Hulu just bought its first film festival flick: 'Joshy'
LOS ANGELES -- Hulu has picked up its first film festival flick.
The Santa Monica-based streaming service has partnered with Lionsgate to acquire Joshy, which premiered at Sundance Film Festival in January.
The news comes as Hulu continues to ramp up its offerings, especially movies, to compete with other major players in the industry. This month alone, Hulu added 56 new films to its library, versus Netflix's 10:
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Though once considered an underdog, Hulu has grown in momentum since last year after launching a slate of successful TV originals including The Mindy Project and Casual, which recently received a Golden Globes nomination.
Also in 2015, the company broadened its deal with Viacom and struck a deal with movie and original programming entertainment service Epix, bringing releases from Lionsgate, Metro-Goldwyn-Mayer and Paramount to the platform.
More recently, Hulu announced a multi-year licensing deal with Sony, which means films such as Jerry Maguire, Midnight in Paris and My Best Friend's Wedding will be included in Hulu's library. And beginning this fall, Hulu will be the exclusive streaming service home to IFC Films, including content from its Sundance Selects and IFC Midnight brands.
Joshy, a comedy about "the emotionally inept nature of male bonding," stars Thomas Middleditch, Adam Pally, Alex Ross Perry, Nick Kroll, Bret Gelman and Jenny Slate.
“We’re proud to expand our multi-faceted relationship with Hulu that already includes four original television series, our partnership in Epix and licensing of our content to their platform,” Jim Packer, Lionsgate President of Worldwide Television and Digital Distribution, said in a statement. “The extension of our alliance into film acquisitions signals a new growth opportunity for both companies and Joshy is a great movie to kick it off."
The film will be released on Lionsgate's specialty film distribution label, Lionsgate Premiere, and will be available to stream on Hulu following its theatrical run. This approach is similar to Amazon Studios', which also gives theaters an exclusive window before making the movie available to stream.
By comparison, Netflix has garnered backlash over its so-called day-and-date release model.
Crouching Tiger, Hidden Dragon: Sword of Destiny, the follow-up to the Oscar-winning film, only debuted on Feb. 25 in a handful of theaters across the U.S. The Los Angeles Times recently reported that many theater chains refused to show the martial arts film because they are at odds with the strategy.
Netflix encountered similar backlash after releasing its first film Beasts of No Nation, which amassed just $90,777 in theaters after being released in October of 2015.
However, as far as acquisitions go, both Netflix and Amazon Studios are still considered leaders in the space. The two reportedly collectively paid more than $30 million for titles at Sundance Film Festival.
Bloomberg first reported the news of the Joshy acquisition.
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Saba was a Los Angeles-based reporter who covers all things digital entertainment, including YouTube, streaming services and digital influencers. Prior to that, she spent two years at the Los Angeles Times covering entertainment for the Calendar and Company Town sections. Saba grew up in Santa Monica and graduated from Boston University with a B.S. in journalism and B.A. in political science. When not reporting, she is usually binge watching shows online or looking for new coffee shops to frequent.
