Napster co-founder and former Facebook president Sean Parker is working on a new online media service called The Screening Room, Variety reported.
Variety said the service will let subscribers watch new movies at home the same day they release in theatres. This is possible thanks to the company’s anti-piracy technology.
Parker is joined by Prem Akkaraju, who is CEO and co-founder of the company.
Akkaraju was a partner at SFX Entertainment and InterMedia Partners, and worked at JP Morgan Entertainment Partners and Sanctuary Music Group.
According to Variety, a set-top box for The Screening Room will cost about $150, and movies will cost $50 per viewing. Users will have 48 hours to watch a movie.
Exhibitors are reportedly in on the deal, with The Screening Room offering them as much as $20 of the fee.
The company also offers customers who pay the $50 fee two free tickets to see the movie at a cinema of their choice.
Distributors will also get a cut of the fee, which is believed to be 20%, before The Screening Room takes its 10% cut.
Variety reported that The Screening Room declined to comment.