In one of the first major deals to be made through an online film rights dot-com, August Entertainment has inked a five-year licensing agreement with Pinema Prods. for the Turkish TV rights to the Tony Scott-helmed drama “True Romance.”
As part of the deal, InternetStudios.com was paid a transaction fee by the Turkey-based distributor for the sale of the rights through its online film site, which bowed in a test at the American Film Market held in Santa Monica, Calif. Feb. 23-March 1.
OnlineFilmSales.com will officially bow just prior to the Cannes Film Festival in early May and allow film rights holders to sell them to buyers on the Web site.
InternetStudios.com is eyeing the acquisition as a validation of its business-to-business e-commerce model and that of rival sites FilmBazaar.com, RightsMart.com and ShowBizData.com, among others, that have sprung up almost at the same time.
“This transaction is a first and represents a milestone for our business, as well as a validation of the future for buying and selling filmed entertainment throughout the world,” said InternetStudios.com chairman Robert Maclean.
InternetStudios.com operates OnlineFilmSales.com, Netcaster reporterTV.com and StudioBuzz.com, a database of film projects including development, financing, production, talent, marketing and distribution.
“With over 12,000 films made each year worldwide, not to mention re-issue rights on prior productions, our business model reflects an efficient and dynamic alternative to traditional industry sales outlets, allowing sellers and buyers in approximately 60 territories to conduct business,” said Steve Fredericks, prexy and chief financial officer.