Comcast's venture fund, Comcast Interactive Capital (CIC), gave a boost to independent film today, participating in a $10 million round of financing with indie film leader SnagFilms, joining with New Enterprises Associates, Ted Leonsis and Steve Case to provide new funds. The financing will be used by SnagFilms to expand its distribution of independent films — including. for the first time, fictional indie releases — across all digital platforms and devices globally.
This news comes on the heels of Comcast's recent extension of its online SnagFilms offering to its On Demand service late last year. Our investment reflects our strong commitment to bringing consumers access to hundreds of independent films across multiple platforms. Last year, Comcast broadened the reach of independent films through its On Demand and online platforms, including its partnership with Tribeca Film, the launch of the Indie Film Club online, the multiplatform debut of indie hit Nice Guy Johnny produced and directed by Edward Burns, and the launch of Cinema Asian America, among other big steps. Today, we are in the process of rolling out more than 2,000 indie films On Demand and also offer indie films online at xfinityTV.com. As one of the largest distributors of independent programming, we look forward to broadening the reach and audience of indie films in 2011.
We are very excited about this investment in SnagFilms and look forward to the company expanding its indie film library. Be sure to visit Ted Leonsis' blog where he also discusses the funding.