Vancouver’s Gener8, a company that specializes in converting 2D movies into 3D experiences, has announced that they’ve taken a 48% interest in Vancouver-based Reelhouse Media.
Gener8 has been actively working with Reelhouse since they started in 2012 through management mentoring and incubator support. Reelhouse created a direct-to-consumer film distribution platform that put the power filmmaking into the hands of the filmmakers. Reelhouse felt that the way people were sharing movies online needed a niche player and they created a video sharing community that allows the creator to self-distribute and control their content while earning money. The company attracted the attention of both the independent film community and Hollywood studios such as Warner Brothers.
The acquisition involved converting a promissory note of $1.125 million into Reelhouse shares. Bill Mainguy, co-founder and CEO of Reelhouse, stated with the support of Gener8 they will now build out their platform to support additional online movie formats and also roll out new ‘premium’ revenue models.
Rory Armes, CEO of Gener8, stated “Reelhouse burst on to the scene and unraveled a complex digital distribution problem for the film industry. Reelhouse is well-poised to help filmmakers share their art like never before, as well as help big studios take advantage of the industry shift towards high profit-margin online movie sales. Like other technologies developed within Gener8, Reelhouse has quickly emerged as a leader in their space.”