MoviePass, the surging movie ticket subscription service, has announced the launch of its subsidiary MoviePass Ventures which plans to co-acquire films alongside film distributors with the aim of releasing them theatrically and digitally.
MoviePass is already purchasing 3% of domestic box office overall and more than 10% of the box office for a few titles it has been heavily marketing including awards players like “The Post,” “Three Billboards Outside Ebbing, Missouri,” “I, Tonya,” “Call Me By Your Name” and “The Shape of Water”.
MoviePass will kick off its acquisition buys at this year’s Sundance Film Festival, potentially filling the void left by Amazon Studios which is reportedly pulling back on indie films altogether.
At the same time media investment company 30WEST has used this year’s Sundance Film Festival to reveal that it has acquired majority ownership of “Colossal,” “Ingrid Goes West” and “I, Tonya” distributor NEON.
Source: MoviePass, 30WEST