LOS ANGELES -- Paramount Digital Entertainment announced today that it has signed an exclusive first-look deal with Red Hour Digital, a new subsidiary of Ben Stiller's Red Hour Films. Under the new two-year deal, Red Hour will develop original digital media properties that can be launched on a variety of formats, including live action and animated webisodes, and social media games on both digital and mobile platforms. Mike Rosenstein has been promoted to Director of Digital Content. Rosenstein has collaborated with Stiller and his producing partner Stuart Cornfeld at Red Hour Films for the past 4 years developing features and TV, while simultaneously producing short form digital content. He will oversee the Paramount Digital relationship for Red Hour.
"It's an incredible opportunity for Paramount Digital Entertainment to be working with such a talented and successful creative team," said Tom Lesinski, President of Paramount Digital Entertainment. "With Ben Stiller at the helm, Red Hour is a proven draw for audiences on any platform. Ben is digitally savvy with several successful online projects and a fan base of millions of followers."
Said Stiller, "I believe the internet is a magical gateway to make all our dreams come true. Red Hour is also developing a new flying jet pack and a teleportation system to travel through time. But for now, we are concentrating on making funny videos to watch while people are pretending to work."
The first projects in the pipeline include an animated digital extension of Zoolander, as well as an accompanying social media game. Red Hour is also developing Billy Glimmer: Entertainer of the Century, an online original comedy about Billy Glimmer (Stiller) the most successful singing impressionist-comedian in Las Vegas. The series will be written and directed by Jason Woliner, with Rob Huebel playing a Billy Glimmer "look alike" alongside Stiller.
Ben Stiller and Red Hour have a strong history of creating top tier comedy in film and television as well as for digital platforms, including the new Stiller and Meara series for Yahoo!, and the STILLERSTRONG viral campaign (which to date has raised over $300,000 entirely from social media towards building temporary schools in Haiti), which included "Night of 140 Tweets" digital download on Amazon and iTunes (produced in conjunction with Funny or Die).
Paramount Digital Entertainment will work closely with Red Hour to distribute the content through a variety of ad supported and transactional platforms, that allow for major advertisers to use high-quality entertainment as a marketing platform to connect with coveted demographics.
FOOTHILL RANCH, Calif. -- Oakley, Inc. today announced the upcoming debut of its innovative new 3D eyewear. A special edition will celebrate the release of TRON: Legacy, a much-anticipated Disney 3D film opening in U.S. theaters on December 17, 2010. The new "TRON" Limited Edition 3D Gascan® by Oakley will give movie audiences the superior technologies developed specifically for Oakley 3D eyewear, assuring a premium 3D experience.
"The premiere of TRON: Legacy is a great opportunity for us to introduce moviegoers to the unique innovations of Oakley 3D eyewear," said Oakley CEO Colin Baden. "This film will be an incredible visual experience, and those who view it with Oakley 3D eyewear will get the most out of it by enjoying the clarity and 3D performance of unparalleled design. We are honored to collaborate with Disney for this special event, and we look forward to opening the world's eyes to the ultimate 3D experience with Oakley 3D eyewear," Baden concluded.
"Collaborating with Oakley provided Disney with a great opportunity to interpret the aesthetics and themes of TRON: Legacy into cutting edge eyewear for fans to enjoy," said Stephen Teglas, vice president and general manager of Fashion & Home North America at Disney Consumer Products.
Rendered with signature Oakley style, the new "TRON" Limited Edition 3D Gascan is accented with graphics that salute the cinematic story. A custom MicroclearTM bag will be included for lens cleaning and eyewear storage. In the spirit of making this eyewear edition a collectible, the Microclear bag is also highlighted with graphics inspired by the film.
To engineer Oakley 3D eyewear, Oakley combined its industry-leading frame innovations with lens technologies that maximize the 3D experience by offering unprecedented levels of clarity and visual fidelity. "TRON" Limited Edition 3D Gascan features HDO-3DTM, a collection of proprietary lens innovations that have achieved the first optically correct 3D eyewear on Earth.* Oakley 3D lenses virtually eliminate the ghosting or "crosstalk" between images that reach each eye from one moment to the next, a potential problem with inferior 3D eyewear.
A second key difference between Oakley 3D eyewear and conventional designs is the lens curvature. Greater curvature around the eyes provides a wider field of view, but without highly precise optics, even a mild curve can cause visual distortion. Oakley technology maintains optical clarity so the wearer can enjoy a wide field of sharp vision. The curvature of Oakley 3D lenses has the added benefit of minimizing distractive glare.
A special rendition of a popular Oakley sunglass frame, 3D Gascan is designed with a proprietary Three-Point Fit to retain the lenses in precise optical alignment. The fit optimizes comfort by eliminating the unbalanced pressure points common with ordinary frames. Oakley's durable yet lightweight frame makes contact only at the sides of the head and bridge of the nose, and it does not hook the ears like conventional frames made with curved earstems.
TRON: Legacy will introduce a new generation of moviegoers to an entirely new realm of groundbreaking digital effects. TRON first appeared on the big screen almost 30 years ago and created a digital world that was ahead of its time. With the release of the newest installment, this elaborate world will be reimagined and expanded.
"TRON" Limited Edition 3D Gascan will be available in November for U.S. $150 through select Sunglass Hut, Oakley Stores and www.Oakley.com.
Oakley 3D lenses were developed to deliver a prime entertainment experience in cinemas that utilize passive polarization, the technology found in most 3D theaters. Oakley is also pursuing partnerships with manufacturers of home 3D systems that utilize passive polarization technology. This will allow consumers to use the same eyewear for home and cinema 3D entertainment.
Oakley will also release a "TRON" commemorative sunglass based on a design from the company's Elite Collection of ultra-premium products. This non-3D eyewear is a special edition of Oakley Elite Pit Boss® and features HDPolarized lenses with High Definition Optics® (HDO®). Engineered with ultra-lightweight titanium plates, the frame is embellished with graphics inspired by TRON: Legacy.
Oakley 3D glasses are optimized for indoor cinema application and not intended for outdoor use. The technology in 3D polarization is not ideal for normal daily outdoor use and will not provide the same level of performance as sunglasses.
LOS GATOS, Calif. -- Netflix, Inc. (Nasdaq: NFLX) today reported results for the third quarter ended September 30, 2010.
"Q3 represents our fourth consecutive quarter of more than one million net subscriber additions. This growth is clearly driven by the strength of our streaming offering. In fact, by every measure, we are now primarily a streaming company that also offers DVD-by-mail," said Reed Hastings, Netflix co-founder and CEO. "At the same time, the introduction of our streaming offering in Canada in late September has provided us with very encouraging signs regarding the potential for the Netflix service internationally."
Third-Quarter 2010 Financial Highlights
Subscribers. Netflix ended the third quarter of 2010 with approximately 16,933,000 total subscribers, representing 52 percent year-over-year growth from 11,109,000 total subscribers at the end of the third quarter of 2009 and 13 percent sequential growth from 15,001,000 subscribers at the end of the second quarter of 2010.
Net subscriber change in the quarter was an increase of 1,932,000 compared to an increase of 510,000 for the same period of 2009 and an increase of 1,034,000 for the second quarter of 2010.
Gross subscriber additions for the quarter totaled 4,101,000, representing 88 percent year-over-year growth from 2,180,000 gross subscriber additions in the third quarter of 2009 and 34 percent quarter-over-quarter increase from 3,059,000 gross subscriber additions in the second quarter of 2010.
Of the 16,933,000 total subscribers at quarter end, 94 percent, or 15,863,000, were paid subscribers. The other 6 percent, or 1,070,000, were free subscribers. Paid subscribers represented 98 percent of total subscribers at the end of the third quarter of 2009 and 97 percent at the end of the second quarter of 2010.
Revenue for the third quarter of 2010 was $553.2 million, representing 31 percent year-over-year growth from $423.1 million for the third quarter of 2009, and 6 percent sequential growth from $519.8 million for the second quarter of 2010.
Gross margin(1) for the third quarter of 2010 was 37.7 percent compared to 34.9 percent for the third quarter of 2009 and 39.4 percent for the second quarter of 2010.
GAAP net income for the third quarter of 2010 was $38.0 million, or $0.70 per diluted share compared to GAAP net income of $30.1 million, or $0.52 per diluted share, for the third quarter of 2009 and GAAP net income of $43.5 million, or $0.80 per diluted share, for the second quarter of 2010. GAAP net income grew 26 percent on a year-over-year basis and GAAP EPS grew 35 percent on a year-over-year basis.
Percentage of subscribers who watched instantly more than 15 minutes of a TV episode or movie in the third quarter of 2010 was 66 percent compared to 41 percent for the same period of 2009 and 61 percent for the second quarter of 2010. In Q4 a majority of Netflix subscribers will watch more content streamed from Netflix than delivered on DVD. With that transition in the business from mostly DVD to mostly streaming, this will be the last quarter the company will report this metric.
Subscriber acquisition cost(2) for the third quarter of 2010 was $19.81 per gross subscriber addition compared to $26.86 for the same period of 2009 and $24.37 for the second quarter of 2010.
Churn(3) for the third quarter of 2010 was 3.8 percent compared to 4.4 percent for the third quarter of 2009 and 4.0 percent for the second quarter of 2010. Churn includes free subscribers as well as paying subscribers who elect not to renew their monthly subscription service during the quarter.
Free cash flow(4) for the third quarter of 2010 was $7.8 million compared to $25.5 million for the third quarter of 2009 and $34.2 million for the second quarter of 2010.
Trailing twelve-month free cash flow for the third quarter of 2010 was $109.8 million compared to $117.9 million for the third quarter of 2009 and $127.5 million for the second quarter of 2010.
Cash provided by operating activities for the third quarter of 2010 was $42.2 million compared to $78.3 million for the third quarter of 2009 and $60.3 million for the second quarter of 2010.
The Company's performance expectations for the fourth quarter of 2010 and full-year 2010 are as follows:
* Ending subscribers of 19.0 million to 19.7 million, up from 17.7 million to 18.5 million
* Revenue of $586 million to $598 million, versus $580 million to $596 million
* GAAP net income of $32 million to $40 million, unchanged
* GAAP EPS of $0.59 to $0.74 per diluted share, unchanged
* Ending subscribers of 19.0 million to 19.7 million, up from 17.7 million to 18.5 million
* Revenue of $2.15 billion to $2.16 billion, versus $2.14 billion to $2.16 billion
* GAAP net income of $146 million to $154 million, versus $141 million to $156 million
* GAAP EPS of $2.68 to $2.83 per diluted share, up from $2.58 to $2.86 per diluted share
Sony has acquired the rights to the non-fiction book "Emergency!: This Book Will Save Your Life" and Robert Downey Jr. may star in the adaptation. Susan Downey and Michael DeLuca are producing, while Allan Loeb (Wall Street: Money Never Sleeps) is penning the script.
Downey Jr. is a busy man these between the Iron Man franchise, Sherlock Homes 2 and Cowboys vs. Aliens for Jon Favreau. He'll next be seen in November's Due Date for director Todd Phillips.