Metro-Goldwyn-Mayer And Lionsgate Invest In adRise -- Parent Company Of Tubi TV -- And License Library Content To Fuel Ad-Supported, Video-On-Demand Service
Alliance Establishes Tubi TV as The Premier Streaming Service Free to Consumers Across Streaming Devices
Partnership Designed to Capitalize on Booming Online Video Ad Market
SAN FRANCISCO and LOS ANGELES, Nov. 19, 2015 /PRNewswire/ -- In a move reflecting increasing consumer demand for premium streaming services, Tubi TV, a leading provider of free movies and TV shows, announced today that two leading Hollywood studios, Metro-Goldwyn-Mayer Studios (MGM) and Lionsgate (NYSE: LGF), have each made an equity investment in the company while also providing access to hundreds of premium library titles. The deal further strengthens Tubi TV's position as a premier ad-supported destination -- having previously signed a licensing agreement with Paramount Pictures -- for movies and television entertainment.
The agreement encompasses hundreds of marquee titles from the MGM and Lionsgate libraries including Academy Award®-winning films such as Midnight Cowboy, Crash, Rain Man, and The Hurt Locker and showcases additional favorites like Pink Panther, Fargo, and American Psycho. The Lionsgate and MGM titles add to the 40,000 movies and TV shows Tubi TV has already acquired from over 200 content producers. Sandy Grushow, former Chairman of Fox Television Entertainment Group and CEO of Phase 2 Media, also joins the Tubi TV Board of Directors.
"We're delighted to partner with Farhad and his team at Tubi TV as we continue to ensure that our content is being monetized across every platform, digital and linear, ad-supported and subscriber-based, domestically and internationally," said Lionsgate President of Worldwide Television & Digital Distribution Jim Packer. "This agreement reflects our ongoing commitment to license our content across an expanding array of ad-supported digital platforms and serve next generation audiences around the world."
"MGM is thrilled to partner with Tubi TV, furthering the company's strategy to connect its library of premium content with the viewing habits of digital consumers across the U.S.," said John Bryan, President, Domestic Television Distribution, MGM. "MGM's investment and license agreements enable the studio to expand into OTT services, allowing consumers to find MGM films and series on multiple platforms."
"We're excited to partner with Lionsgate and MGM and feature some of their most unforgettable movies. With this investment and partnership, Tubi TV is now the largest and best free streaming TV platform," said Farhad Massoudi, Founder and CEO, Tubi TV. "Consumers want more streaming premium content without subscribing to yet another app or paying for another channel. Tubi TV's mission is to make premium content accessible to everyone, everywhere, without having to pay more. Tubi TV will always be free."
Tubi TV noted that overall online video ad sales have increased nearly 20% annually over the past three years with the online video ad market projected to grow to $10 billion by 2018, reflecting the rapid growth of consumers of online content. Tubi TV's viewership numbers have increased 400% over the past year as audiences continue to migrate online to view high quality film and television content.
Cota Capital also joins as an investor, adding to previous Tubi TV Silicon Valley investors Foundation Capital, Bobby Yazdani, Mark Amin, and Noosheen and Zod Nazem. Tubi TV is available for free on Web, iOS, Android, and connected devices including Roku, Amazon Fire TV, Xbox One, Xbox 360, Samsung, and most recently the new version of Apple TV.
About Tubi TV
Tubi TV is on a mission to deliver premium movies and TV entertainment on-demand to consumers, all for free, as the leading alternative to the pay-for-play on-demand model. With over 40,000 titles, Tubi TV is the largest provider of free and legal TV shows and movies on the Web, mobile, and Connected TV devices. Silicon Valley to Hollywood investors, include MGM, Lionsgate, Cota Capital, Foundation Capital, Mark Amin, and others.
Tubi TV is powered by adRise, the leading content distribution and monetization platform for premium content owners, such as MGM, Lionsgate, and Paramount. Find out more at TubiTV.com or download our app on iTunes, Google Play, Amazon Fire TV, Roku, Xbox One, Xbox 360, Samsung, and Apple TV.
Lionsgate is a premier next generation global content leader with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, digital distribution, new channel platforms, video games and international distribution and sales. With Pilgrim Studios joining the Lionsgate family, the Company will now have nearly 80 television shows on 40 different networks spanning its primetime production, distribution and syndication businesses. These include the critically-acclaimed hit series Orange is the New Black, the multiple Emmy Award-winning drama Mad Men, the hit broadcast network series Nashville, the syndication success The Wendy Williams Show, the acclaimed dramaManhattan and the breakout series The Royals.
Its feature film business has been fueled by such successes as the blockbuster first three installments of The Hunger Games franchise, the first two installments of the Divergent franchise, Sicario, The Age of Adaline, CBS/Lionsgate's The DUFF, John Wick, Now You See Me, Roadside Attractions' Love & Mercy and Mr. Holmes, Lionsgate/Codeblack Films' Addicted and Pantelion Films' Instructions Not Included, the highest-grossing Spanish-language film ever released in the U.S.
Lionsgate's home entertainment business is an industry leader in box office-to-DVD and box office-to-VOD revenue conversion rates. Lionsgate handles a prestigious and prolific library of approximately 16,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate and Summit brands remain synonymous with original, daring, quality entertainment in markets around the world. www.lionsgate.com
Metro-Goldwyn-Mayer is a leading entertainment company focused on the production and global distribution of film and television content. The company owns one of the world's deepest libraries of premium film and television content. In addition, MGM has investments in domestic and international television channels and is the majority owner of and distributor for United Artists Media Group (UAMG). For more information, visit www.mgm.com.
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SOURCE Tubi TV