SNAG FILMS EXPANDS TO FICTION, HIRES BINGHAM RAY
At All Things Digital’s BoomTown column, Kara Swisher is reporting that the ad-supported streaming service (and owner of IndieWire) Snag Films has hired distribution veteran and October Films founder Bingham Ray to “spearhead its distribution of fictional narrative and foreign-produced independent films.” These announcements accompany news of $10 million in new financing from Comcast’s investment arm and New Enterprise Associates.
From the piece:
Currently, SnagFilms has 2,000 films in its online library, although [Snag Films founder Ted] Leonsis said the aim is to use the new funds to get 10,000 films on the service as soon as possible.
“We’re trying to build a beachhead in the independent film world,” he said of SnagFilms, which currently has about 40 employees in Washington, D.C., and New York. “We think we have a niche and video is the killer app on the Web now.”
Leonsis, who has backed such notable documentaries as “The Rape of Nanking,” said NEA’s Peter Barris will join the board, along with existing investor Steve Case.