Beanbag Entertainment: It’s Time to Unite and Change an Outdated System
Beanbag Entertainment seeks to provide an alternative online streaming service and work alongside cinemas and studios to benefit the industry and consumers.
Perth, Australia, 11 January 2017 - Beanbag Entertainment, an emerging movie streaming service believes that online streaming, the film industry and cinemas need to work cooperatively to ensure the sustainability of cinema exhibition, reduce streaming service fragmentation and provide for consumer needs.
“There is no reason why cinemas and an online streaming service providing accessibility to theatrical release movies cannot co-exist”, said Ash Oliver (CEO Beanbag Entertainment). “When this can be achieved, the public will be able to truly choose where and how they wish to view theatrical releases for the first time ever.”
There is growing concern within the cinema industry that if there are variations in cinema takings on sales along with a reduction in the theatrical release window, it will result in the closure of medium to small cinemas and even the financial sustainability of major cinemas will be put at risk. Beanbag seeks to provide a premium movie streaming service and to work in collaboration with the industry to ensure the viability of all exhibition platforms.
Oliver said that Beanbag advocates the development of a model that prioritises value to stakeholders above shareholder value.
“Beanbag proposes a shared revenue model where revenue will be distributed to all parties (distributors, cinemas and Beanbag) along with changes to current cinema takings. This will sustain all parties involved in the film making industry and provide an alternative movie experience for those who cannot or may not wish to travel to see a new release film”, he added.
“By maximising film accessibility among both those who can and cannot attend the cinema whilst marketing and movie “buzz” is at its peak, the benefits for consumers and those involved in film production and exhibition are immense. Our research conclusively demonstrates that more movies will be watched, and piracy will be reduced. It’s simply a matter of working out the economics of where supply and demand will lie and implementing the right financial model to ensure all parties are sustainable. We have discovered that model.”
Beanbag’s proposed service would provide consumers with the choice to watch films at the cinema and/or from the fifth week of its initial cinematic release on Beanbag.
“It will be expensive and confusing for consumers to have to subscribe to multiple streaming services in order to watch movies that are exclusive to a specific streaming service. This greatly reduces film makers’ ability to piggyback off the popularity of the platform or other movies, which ultimately hurts the customer, the film maker and the streaming service. The industry should unite in its interests to provide consumers with the best viewing experience possible and address issues relating to people’s geographical location, ability to attend a cinema or their financial capability. By sharing the benefits of an all-in-one service, a “united” online platform will allow the studios to develop a better mix of film styles, rather than focusing solely on guaranteed returns.”