IFILM Cuts Editorial Jobs to Focus on Film, Raising Revenue16 Oct, 2001 By: Staff Reporter
IFILM has confirmed that it has eliminated 10 positions, a result of a noticeable and drastic de-emphasis on the editorial side of its business and an effort to rein in costs.
"We've got a laser-like focus on raising our revenue," spokeswoman Melissa Zukerman said. "We've been doing less editorial, so it didn't make sense to have a big editorial staff."
The company earns most of its revenue selling advertising at its IFILM.com entertainment portal, as well as ads that run in online films and direct e-mail marketing campaigns that it creates, most of the time for studios pitching new movies.
The company, in fact, recently beefed up its ad sales unit, putting it on the short list of dot-com entertainment companies to hire additional employees of late. With those few additions and the 10 recently let go, IFILM now employs 69 people, Zukerman said.
The company's portal, relaunched in June at www.ifilm.com, is much like the widely used Internet Movie Database, at www.imdb.com. "We're like IMDB-plus," Zukerman said. "We have the database, plus you can watch movies."
Zukerman said IFILM's online direct mailings go to 1 million subscribers and boast a 65% open rate.
IFILM raised $10 million in February -- much of it coming from Yahoo! -- and before that it had raised $35 million. C.e.o. Kevin Wendle said that after the February round of funding, the company had enough money to take it into next year, but he offered no time line for profitability.