MTV has acquired Web-based VOD service, IFILM, for $49 million. The latter–which offers programming from Hollywood studios and independent filmmakers, as well as user-generated content–claims to have the largest library of short-form content on the Web and to reach over 10 million users per month, delivering 30 million streams. According to MTV, the IFILM acquisition, together with its recent purchase of Internet youth community, Neopets, and its own recent roll-outs of a number of Web and mobile offerings, should be seen as part of a strategy to position itself as a "leading multi-platform entertainment company, dedicated to serving its audiences across all screens."
IFILM will continue to be run by its CEO, Blair Harrison, who will now report to MTV Networks’ SVP of digital music and media, Jason Hirschhorn. The company will also continue to be based in Hollywood. "IFILM has been a major catalyst of online viral video and allows consumers to become publishers," Hirschhorn said in a prepared statement. "MTV Networks wants our audience to share the stage and program to one another. The expansive content on the site makes it a must-visit–IFILM is simply one of the most vibrant online destinations out there. We look forward to growing its user base and business opportunities together. We’re also excited about the partnership potential with our established brands like MTV, MTV2, mtvU, Comedy Central, SpikeTV and VH1."
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Filed under: Industry
