Variety reported on Saturday that Moviefone is formally bankrupt and price only one % of what its former valuation of practically $400 million it was given when AOL purchased the corporate in 1999. Selection reported that Moviefone, which additionally offers in film information in addition to itemizing instances, is operating on life assist.
In the meantime, tucked away within the chapter submitting was the disclosure that the online e book worth of Moviefones mental property is estimated to be $4,379,504. Thats simply 1.1% of AOLs $388 million inventory deal for Moviefone in 1999, proper earlier than the web bubble burst.
Whereas Moviefone is now value only a pittance of its erstwhile valuation, its really considered one of Helios and Mathesons most useful property: The corporate reported whole property of below $10 million within the Chapter 7 submitting.
Maybe essentially the most memorable Moviefone second in popular culture was when Kramer from Seinfeld was the voice of the corporate, although he wasn’t all that good at deciphering touch-tone telephone inputs to assist their prospects.
The Selection story really references Kramer from Seinfeld particularly, which suggests completely everyone seems to be making this joke at Moviefone’s expense.
Almost all of Moviefone staff had been laid off on the finish of January after Helios and Mathesons Chapter 7 submitting. Nevertheless, the location nonetheless has one staffer left to maintain the lights on (who, for the file, is just not Seinfelds Cosmo Kramer): Moviefone common supervisor Matt Atchity tells Selection hes been retained by the trustee overseeing Helios and Mathesons liquidation to maintain Moviefone operating pending a sale of the property.
And certainly, Twitter quickly lit up with Seinfeld references about Kramer’s fictional time with the corporate.
It should be extraordinarily bizarre to be the one worker of a once-large firm that was fashionable sufficient to be a bit in probably the most influential sitcoms of all time. However maybe amazingly, Moviefone was really owned by the identical firm, Helios and Matheson, that owns Moviepass, one other shuttered movie-related startup that noticed a swift rise and subsequent fall as different expertise and corporations handed it by. Selection reported that it was really the autumn of Moviepass that cratered Helios and Matheson, in essence taking Moviefone down with it. Contemplating MoviePass is already gone and Moviefone continues to be hanging on, although, it’s spectacular that the latter lasted longer if you actually give it some thought.