As MoviePass continues to flush cash down movie theater toilets like a bag of drugs in a Tarantino movie, the subscription service is moving forward with the next act of their plan to dominate Tinseltown.On Wednesday, MoviePass’s parent company Helios and Matheson Analytics announced a MoviePass production company (that they have a 51% stake in) aptly named MoviePass Films.The new venture will produce films that MoviePass plans to market to its 2.7m members and other moviegoers. But, the question remains, how are they going to make money?
You know what they say, in Hollywood, it’s all about who ya know
Helios and Matheson is partnering with EFO films (who owns the other 49% of MPF) in a cash and stock deal that gives them the exclusive option to buy EFO’s movie library and current production slate (which includes Martin Scorsese’s upcoming movie for Netflix).In exchange, EFO will pay MoviePass to market their films.
It’s aaalll part of the plan…
MoviePass’s CEO Mitch Lowe discussed the plan to distribute their own movies back in January, and in April, Lowe told Quartz that he saw Movie Pass’s partnerships with movie studios as one of the company’s biggest avenues for revenue growth.It may seem like a Hail Mary, but this cash grab has been part of their playbook all along, and whether MoviePass becomes the next big thing or just another starry-eyed Hollywood reject, the company’s third act is not to be missed.
