The city is broadening the reach of its 9% “amusement tax” to include streaming entertainment services like Netflix and Spotify.
The provider of on-demand movies will use $20.3 million in new venture capital to build up its online distribution technologies and services, CinemaNow said today. It has now raised $40 million since launching in 1999.
CinemaNow Inc., a provider of on-demand movies, will use $20.3 million in new venture capital to build up its online distribution technologies and services, the company said today.
The financing was led by new investors EchoStar Communications Corp. and Index Holdings, with contributions from previous investors Transcosmos, Cisco System, Lionsgate and Menlo Ventures. It brings to $40 million the total capital raised by CinemaNow since it launched in 1999.
“By establishing strong commercial agreements as part of the financing with EchoStar and Index, leaders in satellite and mobile services respectively, CinemaNow will remain on the cutting edge of new and innovative models defining the next generation of home entertainment,” said CinemaNow CEO Curt Mavis.