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New company offering same-day in-home releases of new films receives backing of Abrams, Spielberg

on March 13, 2016, 1:23pm

A number of prominent directors have thrown their support behind a new initiative to release movies at home the same day they hit theaters.

Steven Spielberg, Peter Jackson, J.J. Abrams, Brian Grazer, and Ron Howard are among those backing the Screening Room, a new company that will offer same-day in-home releases of new films.

Sean Parker, of Napster fame, is one of the founders of Screening Room. Variety reports that all five directors are share holders in the company, and several have also invested their own money.

Here’s how Screening Room works: Customers must first purchase a $150 anti-piracy transmitter. Each film will reportedly cost $50 and will be available to stream for 48 hours following its purchase.

In order to appease movie theaters chains who will inevitable be affected by Screening Room’s existence, the company will reportedly pay these chains a significant percentage of its revenue (upwards of $20 per film). What’s more, Screening Room customers will receive two tickets to see the film in a cinema.

As of now, there’s no launch date for Screening room.