MoviePass is moving into film production after its parent company acquired a leading independent studio.
MoviePass Films will be a joint venture between Helios and Matheson Analytics, the owner of MoviePass, and Emmett Furla Oasis (EFO) Films, the studio it bought for an undisclosed sum earlier this week.
Indie studio EFO has produced movies such as Mark Wahlberg’s Lone Survivor, and will now hand over its library and future production schedule to Helios and Matheson. EFO has produced more than 80 films which have grossed in excess of $1bn box office ticket sales worldwide.
The acquisition comes after a difficult few months for the movie ticketing company, which looked set to rock the US cinema market after the launch of its $9.95 unlimited subscription service following its purchase by Helios and Matheson last year. However, despite incredible growth figures in subsequent months, the company’s future was cast in doubt when it temporarily scrapped its unlimited plan at the start of May.
Last month Bloomberg reported that MoviePass is pouring $21.7m in the operation every month, but has just $15.5m in the bank. MoviePass announced revenue of more than $49m for the first three months of 2018.
Since the start of the year the company has taken fledgling steps in the production sector. It announced the launch of MoviePass Ventures in January and then bought the distribution rights to its first film. Helios and Matheson then acquired movie listing service Moviefone two months ago.