LOVEFiLM defies credit crunch

Passes 1 million mark, secures investment

23 January 2009 13:47 GMT / By Chris Hall

It seems more and more people are opting to stay in to avoid the high costs of dining out, if LOVEFiLM's latest customer figures are to be believed.

According to the company's CEO, Simon Calver, the DVD by post rental service has announced that the company has just passed the 1 million customers mark, putting on around 100,000 customers in the last year.

Starting on a kitchen table in 2004, LOVEFiLM, which now sends out about 2 million disks a month, said in October that it is seeing a 40% growth year-on-year.

Impressed by the numbers, Lloyds has agreed to put in a £10 million investment to help Calver grow the business further.

Wanting to stay ahead of the game, LOVEFiLM has said that this investment will partly go towards future technologies - such as building its video-on-demand service - as well as allowing them to expand the business to new customers and clear off current debts.

Whilst withholding the details of what's to come, an announcement is promised in the coming weeks.