MoviePass launches MoviePass Ventures to acquire films with distributors
MoviePass, the movie-theater subscription service company, is expanding its business.
To a room full of "filmmakers, producers, directors, investors, distributors, and other industry executives" at The Sundance Film Festival, the company announced the launch of a new subsidiary called MoviePass Ventures.
Through MoviePass Ventures, the company plans to acquire films with distributors and make these films available across a number of platforms including streaming, on-demand, and DVD/Blu-ray.
MoviePass currently buys 3% of the domestic box office. However, when it markets and steers users to certain titles in its app, it can buy as much of 10% of a particular title's domestic box office. The Post, Three Billboards Outside of Ebbing, Missouri, Call Me By Your Name, and The Shape of Water are examples of films where MoviePass subscribers purchased more than 10 % of the domestic box office.
In a press release, Mitch Lowe, CEO of MoviePass said:
“We’ve experienced enormous success bringing people back into the theaters since our launch in August and with an influx of business from distributors, have proven the impact of our marketing over and over again, giving them an incremental lift in ticket sales. Given the successes we have demonstrated for our distributor partners in ensuring strong box office in the theatrical window, it’s only natural for us to double down and want to play alongside them – and share in the upside.”
By acquiring films and building its own catalog, MoviePass will be able to generate revenue off its 1 million subscribers.
In other entertainment news, Kevin Hart launched a new channel on SiriusXM for his Laugh Out Loud comedy network.
SOURCE: Business Wire