MoviePass parent company gets into the film production business
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.”
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