Romance-focused video streaming service Passionflix, founded by filmmaker Tosca Musk, has raised $9.4 million in a new round of funding led by AMC Networks.
Musk, who is also the younger sister of Tesla CEO Elon Musk and daughter of model May Musk, says the hollywood reporter That he plans to use the new money to boost Passionflix’s original programming and strengthen the company, which still only has 6 employees. “[It’s] Quite small, so everyone wears a lot of hats, including me,” he says.
“It costs money to make movies and there are a lot of streaming platforms that work and of course Passionflix the fact is that every time we release an original our numbers go up. So it was definitely about the growth,” Musk says of the growth, adding that the service hopes to finish filming by the end of the year on four new feature films and two seasons of TV series, due for release in 2023. two years, the service hopes to release “as many 20 films as we can”.
“Two years goes by so fast when you make movies, because it takes so long to make,” says Musk.
Musk says he was connected to AMC last year through a mutual friend, which turned out to be a happy coincidence. Passionflix raised convertible debt financing but was looking for other partners to invest in.
“We are lucky to make money, so we can continue to create content and continue to grow. Maybe not as fast as we’d like, but we managed to keep going. And for me, this next round was really about the right strategic partner,” says Musk. “Having AMC with such a strong knowledge base in growing niche streaming platforms was really important to me.”
AMC Networks has built its streaming strategy around niche streaming offerings, each targeting certain genres or fandoms. Some of AMC’s streaming services include horror-focused Shudder, anime-focused HIDIVE, and Acorn, which streams British television programming. A minority investment in the service fits into this broader strategy.
Passionflix has raised over $22 million in multiple rounds since its inception in 2017. Early investors included Norman Leary, Kimball Musk and First Look Media. First Look also appears in the last round, as does Musk’s Bella Andre, Bella Andre.
The new funding round was initially announced in a filing with the Securities and Exchange Commission.
Musk used the $6-a-month service to carve a niche for himself in the romantic movie category, a genre that has long been the foundation of cable TV and also serves as the backbone of some streaming services. However, Passionflix is entirely dedicated to the genre. Musk directs many projects on his own.
“My goal is to make Passionflix a household name, so it’s as easy to say Passionflix as it is to say Acorn. [the AMC-owned niche streaming service]says Musk. “That’s the immediate goal, certainly in the next year, that and building the content.”
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
