FremantleMedia is generating revenues and profits from social network games based on its veteran properties “The Price Is Right” and “Family Feud” in the U.S. and Canada.
At a press breakfast at Mip TV on Monday, the company’s CEO Tony Cohen said micro-payments derived from these games, played via Facebook, had finally helped throw some light on what he described as “that elusive digital business model.”
Cohen, who painted an upbeat picture of Fremantle’s business during the past year, declined to put a figure on the amount of coin these initiatives were pulling in, but claimed substantial sums were involved.
“This is a proper business,” he said, “with significant revenues and profits that are growing. For years, media companies have struggled to work out a way of making online pay. Social media not only amplifies the buzz around a show, but thanks to micro-payments is also enabling us to create what is a successful new business model.”
The game version of “The Price Is Right” was created by Ludia, the Canadian games specialist Fremantle acquired in October, while third-party producer iWin made the “Family Feud” game.
Competitors can play the basic games for free, but have to pay to participate in a more challenging experience.Cohen said that although the previous 12 months had been tough for FremantleMedia, the period had been “an immensely productive year” as the company continued to score across entertainment and drama as a supplier and seller of content.
The topper predicted that the next 12 months, which will see “The X Factor” bow in the U.S., would be “one of the most interesting years we’ve ever had.”