- Choovie, a demand-based movie ticket platform, launches equity crowdsourcing campaign via Equitise.
- The $700,000 raise will help increase the number of cinema partnerships and fund expansion into international markets.
- The startup aims to help people can get their hands on cheaper tickets and help fill empty seats in cinemas.
Independent movie ticketing platform Choovie, which prices cinema seats by demand, has launched an equity crowdsourcing campaign via Equitise.
Choovie, launched in April 2017, plans to raise up to $700,000 in capital. The cash will help Choovie increase the number of cinema partnerships, increase its subscriber base and expand into international markets.
The startup offers dynamic ticket pricing by combining real-time data capture and consumer analysis, along with automated Netflix-style notifications.
It currently has 40 partner venues, with more signing weekly.
Choovie co-founder and CEO Sonya Stephen says the company is making going to the movies more affordable as well as increasing revenue for cinemas.
“What’s really exciting about Choovie is that we can forecast demand for any movie session, at any cinema in Australia, and price it in real-time,” he says.
“By attending less popular times, people can get their hands on cheaper tickets and be able to afford more of the movies they love on the big screen. We wanted to create something really exciting and a new platform that investors could get behind.”
Cinema occupancy is less than 20% globally, with price cited as a major determining factor for dwindling attendance.
Recent data from Screen Australia shows that since the year 2000, almost 7 in 10 Australians (69%) have been to the cinema at least once per year, with an annual average of about four visits each year per person.
Choovie has presented more than 1.1 million tickets for over 30,000 sessions since its launch last year. Active subscribers buy an average of 13 tickets per year compared to Australia’s average of 3.5 times.
Equitise co-founder Chris Gilbert says the launch of Choovie shows equity crowdfunding in Australia is proving lucrative to a growing number of exciting small businesses and Australian startups.
“We’re really excited to be partnering with a dynamic platform like Choovie whose unique demand-based pricing gives the power back to cinemagoers,” he says.
Equitise has already helped raise more than $2.4 million via equity crowdfunding from over 1,300 Australians from its first retail raise, Digital bank Xinja.
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