VANCOUVER – Liquid Media Group Ltd. (Nasdaq: YVR) reported the signing of a letter of intent to acquire Filmdab, Inc., which operates as Filmocracy, a B2B2C film and festival streaming platform with several proven revenue streams. Under the terms of the LOI, Liquid would acquire Filmocracy for up to 1.25-million shares, and Filmocracy must achieve revenues totalling up to US$66M to trigger three of the four equal tranches.
Filmocracy combines technology for hosting live events with a streaming platform where Filmocrats can watch movies and attend virtual film festivals around the world for one monthly subscription. Previous clients include the American Film Market, the Television Academy, the American Society of Cinematographers, and festivals such as San Diego International, Paris International Film Festival, and the Bahamas International Film Festival.
“We are excited to be incorporating Filmocracy as an integral component of the Liquid Media solution for IP creators,” says Ron Thomson, CEO of Liquid. “Filmocracy’s team has established a powerful value proposition for extending the film festival experience across virtual audiences globally. In doing so, they are combining business-to-business and business-to-consumer models to increase revenues via SaaS sales, subscriptions, advertising, sponsorships and more. This is an explosive growth business assisting both content creators and festival operators to more effectively monetize their opportunities in new ways.”
“The digital disruption accelerated by the pandemic has moved creators and audiences online and all signs, including increased uptake by festival presenters and consumers alike, point to that continuing into the future,” says Paul Jun, CEO and Co-founder of Filmocracy. ”By hosting virtual film festivals we have a unique advantage in that we stream movies pre-license, before any distribution windows, before they are in theatres, and before anyone even has a chance to acquire them. Filmocracy is ultimately about empowering creators, and Liquid’s alignment on mission provides us with a strong foundation to grow together.”
The key differentiator of Filmocracy’s streaming platform is how it utilizes technology to stimulate engagement. Its live events technology enables networking, dynamic ratings and tracking provide metrics for distributors and sponsors, and their virtual villages offer customization and branding unparalleled among their competitors.
With over 12,000 Film Festivals globally and the post-Covid-19 reality that hybrid virtual and in-person events are here to stay, the opportunities for virtual festival solutions continue to expand. Increased attendance at festivals like Sundance and the New York Film Festival, which moved online in 2020, have demonstrated both appetite and untapped potential.
Filmdab, Inc. (dba Filmocracy) is a film and festival streaming platform that rewards users for discovering amazing independent films. Users earn virtual popcorn for watching and rating movies, which can be spent in the shop to earn movie tickets, redeem gift cards, or attend virtual film festivals from around the world. Filmocracy aims to build a true middle class of filmmakers who will thrive in the new era of premium content creation.
Liquid Media Group Ltd. (Nasdaq: YVR) is a business solutions company empowering independent IP creators. Liquid’s end-to-end solution will enable professional video (film/TV and video game) creation, packaging, financing, delivery, and monetization, empowering IP creators to take their professional content from inception through the entire process to monetization.
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