Fandango Makes Quantum LeapComcast Unit Buys Movie Ticket Promotions Firm 8/28/2013 10:52 AM Eastern
Comcast’s online ticketing giant Fandango said it is purchasing Quantum Loyalty Solutions, an Incline Village, Nev.-based firm that creates promotions linked to movie ticket sales. Terms of the deal were not disclosed.
According to the companies, the deal allows Fandango, which sells theater tickets for U.S. chains with more than 21,000 screens, to expand its existing promotional movie ticket and gift card business. Quantum owns Hollywood Movie Money, a widely recognized movie currency that is accepted at more than 36,000 screens across the country.
"The marriage of Quantum's promotions business and Fandango's ticketing platform will offer unprecedented new opportunities for studios, exhibitors and brands to engage with millions of moviegoers," Fandango president Paul Yanover said in a statement. "We look forward to working with the Quantum team to build on Hollywood Movie Money's momentum and help drive even more movie fans into theaters."
In a statement, the companies said the transaction will make Hollywood Movie Money currency more convenient for consumers, as many rewards will now be redeemable through Fandango's website and mobile apps, which are visited by more than 41 million moviegoers each month. Consumers redeeming Hollywood Movie Money rewards will also be able to purchase additional movie tickets for their friends or family who are accompanying them to the theater.
With the addition of Quantum, Fandango expands its reach to more than 95% of U.S. theaters, as well as many theaters in major international markets.