MTV picked up online movie house iFilm. The Viacom-own MTV paid a cool $49 million for the online portal for a variety of both audio and video content.
IFilm aggregates tons of video from all types of sources including Hollywood studios, amateur filmmakers and user-generated content. With 1 million hits a day and 30 million a month, iFilm is a strong buy for the youth oriented MTV.
“We are thrilled about the acquisition of IFILM. This move is at the heart of MTV Networks multi-platform strategy and meshes with our tradition of cultivating independent and creative brands. We’re combining the top brands in all digital media with our global reach and programming expertise to speak to consumers everywhere they live their lives,” said McGrath. “Additionally, with IFILM’s strong business profile and growing traffic, we see significant opportunities for us to increase our online advertising revenue.”
The acquisition of IFILM coupled with the recent purchase of Neopets, a growing youth community on the Internet, and MTV Networks’ strong digital offerings, highlights the company’s continued commitment to being a leading multi-platform entertainment company, dedicated to serving its audiences across all screens. With the addition of IFILM to the MTV Networks family of leading, targeted entertainment destinations, MTVN continues and expands its position as one of the top entertainment networks on the web.
“IFILM has been a major catalyst of online viral video and allows consumers to become publishers. MTV Networks wants our audience to share the stage and program to one another. The expansive content on the site makes it a must-visit – IFILM is simply one of the most vibrant online destinations out there. We look forward to growing its user base and business opportunities together,” said Hirschhorn. “We’re also excited about the partnership potential with our established brands like MTV, MTV2, mtvU, Comedy Central, SpikeTV and VH1.”
This is just one in a long line of recent acquisitions by big time media companies looking to get their feet quickly into the internet market. News Corp’s recent purchase of Intermix, which owned MySpace; Yahoo adding Flickr to expand their horizon are just two. As the face of advertising and content shift more and more the internet, these media companies will be forced more and more to change their model.
John Stith is a staff writer for Murdok covering technology and business.
