The man who ran the company that owns "American Idol" is back to take another crack at the entertainment business.
Robert F.X. Sillerman, former chief exec of CKX Entertainment, went public Wednesday with launch plans for the first product to be released under his oddly named new company, Function(x). The venture is moving into the nascent social-TV space with a new app, dubbed Viggle, that rewards viewers for watching TV with a loyalty program not unlike the kind airlines have been using for years.
What exactly Sillerman had in mind with Function(x) has been shrouded in mystery since he snapped up a dormant company, Gateway Industries, nearly a year ago and renamed it without saying much beyond his intent to get back into the media business.
Sillerman already made a name for himself at CKX, which owned production company 19 Entertainment, the firm behind "Idol" and the licensing rights to dead celebrities including Elvis Presley. Before starting CKX in 2005, Sillerman bought and sold major holdings in the radio and concert businesses.
But Sillerman was left standing on the sidelines at CKX after making a futile bid to retain control of the company. He was replaced as CEO of CKX, which was sold last year to a group of investors led by Apollo Global Management.
Now Sillerman is back with Viggle, likely the first of a fleet of services that will be positioned at the intersection of media and technology. Viggle is yet another check-in service akin to GetGlue and Miso but with a twist: Instead of badges and stickers, its point system translates to more substantial gifts from companies including Burger King, Fandango and Hulu Plus.
Function(x) Inc. (Symbol:FNCX), founded by media and entertainment entrepreneur Robert F.X. Sillerman, announced today the upcoming availability of Viggle®, a rewards-based loyalty program for television. Viggle, which will be available initially as a free download in the iTunes App Store, awards its users points for checking into TV shows. Points can be redeemed within the app for dozens of rewards from companies such as Burger King, Sephora, Fandango and the Hulu Plus subscription service or converted into charitable donations.
“Watch TV, Get Rewards. Viggle is a simple idea that will transform the television viewing experience”
“Watch TV, Get Rewards. Viggle is a simple idea that will transform the television viewing experience,” said Chris Stephenson, president of Function(x). “People love TV and, for the first time, they are getting rewarded not only for their loyalty, but also for checking out new shows. We think viewers will love it – as will networks and brands.”
Viggle works with live, recorded and online TV content from more than 100 channels today and more are being added daily. Shows with check-in bonuses are featured in the “What’s On” section, where people are also able to set reminders and “like” shows. Viggle curates all of the Twitter discussions related to each television show, its cast and crew in the “Chatter” section. People are able to link Viggle to their Facebook and Twitter accounts, making it easy for users to post comments directly to these social networks. Vibrant, behind-the-scenes experiences and access to unique footage and bonus offers are all part of the Viggle experience.
“TV check-in applications have not yet proven that they can move audiences who just want to sit and watch,” said Rob Enderle, principal analyst at The Enderle Group. “Rewards have worked in the past to motivate people to change their behavior and Viggle’s focus on real rewards may be the critical difference that drives TV audiences to participate.”
In addition to more than 100 channels that Viggle works with automatically, the company is collaborating on show-specific engagements with a variety of networks, cable and production companies. With the ability to engage viewers with unique content, real-time polls and quizzes, and reward them for their loyalty to shows, Viggle represents a unique opportunity to help increase network ratings.
“We look forward to providing a platform and service for our network partners to build their own second screen experiences,” said Janet Scardino, chief executive officer of Function(x). “Our vision is for Viggle to become a broad currency for loyalty across all TV and we’re excited about helping networks drive audience tune-in and engagement.”
The free Viggle app will soon be available in the U.S. for download through the iTunes App Store for all iOS devices. Special versions for iPad, Android and the Web will follow shortly.
To be notified of availability, please visit www.viggle.com.
About Viggle®
Viggle is a loyalty program for television that gives people real rewards for checking into the television shows they’re watching. Currently available for Apple iPhone®, iPad® and iPod Touch®, Viggle automatically identifies what television shows its users are watching and awards them points when they check-in. Viggle users can redeem their points in the app’s rewards catalogue for items such as movie tickets, music and gift cards. For more information, visit http://www.viggle.com.
About Function(x)
Function(x) Inc. was founded by media entrepreneur Robert F.X. Sillerman, who has pioneered a number of successful television, radio and live entertainment businesses. Sillerman created Function(x) in June 2010 to develop new business models and digital products and services that encourage consumers to engage with entertainment such as TV, movies, games and music. The company is publicly listed as FNCX. For more information, visit http://www.functionxinc.com or follow us on Twitter @FunctionXinc.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. All information provided in this press release is as of January 18, 2012. Except as required by law, Function(x) Inc. undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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