Video-on-demand distributor Gravitas Ventures and indie film distribution firm Variance Films have partnered to co-release seven or eight movies each year for simultaneous release in theaters and VOD, the companies said Thursday.
The companies will begin looking for projects to acquire at this year's South by Southwest Film Festival.
Both companies will still acquire films for their individual slates, but expect to make joint offers on some SXSW titles.
Gravitas has created a Prints and Advertising fund for films it picks up with Variance.
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"This partnership breaks down yet another barrier for filmmakers, creating an exciting and financially viable new alternative for those who might otherwise be forced to accept a less-than-adequate arrangement or be forced back into the world of fundraising to search for P&A," Dylan Marchetti, Variance's founder, said in a statement.
"Day and date VOD/theatrical releasing isn't a panacea for the independent film industry, and it's oinly going to work for the right films. But for those films, it opens the door to a national audience. And there's nobody we'd rather kick that door down with than Gravitas Ventures."
Gravitas is the largest VOD distributor in North America. The company works with more than 500 content partners and aggregates and distributes feature films, documentaries, animation, alternative sports, comedy and music programming.
Marchetti and Gravitas founder and CEO Nolan Gallagher will participate in a panel discussion called "How I Learned to Stop Worrying and Love VOD" at SXSW on March 12.