SnagFilms Lands Another $7 Million in VC for Indie Flicks | Entrepreneur.com
Even with high-powered producers such as AOL vice chairman emeritus Ted Leonsis and media executive Rick Allen, the odds against the documentary Kicking It finalizing a distribution deal were dizzying. After all, this was a flick about a social enterprise that uses soccer to help homeless people–not the easiest of sales.
Kicking It did end up as one of seven documentaries that landed deals at the 2008 Sundance Film Festival. But the nail-biting experience gave Leonsis an idea: Use technology to get bigger audiences for independent films.
That same year, Leonsis and Allen founded SnagFilms in Arlington, Va. The goal was to secure distribution rights to a large, curated collection of indie productions and offer them via the growing number of media channels. Allen says rights deals are crafted individually for most films, including those to surf documentary Splinters, the first of the company’s properties in theatrical release. At roughly the same time it launched, SnagFilms acquired Indiewire, which Allen calls “the Daily Variety of the independent film circuit.”
SnagFilms has amassed a diverse library of more than 3,000 films. Revenue comes through two channels: advertising embedded in film streams over the web and on more than 100 devices, including tablets, smartphones, connected TVs, set-top boxes and game consoles; and through transactional distribution, ranging from pay-on-demand offerings on cable, satellite and telephone systems to download-to-own or rental services like iTunes and Amazon, as well as through subscription services like Hulu Plus and Netflix. Meanwhile, Indiewire’s traffic has increased more than twentyfold since the acquisition, Allen says.
Strange Random Film Quote:
“The first step – especially for young people with energy and drive and talent, but not money – the first step to controlling your world is to control your culture. To model and demonstrate the kind of world you demand to live in. To write the books. Make the music. Shoot the films. Paint the art.” ― Chuck Palahniuk
- SnagFilms Acquires ‘Decoding Deepak’ Doc (m.deadline.com)
- Snag Films – Explore China (freetech4teachers.com)
- Indiewire wins 2012 Webby Award (sys-con.com)
- Aussie producer streams premiere of Occupy Wall Street doco (mumbrella.com.au)
- Film Distribution… the REAL deal. (onemoresmoke.com)
- Here & Now & Then: 1993 (sundancenow.com)
- Cannes Roundup: Submarine Maneuvers, Anchor Bay Deals For Action Pair (deadline.com)
- The World’s Largest Film Festival Is Online (spectrum.ieee.org)