MovieBeam to Rise From the Ashes?

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Not that many people really cared at the time, but back in December, MovieBeam, the high-definition streaming movie rental service—one with a limited selection and terribly restrictive DRM that precluded mobile use, unlike its competitors Vongo and now Apple—had called it quits. Investors stepped into the rubble to basically pick up all the pieces, and that was that.

That’s no longer the end of the story. Engadget reports that the new owner is Indian conglomerate The Valuable Group, headed by Sanjay Gaikwad, “who apparently thinks serving up a remarkably limited assortment of heavily compressed movies on demand is an idea that deserves to fail all over the world, instead of just in the U.S.”

So in addition to the $100 million that Disney had already burned through in trying to get MovieBeam to catch on, Gaikwad plans to spend at least that much again over the next two years to relaunch the service in North America, the U.K. and other overseas markets, according to the report. Wow, we can’t wait.