Discounted-ticket subscription service MoviePass acquired ticket-buying app and website Moviefone in a $23 million deal. “Our subscribers want to know more and more about movies,” said MoviePass CEO Mitch Lowe. “They don’t want to get their recommendations from Rotten Tomatoes, they want to get it from fellow subscribers.”
Founded in 1989, Moviefone began as an automated hotline for callers seeking showtimes. Within several years, the internet rendered 777-film largely obsolete; the phone service was terminated in 2014. Moviefone, which also provides reviews and entertainment news, now receives 6 million unique visitors per month.
According to Thursday’s Securities and Exchange Commission filing, the purchase consists of $1 million cash and less than $8 million in common stock shares, with additional warrants in place from Helios and Matheson Analytics, MoviePass’ parent corporation. It’s a fraction of the $388 million that AOL paid for Moviefone in 1999. AOL is now owned by Verizon, and Moviefone had been housed...
Founded in 1989, Moviefone began as an automated hotline for callers seeking showtimes. Within several years, the internet rendered 777-film largely obsolete; the phone service was terminated in 2014. Moviefone, which also provides reviews and entertainment news, now receives 6 million unique visitors per month.
According to Thursday’s Securities and Exchange Commission filing, the purchase consists of $1 million cash and less than $8 million in common stock shares, with additional warrants in place from Helios and Matheson Analytics, MoviePass’ parent corporation. It’s a fraction of the $388 million that AOL paid for Moviefone in 1999. AOL is now owned by Verizon, and Moviefone had been housed...
- 4/5/2018
- by Jenna Marotta
- Indiewire
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