Reprinted from a MovieBeam press release
Burbank, Calif. February 14, 2006 MovieBeam, Inc. today introduced the new MovieBeam System and launched its movies-on-demand service in 29 major metropolitan areas across the U.S., including New York, Los Angeles and Chicago, reaching nearly half of all U.S. households. The MovieBeam movies-on-demand service provides instant access to an ever-changing lineup of new releases and other popular favorites from virtually every major Hollywood studio. There are always 100 movies immediately available, with up to 10 new titles automatically delivered digitally each week including select movies in high definition (HD) via MovieBeams exclusive, low-cost over-the-air datacasting technology. The MovieBeam System is composed of: 1) a set-top box that stores, protects and plays movies; 2) a small indoor antenna that receives new movies to automatically refresh the selection; and 3) a simple remote control that facilitates navigation of the intuitive user interface.
MovieBeam, Inc. is a newly formed venture backed by The Walt Disney Company, Cisco Sytems, Intel Corporation (through its leading venture capital arm, Intel Capital), Mayfield Fund, Norwest Venture Partners and VantagePoint Venture Partners (see todays related announcement).
"We have built MovieBeam to directly address whats most important to our target customers: convenience, quality and choice," said Tres Izzard, president and CEO of MovieBeam, Inc. "Our target customers are movie lovers who want a more convenient way to rent the movies they want to watch when they want to watch them and value the overall quality of the experience. MovieBeam provides an attractive alternative to other options bringing the sizable selection of the back wall of the video store directly into customers living rooms. Movies are always available for instant viewing, with no trips to video store, no out-of-stock titles, no damaged discs, no late return fees and no waiting by the mailbox for DVDs."
"MovieBeam, with its easy-to-use service, breakthrough content rights, and low-cost delivery platform, is serving a previously unmet need in the marketplace providing consumers with a more convenient, higher-quality movie-rental experience through an unmatched combination of content, technology and relationships," said Gerry Kaufhold, principal analyst, In-Stat. "As a stand-alone company, with a strong investor syndicate, MovieBeam is well-positioned to become an important player in the digital entertainment business by delivering on the promise of on-demand movies."