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Home » KitSplit Raises $2.1 Million to Democratize the Film and Video Production Process

KitSplit Raises $2.1 Million to Democratize the Film and Video Production Process

Sharing production gear via a club or a non-profit media center offered solutions to pricey hardware. I worked at Young Filmmakers in the 1970s; it had to have been one of the first successful approaches to offering reasonably-priced production gear, studios and edit rooms. 

I also have fond memories of hanging out at Rafik’s film processing center and camera club around that time. Both made it simple and fun to join in the then nascent indie media scenes.

Now, New York City-based startup KitSplit updates those models, building on the more modern sharing scene. This is still a distance from what a top rental house offers, but many producers now need just a minimum of gear. Seems like a good idea for indies. 

NEW YORK — KitSplit (http://www.kitsplit.com), the fastest-growing marketplace for camera rentals, today announced a $2.1 million seed round of funding. The company accepted investment from HearstLab, Entrepreneurs Roundtable, 3311 Ventures, NYU Innovation Venture Fund, WTI, and Instagram cofounder Mike Krieger, among others.

 “After rapid growth in New York, there is huge demand for KitSplit across the country. We will grow our team and invest deeply in expansion to meet demand in Los Angeles, the largest market for film production. Our expansion will make it easy for creators to access high quality production equipment, insurance, expert advice, and connections,” said KitSplit cofounder and CEO Lisbeth Kaufman.

 

“Every KitSplit partner, including every investor we’ve just bought on, is an advocate of our creator­-first philosophy,” cofounder and President Kristina Budelis added, “and we’re thrilled to have their support.”

KitSplit saves filmmakers, photographers, and other visual creatives time and money, making it easier to get gear and insurance. They can rent from thousands of vetted owners, and get a better experience with individualized attention. KitSplit also provides a comprehensive gear advice and concierge service as well as monthly community events. Gear owners can earn extra income renting out their gear and marketing their services.

“KitSplit unlocks potential by making it easier for creators to source the gear they need,” said Chris Wilkes, VP, HearstLab. “It’s a game-changer for the creative community and as an investor we see big promise in the ability to grow into a very large collaborative network that gives visual creators better solutions.”

The seed funding round follows impressive growth since the company’s initial pre-seed round in 2016. KitSplit has grown revenues more than 10 times, acquired a competitor, and built a community of over 30,000 members in New York and Los Angeles.

About KitSplit
KitSplit (http://www.kitsplit.com) enables visual storytellers to become their own studio with access to world-class gear and services. It’s been called “the AirBNB of cameras” because it enables its vetted community to rent gear to and from each other. Ultimately, the company is building a one-stop shop empowering visual storytellers. Follow us on Facebook(https://www.facebook.com/kitsplitmarketplace), Twitter (http://twitter.com/kitsplit), and Instagram(https://www.instagram.com/kitsplit).

About Dan Ochiva

New York City-based journalist and NYCPPNEWS founder Dan Ochiva writes and consults on film, video, and digital media technology.

Community & Partner Links

How Sony’s New Virtual Sound Technology Can Change How We Hear Films

Kami Asgar and Jessica Parks are post-production heavyweights who work with major studios, namely Sony. As a sound designer (Asgar) and as a post executive (Parks), their collective resume touches on everything from Apocalypto to Grandma’s Boy to Venom.

Parks has recently shifted her focus from supervisor to hands-on sound design, and we talk about how it’s never too late to pivot on your career path and find the thing you love doing wherever you are in life.

Click on this link to read the rest of the article on No Film School’s site.

U.K. Extends COVID Insurance Scheme; Distributes $21 Million in Cinema Grants

The U.K.’s insurance scheme for film and television has been extended until April.

Known as the Film and TV Production Restart Scheme, the groundbreaking £500 million ($676 million) fund assures productions that they’ll receive financial support in case of COVID-related losses. The program has so far accepted 100 qualifying productions.

To read the full article in Variety, click on this link. 

Film Commish announces date for production restart

In her December 18, 2020 news update, MOME Commissioner Anne del Castillo announced that the Film Office is now accepting permit applications for production activity that begins on July 27th.

She also announced awards now (Awkwafina) and more. To read all of the Film Commish’s bloggy sort of news column, click here.

Stimulus Offers $15 Billion in Relief for Struggling Arts Venues

The coronavirus relief package that Congressional leaders agreed to this week includes grant money that many small proprietors described as a last hope for survival.

For the music venue owners, theater producers and cultural institutions that have suffered through the pandemic with no business, the coronavirus relief package that Congress passed on Monday night offers the prospect of aid at last.

To read the full article on The New York Times’ site, click here.

If you want to start production, here’s the latest news from the Mayor’s Office

Phase 4 production guidance is available on the Film Permit website. All production activity, whether it requires a Film Permit or not, must comply with New York Forward Industry Guidance.

For more information see, please refer to the State Department of Health’s Interim Guidance for Media Production During the COVID-19 Public Health Emergency. Please review the guidelines and FAQ before submitting permit applications. The Film Office is operating remotely, so please allow additional time for Film Permit processing.

The above paragraphs contain links to the various FAQ – just mouse over the relevant words.

Nikon to Stop Making Cameras in Japan

Nikon has fallen on hard times as of late as its camera sales have cratered, and now there’s a new indicator of how dire its financial situation is: the company is reportedly pulling the plug on making cameras in Japan after over 70 years of doing so.

To read the full article on Petapixel’s site, click here.

NVIDIA Uses AI to Slash Bandwidth on Video Calls

NVIDIA Research has invented a way to use AI to dramatically reduce video call bandwidth while simultaneously improving quality

What the researchers have achieved has remarkable results: by replacing the traditional h.264 video codec with a neural network, they have managed to reduce the required bandwidth for a video call by an order of magnitude. In one example, the required data rate fell from 97.28 KB/frame to a measly 0.1165 KB/frame – a reduction to 0.1% of required bandwidth.

To read the rest of this article on Petapixel, click this link.

 

 

 

Union Health Plan Dodges Film Workers’ Suit Over Virus Relief

Law360 (October 9, 2020, 5:22 PM EDT) — The Motion Picture Industry Health Plan’s board can’t be sued under ERISA for allegedly flouting its duties when it relaxed plan rules in response to COVID-19, a California federal judge has ruled, nixing a proposed class action filed by two cinematographers who still couldn’t qualify for benefits.

In an order entered Thursday, U.S. District Judge R. Gary Klausner granted the board of directors’ motion to dismiss Greg Endries and Dee Nichols’ Employee Retirement Income Security Act suit accusing board members of breaching their duty to treat all plan participants fairly.

Endries and Nichols, members of Local 600 of the International Cinematographers Guild, said in July that the board left them and others “out in the cold” in its attempts to address the problems COVID-19 caused for plan participants.

But Judge Klausner agreed with the board’s contention that the case, which alleged a fiduciary breach, should be tossed because plan administrators don’t act as fiduciaries when they amend health care plans.

Read the full article on the Law360 site by clicking here.

Russo Brothers Received Close to $50 Million From Saudi Bank

Anthony Russo and Joseph Russo photographed at the PMC Studio in Los Angeles for the Variety Playback Podcast.

The Russo brothers, directors of the all-time top grossing film “Avengers: Endgame,” quietly secured a roughly $50 million cash infusion for their production company AGBO from Saudi Arabia earlier this year, multiple sources tell Variety.

In a deal brokered and closed at the beginning of the pandemic, the Russos received the investment from an undisclosed Saudi bank in exchange for a minority stake in the brothers’ Los Angeles-based shop.

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