Brief - The Hustle

Ohhh snap: Crackle’s poppin’ off with new joint venture

Written by Emily Kelley | Jun 30, 2020 11:02:05 AM

Variety reports that Sony sold its stake in Crackle, its free streaming service, to Chicken Soup for the Soul Entertainment, aka CSS Entertainment.

Wait — are we talking about that self-help book series? Yep — turns out, the company behind the books also owns multiple streaming channels.

CSSE announced Friday they’re teaming with Sony’s platform to form “Crackle Plus” (missing out big on the opp to call it “Soup & Crackles” but whatever…). 

This movie marriage isn’t as random as it seems

Ad-supported video-on-demand (AVOD) is the space to be in these days. While Crackle was one of the AVOD OGs, several newer kids on the block (Hulu, Vudu, Roku…all the -u’s) have dug out a place in our hearts/living rooms.

So Sony has been on the hunt for a souper partner to up their game… and their final pick is streamy and delicious.

According to Variety, Crackle Plus — under CSSE’s majority control — will merge Sony’s brand, ad partnerships and content with six of CSSE’s AVOD networks and PivotShare, its subscription service.

The joint entity has lofty aims

Chicken Soup CEO William J. Rouhana Jr. claims this “will position Crackle Plus as a leading AVOD streaming platform with nearly 10 million active users… [resulting] in a manyfold increase in our recurring revenue from online networks.”

Investors seem to agree; CSSE’s share price had jumped by 36% on Friday in response to the news.