspires Globally
0 17 63
FEATURED 13 44 137 106% 75%+
52 97 2-Year Revenue m % Subscribers on David Attenborough travels to the Jura Mountains in the Swiss Alps, to find out about one of the largest animal 51 97 193 societies in the world, where over a billion ants live in peace. CAGR Annual Plans
191 209 236
109 120 133
3
Statistics shown as of December 31, 2020 except paid subscribers as of March 31, 2021 CuriosityStream’s Monetization Methods
CuriosityStream’s omni-channel distribution strategy reduces friction, meeting users where they are and tapping multiple revenue streams to maximize monetization of its asset base
% of 2020 Revenue
Color ▪ Foundation of future video consumption Scheme DTC DTC ▪ Includes Corporate & Association 49% partnerships 250 166 10
0 17 63
Bundled ▪ Efficiently scales distribution footprint 13 44 137 Bundled Distribution Distribution and drives engagement 35% Core Subscription Business
51 97 193
191 209 236 ▪ Pre-sales of originals de-risks owned high 109 120 133 Program value content investment
15% Sales DTC ▪ Monetization of library in select territories
▪ Purpose-driven marketing, aligning with rapidly evolving consumer preferences
Growth Verticals 1% SponsorshipsBundled Distribution ▪ Significant opportunity through CSR initiatives 4 ▪ High-margin, scalable multi-platform solutions Key Milestones
Initial Product CuriosityStream Becomes Heritage Expansion & Growth a Public Company
February 2021 $100mm Follow-on Color Scheme 1982 John Hendricks founded October 2020 Cable Educational CuriosityStream Networks or the begins trading 250 166 10 Discovery Channel publicly o June 2020 NASDAQ 1985 Bill Goodwyn joins The Discovery Channel September 2017 CuriosityStream raises $5MM in Original production of 0 17 63 Series A from the BBC Stephen Hawking’s November 2019 February 2020 and Allen & Company 2014 Favorite Places wins Devin Emery joins Jason Eustace joins (among others) & John Hendricks an Emmy Award CuriosityStream CuriosityStream debuts on Cable TV steps down as the 13 44 137 1990 Chairman of Discovery Communications Discovery 2020 reaches March 2015 May 2017 over 50 million John Hendricks launches Clint Stinchcomb joins 51 97 193 households 2014 CuriosityStream CuriosityStream Discovery to become the reaches a omnichannel in $25BN market factual content capitalization 191 209 236 March 2015 Tia Cudahy joins CuriosityStream 2019 YE 2020A 109 120 133 • Revenue: $40mm • Subscribers: ~15mm • Titles: 3,000+ 2018 2017 YE 2019A 2015 • Revenue: $18mm • Subscribers: ~10mm 2014 • YE 2018A Titles: 2,500+ 1982- • Revenue: $9mm 1990 • Subscribers: ~1mm • Titles: 1,900+
5 Investment Highlights
Favorable • Massive increase in video consumption in various formats and genres 1 Industry • Exponential growth in streaming and over-the-top services Dynamics • Lower content production costs resulting in higher ROIs
Color Color SchemeScheme • Over 3,000 HD & 4K titles Valuable and • Higher production quality and resolutions compared to older libraries 250 166 10 2 Expanding • Library has global appeal to viewers regardless of age or language 250 166 10 Content Library • Vast library covers all major categories of factual entertainment 0 17 63
0 1713 63 44 137 Multiple • Company's global relationships driving growth in bundled subscribers Methods • Improved marketing is accelerating growth in DTC 3 • Strong demand from Corporations, Associations, and Educational Institutions 51 97 193 to Monetize 13 44 137 Content • Growing viewership attractive to advertising sponsors
191 209 236 • Expanded broadband capacity enabling mobile viewership 51 97 193 109 120 133 4 Global • Content delivered to any device – phones, tablets, PCs and TVs Distribution • Bundling offerings with channel partners' products driving penetration • Ability to tailor content packages to target audiences (e.g., children) 191 209 236
Industry-Leading • 109 120 133 Management John Hendricks‘s proven success of founding and growing Discovery 5 Communications Team • Decades of executive team experience monetizing factual entertainment
6 Why We Win
CuriosityStream Is CuriosityStream Is NOT
Scripted content that is more challenging to ✔ Evergreen factual content with broad appeal Color Content localize Scheme Genre Transcends geographical boundaries, age ✔ Content with a limited demographic or meant for demographics and generations 250 166 10 live consumption
0 17 63 ✔ Broad appeal companion service to "Streaming War" player dependent on high-priced, hyper-competitive general entertainment services hit-driven series ($5-10mm per episode) 13 44 137 DTC Component of cord cutter / shaver / never Everything for everyone value / marketing 51 97 193 ✔ entertainment package proposition
191 209 236 Legacy broadcaster with inflated carriage fees and ✔ High ROI programmer 109 120 133 Bundled rights / window restrictions in digital formats Distribution Flexible rates packages ✔ Bloated channel portfolio
✔ Brand safe content consumed by an audience that leans in Contrived reality-TV Sponsorships ✔ Scalable delivery of cross-platform content Undifferentiated AVOD provider 7 campaigns CuriosityStream is Pursuing Large Markets
World's factual content solution for consumers, distributors, corporations, associations, educational institutions, brands, and media companies
Color Scheme Monetization Channel Global Addressable Market
250 166 10 1 DTC $75bn (1) (2) 0 17 63
13 44 137 2 Bundled Distribution $189bn (1) 51 97 193
191 209 236 3 Program Sales $120bn (3) 109 120 133
4 Sponsorships $40bn (4)
8 (1) Represents 2021 estimates. Source: PwC Global Entertainment & Media Outlook 2020-2024. (2) Inclusive of ~$20bn of Fortune Global 500 annual spending on CSR activities. Source: “Stop Talking About How CSR Helps Your Bottom Line,” Harvard Business Review. (3) Represents 2019 estimates. Source: “Entertainment Companies Spend $121 Billion on Original Content in 2019,” Variety Intelligence. (4) Represents 2020 estimates. Source: “US Social Media Advertising in 2021,” eMarketer. Leader in Factual Content with Depth Across Categories
3,000+ Titles Span the Full Category of Factual Entertainment
• Attractive cost position per hour of programming • ~1/3 original content production & ~2/3 licensed programming • Factual content is superior for cost-effective Color • Data-driven methods for adding new programs Scheme localization
250 166 10 SCIENCE HISTORY TECHNOLOGY
Artificial Biology Medicine Prehistory Aviation Nanotechnology 0 17 63 Intelligence
Evolution Physics Ancient Biographies Communications Privacy & Security 13 44 137 Genetics Psychology Medieval Mega structures Energy Social Web
51 97 193 Geology Space Modern Military Engineering Automotive
191 209 236
109 120 133 NATURE SOCIETY LIFESTYLE
Prehistoric Animals Biographies Politics Cooking Health & Fitness Creatures Travel & Birds Earth Democracy Social Issues Sports Stories Adventure Travel & Insects Oceans Economics Collecting Creativity Geography Current Events & Primates Plants Entrepreneurship Home Projects Performing Arts News Magazines
9 Elite Veteran-Led Management Team
Color Scheme
250 166 10 Clint Stinchcomb Jason Eustace Tia Cudahy Bill Goodwyn Devin Emery President and CEO Chief Financial Officer Chief Operating Officer Chief Revenue Officer Chief Product Officer and General Counsel and EVP Strategy, Business and EVP, Content Strategy 0 17 63 Development & Partnerships • Leads all strategy and • Oversees all finance and • Oversees legal, business • Oversees all revenue • Oversees growth with unified operations accounting functions development and human generating strategy and responsibility for marketing, 13 44 137 resources execution worldwide product & technology, content • Leadership roles ranging from • Leadership and FP&A record of strategy, and audience SVP to Founder/CEO in the achievement in media • Extensive business • Recipient of the National Cable engagement 51 97 193 launch and successful e-commerce and retail development and corporate and Television Association's operation of several television industries legal experience, including highest honor, the Vanguard • Recognized as one of Forbes' networks, content franchises acquisitions and joint ventures Award "30 under 30" in media in 2019 191 209 236 and enthusiast brands and support of digital and educational businesses
109 120 133 28 20 24 34 10 Years of Experience Years of Experience Years of Experience Years of Experience Years of Experience
10 Growing Brand Awareness with Loyal Following
Strong DTC Subscriber Growth Momentum Backed by Robust Internal KPIs
of DTC are Annual Subscribers Color 75%+ Scheme
of all library titles have been 250 166 10 100% viewed In the last 90 days
0 17 63 Male / Female ~60% / ~40% Active O&O Users Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Q1 ‘21 13 44 137
51 97 193 Users Loving CuriosityStream Social Media Reach Expanding
191 209 236 Jakob Jenkov @jjenkov · Jan 19 Matthew Farner @MatthewJFarner · Jan 19 @CuriosityStream I am hooked on the @CuriosityStream is probably the best scientific documentaries of Curiosity Stream !! investment I've ever made. Mind blowing. :-) Binge watching! ... and such a fair price! 4 9 , 0 0 0 7 9 4 , 0 0 0 109 120 133
McNulty @memoryadept · Feb 16 Taylor Kennedy @tkennedysc · Jul 24 It almost feels like they created this streaming @CuriosityStream Thank you for existing. service just for me. @CuriosityStream you're like the Netflix of learning. I'm addicted. 5 4 1 , 0 0 0 1 9 5 , 0 0 0
Patrick Morin @patrickbmorin · May 8 Blaine Hodge @nullterm · Sep 11 I love science and learning and cool stuff. Trying out @CuriosityStream. It's like what I I found MY channel. goo.gl/1sHSQx remember Discovery channel was like before via @CuriosityStream crab fishing and pawn shops.
11 DTC / Partner Direct Distribution
DTC / O&O Partner Direct Pay anywhere, watch anywhere Pay in one app, watch in one app
Web Color Scheme
250 166 10 Mobile Apps 0 17 63
13 44 137
51 97 193 TV
191 209 236
109 120 133
Full cross platform access, Limited access, frictionless user experiences for highest ARPU user base users who want to add non-fiction into an app they are already using, second highest ARPU user base
12 Global Bundled Distribution
Bundled pay TV distribution in 83 countries in 5 languages: English, Mandarin, Spanish, Swedish, Russian
Color Scheme
Long term recurring revenue via multi-year fixed fee agreements 250 166 10 ✓
0 17 63 ✓Control global rights to most content
13 44 137 ✓Factual travels better than any other category 51 97 193
191 209 236
109 120 133
13 Program Sales
The Factual Solution for Media Companies • Tapping the $120bn+ spent in non-sports content annually (1)
• Multi-year, multi-million dollar program sales agreements Color Scheme • High-visibility de-risked commitments to blue chip feature docs and science & history series 250 166 10 Representative Programs 0 17 63
13 44 137
51 97 193
191 209 236
109 120 133 Representative Buyers
14
(1) Source: Variety Intelligence Platform – Original Content Spend. Platform for Growth
5 Monetizing Content Through Program Sales • Multi-year agreements provide 3 attractive, predictable revenue Price Elastic Demand for Premium • Upside opportunity in Factual Content international markets upon Color • Loyal subscriber base, growing return to travel (post-COVID) Scheme demand for factual 1 entertainment and a low-cost Developing More Original offering provide opportunities Landmark Content 250 166 10 for margin enhancement • Leverage growing viewership through future price escalation data to drive engaging content 0 17 63 topics • Improved and broadened library will attract and retain 13 44 137 subscribers 6 Enhancing User Experience of O&O 51 97 193 Platform • Continued enhancement of streaming platform to retain and 191 209 236 attract users
109 120 133 4 Building Integrated Brand 2 Partnerships Expanding Bundled Distribution into More International Markets • Brand shift in advertising budgets towards digital • Well-positioned as lower-cost, platforms higher-quality alternative to legacy linear channel providers • Compared to 2020, CTV ad spend will increase 40% to • Opportunity enhanced through $11bn in 2021, and 126% to subtitling functionality in five $18bn in 2024(1) languages 15
(1) Source: “US Connected TV Advertising 2020,” eMarketer. Corporate & Association Partnerships
Representative Constructs • Primary focus on multiyear, multimillion dollar partnerships with corporations and associations
Color Scheme • Deal elements include co-branded member Member/Trade Association streaming services powered by Curiosity, joint 250 166 10 content creation, brand advertising, and 3 Years corporate sponsorship of CuriosityStream to key 0 17 63 • Co-branded streaming service school districts 13 44 137 • Content+ companion documentaries • Targeting ~$20bn Fortune 500 annual spending • Studio collaborative for new content 51 97 193 on Corporate Social Responsibility (CSR) 3 Years, $27mm 191 209 236 • Over 30 companies have purchased annual 109 120 133 subscriptions for their employees
Pharmaceuticals • Longer term focus on bulk sales and partnerships with colleges, universities, libraries, 3 Years and education ministries • Sponsor districts in key markets
• Content creation around solving big 16 scientific problems Advertising / Sponsorship Strategy Driven by Branded Media
We work with brands to create endemically or thematically relevant content partnerships that utilize our leading factual content distribution network (SVOD, AVOD,
Color TV, Audio, etc.) to connect CuriosityStream's learning-loving audience with stories Scheme about brands changing the world
250 166 10 Color Scheme 0 17 63
250 166 10 13 44 137
0 17 63 51 97 193
13 44 137 191 209 236
51 97 193 109 120 133
191 209 236
Presented by Presented by 109 120 133
17 Financial Overview Key Financial Highlights
• Increased cash flow from financing activities to $149 million, ending the quarter with $178 million in cash, cash equivalents, restricted cash Q1 2021 Highlights and available-for-sale investments Color 33% Scheme $10mm • Increased 2021 revenue visibility from 80% to YoY Revenue Q1 Revenue 250 166 10 90% Growth
0 17 63 • Subscribers grew 28% to approximately 16 28% 13 44 137 58% million, compared to approximately 12 million in Paid Subscriber the first quarter of 2020 Gross Margin
51 97 193 Growth
191 209 236 • Announced the acquisition of One Day University, which provides access to over 500 virtual talks 109 120 133 from top professors at 150+ colleges and universities
• Expect full year 2021 revenue of at least $71.0 million
19 Superior Topline Growth
Revenue Channel Revenue 2020(1)
($ in millions)
16% Color Scheme
250 166 10 49%
0 17 63 35%
13 44 137
51 97 193 Total Subscriber Growth 191 209 236
109 120 133
(1) 2018 Q1 ‘21 Guidance 20
(1) as of December 31, 2020 Thank you!