LOS
ANGELES, June 12, 2023 /PRNewswire/ -- Cineverse
Corp. (NASDAQ: CNVS), today announced that the Company has acquired
all North American rights to the highly anticipated slasher sequel
Terrifier 3 from filmmakers Damien
Leone and Phil Falcone.
This team previously collaborated on the ultra-gory indie-horror
blockbuster Terrifier 2, which brought in over $15 million worldwide at the box office and
stayed in the top 10 in North
America for an entire month, generating substantial press
coverage and social media activity, and essentially dominating the
Halloween season. The buzz surrounding Terrifier 2 resulted
in a great deal of mainstream media exposure around the world,
including coverage by "The Howard Stern Show" and even being
spoofed on "Saturday Night Live".
Following the release of Terrifier 2, Cineverse saw a
substantial increase in subscriptions for its horror streaming
service SCREAMBOX, which is operated by Bloody Disgusting, the
leading horror brand. Terrifier 2 held up against
Hollywood heavy hitters, carving
out a place among the top 10 titles digitally on Apple TV and
moving into the top 5 on both Google Play and VUDU in the weeks
following its digital release.
For the third installment, creator Leone and producer Falcone
look to build and expand on the success of the second film. Staying
true to the fanbase, the team aims to recreate the magic of
Terrifier 2, while pushing the boundary of the horror genre
to an even more extreme level. Terrifier 3 is set to have a
wide theatrical release next year in North America followed by its exclusive
streaming debut on SCREAMBOX.
"Produced for just $250,000,
Terrifier 2 became a box office phenomenon, grossing more
than $15 million worldwide," said
Chris McGurk, Chairman & CEO at
Cineverse. "It achieved revenues of roughly 60 times the production
cost and was fueled almost exclusively by social marketing. We are
thrilled that Damien and Phil have chosen to stay true to the
franchise and keep the film uncut and independent rather than
taking the major studio route. We aim to make this film the
centerpiece of our releasing strategy which is focused on
creator-friendly collaboration to generate fan-favorite franchises
and film remakes that work theatrically as well as drive streaming
subscription revenues. This time, we are planning a wide theatrical
release for Terrifier 3 as we are confident that the film
will deliver yet another unparalleled horror experience. We eagerly
anticipate the creative vision that Damien and Phil will unleash
upon audiences when we bring Terrifier 3 to the big screen
in the fall of 2024."
"Indie horror changed the game last year, and that is thanks in
no small part to Terrifier 2," said Brad Miska, Managing Director of Bloody
Disgusting/Cineverse. "The team crafted something that transcends
decades and solidified an icon in Art the Clown that will be talked
about 20 years from now. Art has become a cultural phenomenon and
the rightful heir to the throne of Jason and Freddy. The seismic
impact this franchise will have in the genre is only being felt as
tremors now. We are confident that Terrifier 2 and soon
Terrifier 3 are films that people will revisit regularly.
These are films that fans will want to marathon every year, and we
plan to further stoke that excitement with a re-release of
Terrifier 2 this fall in theaters. It brings us great excitement to
reunite with Damien and Phil, as we set our sights on creating yet
another blockbuster success with a full 360° marketing
campaign."
"We're thrilled to be partnering with Cineverse and Bloody
Disgusting again," said Leone. "Aside from a yearning for new and
exciting horror villains like Art the Clown, a large part of
Terrifier 2's success was based on its unprecedented theatrical
release and its uncompromising nature. Many studios are unwilling
to take that sort of a risk these days whereas Cineverse not only
took it but embraced it. It's pretty clear that we're now entering
a slasher genre renaissance - perhaps the biggest one since the
90s. Filmmakers like myself are going to have to keep pushing the
envelope so it's encouraging when a company respects a director's
vision and understands what makes a certain type of film
successful."
The rights agreement was negotiated by Brandon Hill, Director of Acquisitions, on
behalf of Cineverse, and by Priscilla Ross
Smith of The Coven on behalf of the filmmakers. Leone is
currently represented by WME.
About Cineverse
Cineverse is a global streaming
technology and entertainment company with one of the world's
largest portfolios of owned and operated streaming channels and
streaming content libraries, all powered by its advanced,
proprietary technology platform. Cineverse currently features
enthusiast brands for subscription video on demand (SVOD),
advertising-based video on demand (AVOD) and free, ad-supported
streaming television (FAST) channels. Cineverse entertains
consumers around the globe by providing premium feature film and
television series, enthusiast streaming channels and technology
services to some of the world's largest media, retail and
technology companies. For more information, please visit
www.cineverse.com.
Safe Harbor Statement
Investors and readers are
cautioned that certain statements contained in this document, as
well as some statements in periodic press releases and some oral
statements of Cineverse officials during presentations about
Cineverse, along with Cineverse's filings with the Securities and
Exchange Commission, including Cineverse's registration statements,
quarterly reports on Form 10-Q and annual report on Form 10-K, are
"forward-looking'' statements within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act'').
Forward-looking statements include statements that are predictive
in nature, which depend upon or refer to future events or
conditions, which include words such as "expects," "anticipates,''
"intends,'' "plans,'' "could," "might," "believes,'' "seeks,"
"estimates'' or similar expressions. In addition, any statements
concerning future financial performance (including future revenues,
earnings, or growth rates), ongoing business strategies or
prospects, and possible future actions, which may be provided by
Cineverse's management, are also forward-looking statements as
defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to
various risks, uncertainties, and assumptions about Cineverse, its
technology, economic and market factors, and the industries in
which Cineverse does business, among other things. These statements
are not guarantees of future performance, and Cineverse undertakes
no specific obligation or intention to update these statements
after the date of this release.
For additional information, please contact:
For Media
The Lippin Group for Cineverse
cineverse@lippingroup.com
At Cineverse
Julie Milstead
424-281-5411
investorrelations@cineverse.com
The Equity Group Inc.
Carolyne Sohn
408-538-4577
csohn@equityny.com
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SOURCE Cineverse Corp.