Velocity, a company that provides IT managed services through network management, voice and data connectivity, along with digital media displays and advertising networks, has purchased the digital media and signage assets of Cinema Scene from digital products company Vision Media, it was announced Tuesday (July 13).
The asset purchase includes a digital signage ad network within the lobbies of 227 theaters with 376 screens, digital menu boards in 142 theaters, and 10 story walls in 10 theaters, boosting its media portfolio of 25,592 locations and 36,605 screens, including cinema lobbies, grocery, hospitality, bars, c-stores, and lifestyle centers.
Velocity’s cinema lobby initiatives have continued to accelerate since its previously-announced partnership in February with Screenvision Media to deploy a 1,000+ theater, in-lobby digital ad network.
“This asset purchase allows us to build a more significant cinema network, elevate the experience and product for theater owners, and create more opportunities for advertisers to reach moviegoers. In addition, we are looking forward to bringing our best-in-class managed services to exhibitors to create more efficiencies and more savings,” said Greg Kiley, Chairman and CEO of Velocity.
“As moviegoers flock back to theaters for the full moviegoing experience, the lobby will play an increasingly impactful role for our advertisers seeking to connect to consumers with their brand messaging before and after the movie,” said John Partilla, CEO of Screenvision Media. “We are excited to grow our lobby footprint within our overall cinema advertising network with our deepening relationship with Velocity that also provides increased comprehensive solutions to our theater partners.”
“We have great respect for the digital media signage business Vision Media has built, and we look forward to leveraging this network to create substantial opportunities for advertisers through our relationship with Screenvision. And, unlocking more value for exhibitors through our managed services,” added Joe Ross, Chief Commercial Officer of Velocity.