Sony, CSS form Crackle Plus JV; Crackle shows profit in Q1 | VOD | News | Rapid TV News
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Sony Pictures Television (SPT) and Chicken Soup for the Soul (CSS) Entertainment are creating a joint venture dubbed Crackle Plus.
crackle 18 may 2019 landsc
Also this week, CSS Entertainment provided pro-forma estimates for Crackle, the SPT-created free streaming service, as part of an investor briefing – the company took a majority stake in Crackle on 14 May. The estimates showed Crackle with $11 million in revenue for Q1 and had operating income of $3.5 million, as well as adjusted EBITDA of $3.4 million.

Crackle in the US and Canada will form the core of Crackle Plus, which SPT and CSS  said will have an audience of nearly 10 million monthly active users on its owned and operated networks, as well as millions of additional users from SPT’s ad rep business. CSS Entertainment will also contribute the rights to six owned and operated AVOD networks (Popcornflix, Truli, Popcornflix Kids, Popcornflix Comedy, Frightpix and Espanolflix) to the JV, along with subscription video-on-demand (SVOD) platform Pivotshare.

SPT will licence the rights to popular TV series and films to Crackle Plus, including Crackle’s original content library. In addition, New Media Services, a wholly owned subsidiary of Sony Electronics, has contracted to provide the technology back-end services for the newly formed joint venture.

CSS Entertainment will own the majority interest in the effort, and will issue to SPT four million five-year warrants to purchase Class A common stock of CSS Entertainment at various prices.