Online movie ticketing startup Sinemia is in talks over potential $50m (£37m/€42m) investments that could see it further disrupt the US box office market.
Turkish firm Sinemia, founded in 2015, is currently in discussions with US-based venture capital investors as it seeks to expand into North America and challenge MoviePass, which last month passed one million subscribers after introducing its controversial cut-price $9.95-a-month (£7.70/€8.50) cinema pass in August.
Rifat Oguz, Sinemia’s founder, said the company is aiming to have more than two million users globally with revenues of $400m in three years, including $330m from the US market.
In addition, the company’s US user base is projected to reach 1.3 million in three years, with Sinemia currently hosting 350,000 users on its mobile application.
“We are hoping to sign deals in 2019,” Oguz told Bloomberg. “We want to grow in the US.”
Oguz said that Sinemia is looking to rake in $50m from funding by 2019, having already sold 30 per cent to investors, including Mountain View, California-based 500 Startups Management, Aslanoba Capital and Revo Capital Management.
Sinemia, which currently offers cinema subscriptions in its home market at 19 liras ($5.10/£3.78/€4.27) a month, also plans to enter Australia, New Zealand and Canada, with potential moves into Hong Kong, Singapore, South Africa and India.
With MoviePass having sent shockwaves through the US box office, cinema chain Cinemark recently launched an $8.99 monthly movie membership programme.