Following the content trail

Handango already has clients tailored to Nokia S60 devices and Sony Ericsson UIQ and Xperia devices. Handango also has struck up partnerships with Europe's Carphone Warehouse and Best Buy in the U.S. to distribute smartphone SD cards preloaded with specific content and applications targeted at different consumer segments.

But that's just the beginning. Apple will be key to building smartphone awareness globally, Stone said. Though Handango won't be able to distribute iPhone apps — Apple funnels all software through its own App Store — it certainly will be able to benefit from the smartphone revolution in the iPhone's wake. More entertainment and media companies will get into the mobile business, and they'll need a partner such as Handango to distribute their content to multiple locations.

Stone said Handango will be able to create new brands targeted at specific lifestyles — basically doing what Amp'd did without the hindrance of an operator business. Stone said Handango is exploring new retail and sales models, from content-leasing to advertising-supported. Eventually he may steer Handango into the role of the producer.

“You could look at yourself as an HBO; you could sell second-run movies but add some original programming to the mix,” Stone said. “I think you'll see that transformation in the industry. The question is, do we want to vertically integrate that business?”