ReelTime’s Technology License Revenues Increase with Rapidly Expanding Virtual Restaurant Munchie Magic
ReelTime VR/ReelTime Media announced that its revenues from its technology license with Munchie Magic has increased as the virtual restaurant continues to expand.
Barry Henthorn – CEO stated, “The growth of virtual restaurants such as Baristas Munchie Magic does not show any signs of slowing down. ReelTime continues to refine its virtual restaurant technology allowing it to accommodate additional concepts and broader analytics.”
ReelTime recently expanded its technology/software license and development agreement with virtual restaurant pioneer Baristas beyond Munchie Magic/MiniBar Magic to feature Thai Dah, a virtual restaurant platform for Thai restaurants. The licensing agreement allows Thai Dah to have rights to utilize the global perpetual technology license and methodologies developed by ReelTime that allow the virtual restaurants to integrate with partners, onboarding, marketing, and administrative functions.
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Baristas Munchie Magic has opened more than 50 locations in the past twelve months in 10 states delivering Ben & Jerry’s ice cream, snacks, beer, wine, hard alcohol, and hot foods to customers via delivery partners DoorDash, GrubHub, and Uber Eats.
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In exchange for the global perpetual exclusive license from ReelTime for the Munchie Magic/MiniBar Magic, and Thai Dah concepts and derivative Virtual Restaurants, ReelTime receives a per transaction license fee of $.35 in perpetuity in conjunction with the terms of the agreement.
ReelTime maintains all rights and derivative works for non-Munchie Magic, MiniBar Magic, and Thai Dah applications.
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