Latest news with #ChrisMcGurk
Yahoo
19-05-2025
- Business
- Yahoo
Cineverse Accelerates Technology Monetization, Launches Technology Group to Drive AI Innovation and Rapid Commercial Expansion
Veteran Technologist Tony Huidor Named President of Technology and Chief Product Officer Company Advances its Mission to Modernize the Global Entertainment Infrastructure and Build the Next Generation of AI-Powered Tools for the Industry LOS ANGELES, May 19, 2025 /PRNewswire/ -- Cineverse (Nasdaq: CNVS), a next-generation entertainment studio, today announced the formation of the Cineverse Technology Group, a dedicated division focused on rapidly scaling its technology monetization efforts and accelerating AI-driven innovation across the global entertainment ecosystem. As part of this initiative, the Company has promoted Tony Huidor—an accomplished media technology executive with deep experience in product innovation and a decade of leadership at Cineverse—to the newly created role of President of Technology, while also serving as Chief Product Officer. Matchpoint™, Cineverse's award-winning media supply chain platform, is already a cornerstone of the Company's business operations and a critical solutions provider for many of its largest partners. By automating complex workflows, streamlining content delivery, and driving significant cost efficiencies, Matchpoint powers one of the most advanced and scalable content distribution infrastructures in the industry today. With the Matchpoint suite having achieved a high level of product maturity, the newly formed Technology Group will aggressively expand Matchpoint's commercial licensing partnerships, targeting large media companies and studios that want effective modern infrastructure and are urgently seeking significant operational cost savings. Driving Margin Expansion and Operational Efficiencies at Scale Cineverse has already demonstrated the power of its technology by driving significant margin expansion and cost efficiencies within its operations, delivering higher profitability and faster time-to-market for its content offerings. Now, through the expanded commercialization of Matchpoint and its AI-driven solutions, Cineverse is enabling partners across the entertainment industry to achieve similar results: lower content delivery costs, streamlined operations, and enhanced profitability. "We're not talking about theoretical solutions—we're already powering a massive business for ourselves and our partners with Matchpoint," said Chris McGurk, Chairman and CEO of Cineverse. "The next phase is about scaling this success even further. At the same time, Tony and the Technology Group, including our industry-leading team of engineers at Cineverse India, are pushing the boundaries of what's possible with AI—developing tools that will fundamentally change how content is created, distributed, and monetized across the entertainment value chain." Advancing AI Innovation to Power the Next Era of Entertainment Building on the successful development of cineSearch—Cineverse's AI-powered content discovery platform—the Technology Group is actively creating new AI-driven solutions to optimize decision-making, profitability, and operational efficiency across every stage of the entertainment lifecycle. These initiatives are powered by the company's robust internal data resources and deep industry expertise, enabling Cineverse to deliver highly targeted and practical solutions. Current AI initiatives include: Content Performance Forecasting and AI-Assisted Greenlighting Automated AI-Driven Marketing and Highly-Segmented Audience Targeting Advanced Content Valuation and Rights Optimization Tools AI-Powered Localization and Accessibility Enhancements Real-Time Programmatic Ad Optimization through the C360 Platform Tony Huidor: A Proven Innovator at the Helm of Cineverse's Technology Vision With more than 30 years of experience driving technology and product innovation at some of the world's most recognized media companies—including Universal Music Group and The Walt Disney Company—Tony Huidor brings unmatched expertise to this expanded leadership role. Over the past decade at Cineverse, he has been instrumental in building and scaling the Matchpoint platform, pioneering the use of AI and machine learning to address critical industry challenges, and developing the company's proprietary ad-tech capabilities. "Our mission is simple—deliver practical, high-impact technology solutions that drive revenue growth and profitability for both Cineverse and our partners," said Huidor. "With the proven success of Matchpoint and our expanding portfolio of AI-driven tools, we're building the infrastructure and capabilities that define the next generation of entertainment." This news follows the announcement that Cineverse has created a new Motion Pictures Group, headed by Chief Motion Pictures Officer Yolanda Macias, and has renewed and extended agreements with its C-team, solidifying leadership for the years to come. About Cineverse Technology Group Cineverse develops proprietary technology that powers the future of entertainment, leveraging the Company's position as a pioneer in the video streaming industry along with the industry-leading strength of its development team in India. This team has dedicated years to building and refining technology solutions that have pioneered streaming content management and distribution while leaning into advances in AI to set the company apart from the competition. This includes the creation of Matchpoint™, an award-winning media supply chain service that is radically changing the way content is managed and delivered. Matchpoint has replaced today's expensive, and labor-intensive video content processes with a fully transparent, automated workflow that significantly reduces costs, eliminates human error, and effortlessly facilitates content ingestion with delivery across multiple platforms and distribution models. The Company's cineSearch is an AI-powered search and discovery tool for film and television that makes deciding what to watch as entertaining as the entertainment itself. Additionally, the C360 programmatic audience network and ad-tech platform provides brands the opportunity to target and reach key fandoms wherever they are. About Cineverse Cineverse (Nasdaq: CNVS) is a next-generation entertainment studio that empowers creators and entertains fans with a wide breadth of content through the power of technology. It has developed a new blueprint for delivering entertainment experiences to passionate audiences and results for its partners with unprecedented efficiency, and distributes more than 71,000 premium films, series, and podcasts. Cineverse connects fans with bold, authentic, independent stories. Properties include the history, dozens of streaming fandom channels, a premier podcast network, top horror destination Bloody Disgusting, and more. Powering visionary storytelling with cutting-edge innovation, Cineverse's proprietary streaming tools and AI technology drive revenue and reach to redefine the next era of entertainment. For more information, visit CONTACTS For Media, The Lippin Group for Cineversecineverse@ For Investors, Julie Milsteadinvestorrelations@ View original content to download multimedia: SOURCE Cineverse Corp. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
Cineverse Expands Existing Line of Credit Facility with East West Bank to $15 Million with a Three-Year Term
Additional Capital Ensures Cineverse will be Well-Positioned Moving Forward as it Continues to Invest in Content to Build Off its Recent Box Office Success LOS ANGELES, April 9, 2025 /PRNewswire/ -- Cineverse Corp. (Nasdaq: CNVS) ("Cineverse", "us", "our", "we", and the "Company"), a next-generation entertainment studio, today announced that it has expanded the size of its existing line of credit facility with Pasadena-based East West Bank from $7.5 million to $12.5 million, expandable to $15 million, and extended the term from one-year to three-years at an interest rate of Prime plus 1.25% (8.75% currently with a $0 current balance). "Closing this expanded credit facility with our long-term collaborators at East West Bank allows us to make content and other investments that are critical to our top-line revenue growth," said Chris McGurk, Cineverse Chairman and CEO. "The team at East West Bank, including Managing Director David Acosta, have been great to work with and we greatly appreciate their help and support over these past several years." This further strengthens the Company's balance sheet without equity dilution. It comes following Cineverse's recent reporting of a successful fiscal third quarter. About Cineverse Cineverse (Nasdaq: CNVS) is a next-generation entertainment studio that empowers creators and entertains fans with a wide breadth of content through the power of technology. It has developed a new blueprint for delivering entertainment experiences to passionate audiences and results for its partners with unprecedented efficiency, and distributes more than 71,000 premium films, series, and podcasts. Cineverse connects fans with bold, authentic, independent stories. Properties include the highest-grossing non-rated film in U.S. history; dozens of streaming fandom channels; a premier podcast network; top horror destination Bloody Disgusting; and more. Powering visionary storytelling with cutting-edge innovation, Cineverse's proprietary streaming tools and AI technology drive revenue and reach to redefine the next era of entertainment. For more information, visit Contacts: For MediaThe Lippin Group, cineverse@ For InvestorsJulie Milstead, investorrelations@ View original content to download multimedia: SOURCE Cineverse Corp.
Los Angeles Times
01-04-2025
- Entertainment
- Los Angeles Times
The traditional indie film system is hurting. This executive says he's built a winning formula
Chris McGurk saw the writing on the wall for the independent film business more than a decade ago. His distribution company Cinedigm released 'Short Term 12,' starring Brie Larson, to rave reviews in 2013. Hardly anyone showed up to see it in theaters. 'We probably lost $4 million on it,' McGurk told the Times. 'At that point, I said, we gotta stop doing this. Let's see if we can build a new machine.' So the firm pivoted its focus, spending years assembling and growing its collection of 'new media' assets — streaming channels, a podcast network and its own ad technology. It used those online channels, social media and its horror fan site Bloody Disgusting to wage a microbudget campaign for Damien Leone's gory underground killer-clown horror sequel 'Terrifier 2' in 2022, grossing nearly $11 million at the domestic box office. Last year's follow-up, 'Terrifier 3,' did even better for the Los Angeles-based company, now called Cineverse: $54 million in North American ticket sales and $90 million worldwide. Now the company is trying to fill its release slate with similar intellectual-property-driven movies that can leverage that same system, including a Legendary-produced revival of the Troma cult classic 'The Toxic Avenger,' starring Peter Dinklage (set for Aug. 29). Cineverse's success comes at a time when many people believe the traditional way of releasing movies — with broad-based, expensive national ad campaigns — is broken for some types of movies. Certain films still do good business, including big action spectacles, low-cost horror pictures and animated movies. But indie releases and mid-budget films are increasingly risky. Those themes will surely be much discussed this week at CinemaCon, the movie theater industry's annual trade show in Las Vegas. With that in mind, I spoke to McGurk, who joined the company in 2011 after stints at Overture Films and MGM, about why his model is well suited to the digital age and what Hollywood might be able to learn from it. How does your business model allow you to lean further into theatrical releases at this perilous time? The all-in investment for 'Terrifier 3' was less than $5 million in acquisition costs and marketing spend. If you take the theatrical marketing costs out of the mix, it fundamentally changes the economics, not just for us but for producers and filmmakers. This is something that non-Hollywood people don't understand. Often, for smaller movies, the marketing spend is a much bigger cost than making the film. If you read a recent interview with Tom Quinn, CEO of Neon, that's exactly what he said. They spent $18 million on 'Anora,' and it was a $6 million movie. In our case, the producers were sitting behind a less-than-$5-million investment on our part, and they're pretty happy right now. We've already added three movies to our release schedule. One is 'The Toxic Avenger,' which Legendary produced and we picked up. Our all-in investment in that will be less than $5 million. And $5 million is low for a Legendary Pictures movie. It was originally rated R, but we put some stuff back in it, and now we're going to take it out unrated, just like we did with 'Terrifier,' because we think there's a fan base out there that basically is saying 'screw it' to all the rules and regulations and the MPA [Motion Picture Assn.]. They want to see a raw, uncut movie. The movie was in the can in 2023 and it went to Fantastic Fest and got great reviews, but the studios couldn't figure out how to release it. So part of our campaign is, 'We're giving you the movie that the big studios didn't want released or couldn't release.' And we'll go right after the 'Terrifier' audience, even though this isn't exactly a straight horror movie. It's a Troma movie. That's really the only way to describe it. We also have 'Silent Night, Deadly Night,' which is a remake of the movie in the '80s that they banned from theaters. And then we also announced 'Wolf Creek: Legacy,' the third in that series. The goal is to maybe get up to as many as eight wide releases a year. I know it's kind of counter to what everybody else is doing, but we're going to keep applying our formula until it doesn't work. And that formula is what? It's really saying, we've got this collection of new-media assets that we own and control, so how can we leverage that in order to drive media value and awareness? We think on 'Terrifier 3' we probably created $5 million to $7 million in media value without spending a dime beyond the cost of producing the ads, which isn't that much. You're able to do this because you are small by design, compared to the studio players. And I think we're willing to throw out all the rules and leverage these assets. We're not going through a middleman. If you're the head of marketing at a studio, your new spending plan is to do everything you did before, but do a little less of it. Studios often won't do mid-budget movies because they're so challenging financially. Are there ways to be smarter about marketing those films? I think we're onto something. I hate to make the comparison, but it's analogous to how Trump won. He went with the podcasts and very targeted spending, TikTok and digital spending and things like that. Whereas Kamala Harris followed more of a national media buying approach but lost. The problem is, every executive in that business is trying not to screw up. So it really does stifle innovation and risk-taking. How do you target the marketing for 'The Toxic Avenger?' We're going to use our own ad technology to identify where the fan base is for this type of movie — the Troma fans. And we're going to place ads to target that audience and market it on our podcast network as well. The other thing that we've had real success in doing is creating stunts and promos that have attracted a lot of attention. For 'Terrifier 3,' we had a guy dressed up as Art the Clown walking through Times Square the week before our movie opening, and looking up at a billboard of the Joker. For 'Toxic Avenger,' we did a stunt where they dyed the Chicago River green for St. Patrick's Day and we had Toxie on a boat with his mop going around to clean it up. You've got the Troma geeks, but you've also got Macon Blair directing, who has a following. With 'Terrifier 3,' our whole thing was, how do we expand the audience beyond the people who went to see 'Terrifier 2'? So we spent a lot of time really focusing on the Hispanic audience and the African American audience, and almost half the viewers on opening weekend were Hispanic. Then it was trying to figure out how we could have group attendance and increase our female attendance. And we did that in two ways. One was, we tried to make Art the Clown this must-see character and not focus on the gore. Sort of what we did with 'Hannibal' back at MGM, where we sold Hannibal Lecter as the James Bond of serial killers. And then toward the end, we really did the whole 'You've got to see this movie, because everybody's going to be talking about it.' So we need to do that here. We need to make sure that Troma fans go to see the movie. But we need to expand out of that and focus on the comedy and the actors to try to get more of a female audience and more group attendance. That's key to the decision to go unrated, right? You're going for a 'You really shouldn't be seeing this' kind of appeal. The studios can't really release an unrated movie, because they're signatories to MPA. It gives us a real advantage, because we really don't care. There's a space for filmmakers to do things outside the traditional system. The thing is, we didn't have final cut on the 'Terrifier' films, and we were fine with that. Let him make his movie. That's our approach. When I was at MGM, I was trying to get Christopher Nolan to do [James] Bond, and the Bond producers would not give him final cut. Now he's Christopher Nolan times five. Well, now they'll have another chance with producers Amy Pascal and David Heyman in charge of 007 for Amazon. He'll get final cut now, but it's 20 years too late, in my view. Anything to add? Just one important point. I hated how everybody on Wall Street and in the entertainment press set up this big thing of 'streaming versus theatrical,' with streaming being the villain, because it was helping to destroy this great institution in America. What we tried to do with the 'Terrifier' movies is show that there could be a symbiotic relationship between the two. We use streaming and the podcasts to basically help make a theatrical success in a unique and different way, and hopefully everybody can do more of that. FCC chair opens investigation into Disney and ABC for DEI practices. Federal Communications Commission Chairman Brendan Carr has opened an inquiry into Disney and ABC's DEI programs, marking the second investigation of a major media company. Jen Salke is out at Amazon MGM Studios. Salke said she would start her own production company after leaving her perch at the company. She had some major hits like 'Reacher' but was criticized for her spending on shows including 'Citadel' and for mishandling the Bond franchise. How California legislators aim to sweeten film tax credits for Hollywood. The proposed legislation would increase to 35% the amount of qualified production the credit would cover. Los Angeles has been losing productions to other states and countries with generous programs. Republicans grill PBS, NPR chiefs as Democrats mock proceedings. The two public media entities have become frequent targets in the GOP's efforts to reduce government spending. There was grandstanding about drag queens and jokes about Elmo. Inside Paramount's bumpy sale: the president, a scion and a possible sheikh. 'They have to get [the deal] approved,' said Mario Gabelli, a longtime Paramount shareholder. Gabelli and others are eager for a new chapter, but the Skydance deal has turned into a fitful slog. ICYMI: In a surprise, Jason Statham's mid-budget action movie 'A Working Man' was No. 1 at the U.S. box office last weekend with $15.2 million, topping Disney's troubled 'Snow White.' That live-action remake grossed $14.2 million, a 66% drop from a disappointing debut that generated poor word-of-mouth. 'A Working Man' comes at an interesting time for Amazon MGM Studios, which last week announced the departure of leader Jennifer Salke after seven years. Film head Courtenay Valenti, the former Warner Bros. film executive who joined Amazon in 2023, now will report directly to Salke's old boss, Mike Hopkins. Local shoot days were up 5% last week compared with a year ago, according to FilmLA data. Listen: Alison Krauss and Union Station released their first album in 14 years. No surprise, it's excellent.
