MoviePass parent company gets into the film production business
But can MoviePass Films survive long enough to release anything?
Helios and Matheson Analytics, the parent company of movie ticket subscription service MoviePass, is trying to vertically integrate its business with a new acquisition. It has an "exclusive option" to acquire the library and production slate of Emmett Furla Oasis Films (EFO Films), and the two are launching a new nameplate called MoviePass Films. Despite MoviePass' precarious financial situation (it loses money once subscribers pick up a single ticket in cities like New York and LA) it has expressed interest in making movies to own both sides of the pipeline, with a belief that its service will help pump up marketing.
Helios and Matheson CEO Ted Farnsworth told Variety the deal "signals our long-term commitment to the movie business." MoviePass is scheduled to release two movies in June, including American Animals and a co-production with EFO Films, Gotti, starring John Travolta. According to Randall Emmitt of EFO Films, "What impresses me the most is that MoviePass can guarantee box office attendance, which is a game changer. I don't believe anybody else can do that."
