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InternetStudios Reports Revenues Ahead of Schedule
OnlineFilmSales and OnlineTVSales Growing in Listings and Transactions
LOS ANGELES, Sept. 20 /PRNewswire/ -- InternetStudios.com, Inc. (OTC Bulletin Board: ISTS - news) the leading online business solution provider for the film and television industry is pleased to announce preliminary results from corporate activities in August 2000.
InternetStudios subsidiary OnlineFilmSales, the entertainment industry website providing a digital marketplace for the sale of film and television rights, has now reached agreements to list 5,377 feature film titles on its site. This is an increase of over 3,700 titles from the number of titles listed at the launch of the site at the Cannes Film Festival in May. In addition, the number of titles represented on sister site, OnlineTVSales has grown over the traditionally slow summer months to 710 titles, giving a combined total of titles on both sites of over 6,000.
The number of titles listed on both sites continues to grow at a rapid pace.
More importantly, the Company is pleased to report that sellers using the Company's proprietary technology conducted a significant number of transactions in August. The total value of rights brokered through the Company's system by registered sellers was $244,000. The transaction fee to the Company from these transactions ranged from 3% to 7%. Net revenue to the Company in August from these transactions was $12,200 (US$).
Chairman Robert MacLean said, ``It is important to note that the Company's revenue projections assumed that we would not commence transaction activities or revenues until September of this year. The fact that we are ahead of schedule both in number and value of transactions as well as revenues proves that the business model is sound.'' MacLean went on to say, ``There are a number of very encouraging signs. First, the transaction fee is exactly within the range of our projections. Second, the industry is adopting this method of buying and selling filmed entertainment using the efficiencies of the Internet much more quickly than we had anticipated.''
Both OnlineFilmSales and OnlineTVSales allow filmed entertainment buyers from around the globe to access and acquire various rights including theatrical rights, video rental, video on demand, PAY TV, Free TV, Satellite TV, DVD and the internet rights 24 hours a day, seven days a week.
In other divisions, the news was equally encouraging. InternetStudios Entertainment Finance (IEF), which was established in July to provide interim financing to producers of filmed entertainment, commenced activities with a three-picture financing arrangement with an established independent producer. A condition of this deal is that all sales of the films financed by IEF are sold through OnlineFilmSales. Robert Beattie, head of IEF said, ``We are very excited about this first transaction as it demonstrates there is clearly a need for this type of financing in the marketplace. Although this initial deal is small, it fits within our model of secure financing with very attractive returns to the Company, which at the same time drives transactions through the OnlineFilmSales website.''
At ReporterTV, the leading online entertainment industry news provider, preliminary figures indicate that revenues have increased and costs have been cut by over 40%. Recently, ReporterTV increased its profile in the entertainment community through its exclusive coverage of the primetime Emmy award nominations. ReporterTV currently has syndication partnerships with Windows Media, Yahoo Financevision, Yack.com, AudioBasket and Voquette.
In addition, overall website development costs have decreased considerably over the past two months across all of InternetStudios subsidiaries.
About InternetStudios
InternetStudios is the premier full-service website for licensing film and television distribution rights and tracking and distribution of entertainment industry data via the Internet. The company operates a number of subsidiaries including: OnlineFilmSales, digital marketplaces for sales of film and television rights; and ReporterTV, which deliver daily online entertainment industry newscasts. Additionally, the Company operates InternetStudios Entertainment Financing Inc. to provide both conventional and gap financing for film and television productions. Together these leading-edge companies provide a comprehensive marketing solution for entertainment industry professionals.
For more information contact InternetStudios.com, Inc. at 310-394-4025. Investors call toll free 888-784-6166 or email ir@internetstudios.com.
Certain statements contained herein are ``forward-looking'' statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
SOURCE: InternetStudios.com, Inc.
