Atom Tickets, an app that combines online movie ticket booking with social features, said today that it has raised a $60 million Series C led by Fidelity Investments, with participation from returning investors Lionsgate, Disney and Twentieth Century Fox Film. All three studios contributed to Atom Tickets’ $50 million Series B, which was announced two years ago.
Along with earlier funding, Atom Tickets has raised more than $125 million to date. After rolling out across the United States in 2016, the Santa Monica-based startup claims it tripled its users and ticket sales in one year. It currently partners with theater chains including AMC Theaters, Regal Cinemas, Southern Theatres, Showcase Cinemas and B&B Theatres, among others.
In statement to TechCrunch, Atom Tickets co-founder and executive chairman Matthew Bakal said “Atom is relentless in its efforts to deliver a superior moviegoing experience. The new funding will enable us to innovate upon our product experience and to create marketing campaigns that engage and delight movie fans.”
Atom Tickets’ app shows users information about current movies, including reviews and trailers. Then they can share listings with friends, poll them about what they want to see before purchasing advance tickets. The app also allows users to book group seating but pay for tickets separately and order snacks so they don’t have to wait in line at concession stands. By tracking what movies users look up, share with friends and ultimately pay to see, Atom Tickets can also provide studios with valuable data about moviegoers, marketing, advertising targeting and ticket sales.
Movie ticket admissions in the U.S. hit their lowest number since 1995 last year, due to the underperformance of several summer releases that were supposed to be blockbusters. But box office sales have also been hurt by the increasing number of streaming video platforms, which give people a wider array of entertainment options at a much lower cost than movie tickets. Atom Tickets gives studios a much-needed new channel for marketing theatrical releases. Its main competitor is Fandango, which was founded in 2000 as a ticket booking website and now also owns popular review aggregator Rotten Tomatoes. Though Fandango is a well-entrenched player, Atom Tickets has been gaining traction quickly thanks to its partnerships with major movie studios, as well as companies like Amazon, Chase Pay and T-Mobile.
- This article originally appeared on TechCrunch.