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MoviePass parent company gets into the film production business
Helios and Matheson Analytics, the parent company of movie ticket subscription service MoviePass, is trying to vertically integrate its business with a new acquisition. It has an "exclusive option" to acquire the library and production slate of Emmett Furla Oasis Films (EFO Films), and the two are launching a new nameplate called MoviePass Films. Despite MoviePass' precarious financial situation (it loses money once subscribers pick up a single ticket in cities like New York and LA) it has expressed interest in making movies to own both sides of the pipeline, with a belief that its service will help pump up marketing.
Theater subscription service MoviePass snaps up its first film
MoviePass is wasting no time in making good on its plans to invest in films. The company behind the 'unlimited' theater subscription has snapped up crime caper American Animals for $3 million at Sundance. The move sees it share North American distribution rights for the film with indie studio The Orchard, according to Variety.
MoviePass will invest in films to have a stake in their success
MoviePass' pseudo-unlimited subscription theater service is increasingly popular, but that doesn't mean it's profitable -- it currently has to subsidize tickets, which isn't exactly sustainable in the long run. The company's solution? Secure a stake in the movies themselves. It's launching a MoviePass Ventures subsidiary that will "co-acquire" films alongside distributors. While the details aren't entirely clear, MoviePass expects to benefit from the entire pipeline, whether it's the initial theatrical release, streaming services or in-flight viewing.
