Amazon snaps up LoveFilm
Amazon has taken over the online movie rental service LoveFilm.
The web retailer already owned almost half of LoveFilm, and has now snapped up the remaining shares in a deal that reportedly values the site at around £200 million.
LoveFilm made its name as a DVD postal rental service – indeed, it already powers Amazon’s DVD rentals.
However, the service now streams movies directly to PCs, internet TVs and the PlayStation 3 games console. Streamed movies can be watched on either pay-per-view basis or as part of a subscription package.
It’s the streaming side of the business that appears to have tempted Amazon to dig out its cheque book. “LoveFilm has been innovating on behalf of movie rental customers across Europe for many years and with the advent of the LoveFilm Player, it is further delighting customers by streaming digital movies for their immediate enjoyment,” said Greg Greeley, Amazon’s vice president of European retail.
The deal is expected to be completed by the end of the first quarter.