What Happened to SnagFilms?
SnagFilms, one of the most popular and reliable indie film streaming platforms, was officially shut down on 30th June 2020. The platform was a go-to site for streaming documentaries, independent films, and short-form videos. It offered a diverse collection of around 10,000 titles, and best of all, it was completely free for users. However, despite its success, the platform shut down, raising questions from cinephiles worldwide.
So, what led to the sudden shutdown of SnagFilms?
The primary reason for SnagFilms’ closure was the acquisition of its parent company, Indiewire, by the parent organizations of Penske Media Corporation (PMC). PMC also owns Variety, a prominent entertainment magazine, and Deadline, a popular entertainment website.
Following the acquisition, PMC integrated SnagFilms’ content library into its other streaming platforms, such as Deadline, and relaunched Indiewire in a new format with a different content strategy. Therefore, SnagFilms was no longer needed and eventually shut down.
Another possible cause that accelerated the closure of SnagFilms was the high competition in the streaming industry. Over the past few years, numerous platforms have entered the market, each with a unique value proposition. Some of these platforms included Amazon Prime Video, Netflix, Hulu, and YouTube TV.
Given the intense competition, it’s not surprising that a free-to-use platform like SnagFilms could struggle to keep up with the rapidly evolving market. Therefore, as the streaming industry evolved, so did the fate of platforms like SnagFilms.
In conclusion, SnagFilms was a well-regarded and popular indie film streaming platform that helped budding filmmakers gain exposure worldwide. Its closure was primarily due to a change in parent ownership and competition in the ever-growing streaming market. While it’s unfortunate, it’s clear that the world of streaming is continuously evolving, and companies must adapt to changing times to succeed.