Cinedigm continues its rollup of area of interest streaming manufacturers: The corporate has acquired the property of Fandor, a subscription-streaming service with a catalog of 4,600 movies that has been in hibernation mode for the final two years.
In late 2018, Fandor laid off almost all of its staff and reorganized as a brand new entity that was in search of a purchaser for the Fandor property.
Phrases of Cinedigm’s acquisition of Fandor aren’t being disclosed. In saying the deal, Cinedigm mentioned it believes the relaunched Fandor service may prime 1 million subscribers “inside the subsequent 24-30 months” with a deal with speedy world growth and distribution.
Cinedigm will proceed to supply the service to subscribers with out advertisements and in addition plans to supply a free, ad-supported on-demand tier for Fandor in addition to a linear streaming channel. As well as, Cinedigm plans to beef up Fandor’s choices with a number of the 7,000-plus movies titles within the Cinedigm library in addition to relaunch the service’s apps.
Cinedigm’s pickup of Fandor comes after it purchased The Movie Detective, a content material distributor and streaming channel firm centered on traditional movie and TV programming, through a deal that closed in December 2020. Cinedigm mentioned it plans to relaunch Keyframe, Fandor’s on-line publication devoted to the artwork of cinema. Phil Hopkins, president of Cinedigm’s Movie Detective division, will oversee Fandor and Keyframe, with the aim of relaunching the service within the coming quarter.
The Fandor acquisition “solidifies Cinedigm’s place because the main world streaming firm for unbiased movies,” Chris McGurk, Cinedigm’s chairman and CEO, mentioned in an announcement. He mentioned Fandor “will instantly profit from our streaming distribution muscle, enormous library of unbiased movies, Matchpoint expertise, value financial savings and infrastructure and synergies with our large portfolio of fanatic streaming channels.”
Fandor’s principal investor was former Fb exec Chris Kelly, who first took a stake within the indie-film streaming service in 2011. Kelly, who’s co-owner of the Sacramento Kings, was compelled to restructure the Fandor enterprise after failing to land new financing to help its operations. “Whereas we have now had notable successes, the enterprise challenges of the house we have now operated in are immense,” Kelly mentioned in an announcement in December 2018.
“The founders of Fandor had the suitable thought, launching very early within the streaming development cycle whereas nonetheless establishing a robust and resilient model and viewer base,” mentioned Erick Opeka, Cinedigm’s chief technique officer and president of Cinedigm Networks. “I can’t consider a streaming service that’s more true to our mission than Fandor.”
Media guide Charles Theiss served as an adviser for Cinedigm’s acquisition of the Fandor property.
Two months earlier than its restructuring and mass layoff in 2018, Fandor launched a particular discounted supply focused at former prospects of FilmStruck, the classic-movie streaming service WarnerMedia had shut down to deal with HBO Max.