First-Time Entrepreneurs Secure Nearly $1 Million in Angel Funding for HitFix

Wed Apr 1, 2009 12:01am EDT

* Reuters is not responsible for the content in this press release.

Unique New Entertainment Website Beats January Traffic Projections and Odds in
Tough Business Climate
LOS ANGELES--(Business Wire)--
HitFix (www.hitfix.com) has secured $950,000 in first-round financing from an
established angel group and private investors, and is exceeding both traffic
projections and revenue targets, despite the difficult economy. 

A unique entertainment destination, HitFix delivers breaking news, industry
analysis and local events calendaring on film, television, music and sports. The
executive management team is led by Jennifer Wilhelmi Sargent (former Reed
Business Information and DoubleClick executive) and Gregory Ellwood (former MSN
Movies columnist, Los Angeles Times consulting editor and Variety editorial
consultant). 

Sargent and Ellwood identified a clear need in the entertainment news space with
both the consumer fan base and advertisers seeking to reach 18- to 34-year-olds.
"HitFix fills a real gap between the industry trades and gossip sites, in rich
insider content augmented by the experience of our editorial team," Sargent
said. 

HitFix recruited a trio of experts and opinion makers in their respective
fields: Drew McWeeny, formerly of Ain`t It Cool News; Dan Fienberg, who spent
six years chronicling "American Idol" on Zap2it; and music journalist Melinda
Newman, formerly of Billboard. 

In April, HitFix will also launch another differentiator, the local version of
its proprietary Forecast application, an autopopulated, customizable seven- to
30-day outlook on entertainment events around the nation. "The Forecast helps
our users not only discover upcoming events, but create their own calendars -
downloadable to Yahoo!, Outlook, iPhone, iCal, Google - based on individual
tastes and ZIP codes," Ellwood added. 

"There are a lot of great ideas out there," Sargent noted, "but we`re confident
we have the right experience and team in place to make HitFix a success." 

Private investors - including New York-based Golden Seeds, an angel fund focused
on female entrepreneurs - agree. "The future of online advertising is driven by
targeted audiences," Tish Richardson of Golden Seeds said. "HitFix exploits this
trend with its breakthrough Forecast application and breaking insider news that
appeal to the highly sought-after 18- to 34-year-old demographic, a demographic
that spends most of its time online. We look forward to being a part of the team
that guides how entertainment fans discover news and events." 

The HitFix revenue model is based on online advertising sales and lead
generation, with affiliates including Fandango, StubHub and Amazon. 

HitFix plans to aggressively expand its Forecast application into mobile and
widget platforms during 2009. 



For HitFix
Mary Leigh Hennings, 937-231-8502
mhennings@sabatinoday.com

Copyright Business Wire 2009