(Boca Raton, FL – August 9, 2007) – Hollywood Media Corp. (NasdaqGM: HOLL), a leading provider of news, information and ticketing covering the entertainment and media industries, today reported financial results for the second quarter ended June 30, 2007.

SECOND QUARTER 2007 FINANCIAL RESULTS

As previously reported, Hollywood Media’s Baseline StudioSystems business unit was sold to The New York Times Company in August 2006. For purposes of the financial results presented in this press release in accordance with GAAP, the operating results of Baseline StudioSystems for the second quarter of 2006 are reported as discontinued operations and excluded from Hollywood Media’s net revenues and results of continuing operations for that period. This presentation provides more meaningful year-to-year comparisons of Hollywood Media’s continuing operations.

Hollywood Media’s net revenues for the three months ended June 30, 2007 increased 25.3 percent to $39.6 million compared to $31.6 million for the second quarter of 2006.

EBITDA (Modified)* for the second quarter of 2007 was a loss of $847,108 compared to a loss of $139,015 for the second quarter of 2006. For comparison purposes, note that EBITDA (Modified) for the second quarter of 2006 includes a non-cash gain of $584,000 due to a derivative liability which no longer exists as a result of its elimination to additional paid-in capital in accordance with a change in accounting pronouncements effective January 1, 2007. EBITDA (Modified) results for the second quarter of 2007 were also impacted by several factors discussed in the business review section below.

The loss from continuing operations for the second quarter of 2007 was $1.4 million, compared to a $1.2 million loss from continuing operations in the second quarter of 2006.

Net loss for the second quarter of 2007 was $1.4 million, or a loss of $0.04 per basic and diluted share. Net loss for the second quarter of 2006 was $1.0 million, or $0.03 per basic and diluted share. Net loss for the second quarter of 2006 includes $191,599 of income from Baseline StudioSystems, which represents the re-classified activities for the period reported as discontinued operations.

The Company’s cash and cash equivalents on hand were $12.6 million at June 30, 2007, as compared to cash and cash equivalents of $20.7 million at March 31, 2007. This decrease was due in part to the Company’s full repayment in May 2007 of $7.0 million principal amount of senior unsecured notes. The cash and cash equivalents balance at June 30, 2007 does not include a $2.8 million cash portion of the purchase price for Baseline StudioSystems, currently held in escrow and expected to be released to Hollywood Media in August 2007 under the terms of the sale.

“Our second quarter revenue performance benefited from the contribution of our Broadway Ticketing business, which represented nearly 88% of revenues in the period,” commented Mitchell Rubenstein, Hollywood Media’s Chief Executive Officer. “In addition to realizing strong revenue from this business during the period, we also positioned it for future gains as we look toward the important fourth quarter holiday season after the traditionally seasonally slow third quarter. We also expect to leverage pricing against increasing demand in a more favorable regulatory environment while maintaining our business model of offering quality Broadway tickets at reasonable prices.”

Mr. Rubenstein continued, “While our day-to-day emphasis remains on improving operating performance for our Company as a whole, we also remain very active in exploring a number of opportunities as part of our ongoing strategic review process.”

SECOND QUARTER 2007 BUSINESS REVIEW

During the second quarter of 2007, Broadway Ticketing revenues were $34.8 million, a 28.8 percent increase as compared to the second quarter of 2006.

EBITDA* for the Broadway Ticketing division in the second quarter of 2007 was $990,198, a 6.8 percent increase as compared to the second quarter of 2006. EBITDA for the segment was impacted by temporary redundant lease expense of $181,243 during the second quarter of 2007 as the Company consolidates its New York offices and $175,000 for a new outdoor advertising initiative launched in June 2007 targeting the New York tri-state area, the revenue impact of which is expected in the fourth quarter of this year.

Deferred revenue related to Broadway Ticketing was $20.2 million as of June 30, 2007, up 12.0 percent compared to $18.0 million of deferred revenue as of June 30, 2006.

The net loss for the Company’s U.K.-based Theatre.com operations was $46,659 in the second quarter of 2007 compared to a loss of $324,278 in the first quarter of 2007. The reduced loss was a result of management’s emphasis on containing costs as it refines its operating model in this emerging business.

The Company’s Data Business segment (excluding the discontinued operations of Baseline StudioSystems) contributed revenue of $1.6 million during the second quarter of 2007, an increase of 3.2 percent from the prior-year period. The Data Business EBITDA* increased by $77,758 or 14.9 percent from $520,412 in the second quarter of 2006 to $598,170 in the second quarter of 2007.

Revenues for the Ad Sales segment increased 3.3 percent from the prior-year period to $2.8 million in the second quarter of 2007. The Ad Sales segment includes Hollywood.com’s revenues from selling advertising on Hollywood.com, commissions received from advertising sold on MovieTickets.com by Hollywood.com, and CinemasOnline’s revenues from selling advertising in the U.K. on theatre Web sites and plasma screens.

EBITDA* for the Ad Sales segment was a loss of $53,213 in the second quarter of 2007, compared to a gain of $276,023 in the second quarter of 2006. EBITDA for the recent period was impacted by the continued investment in the expansion of the segment’s ad sales force. The Company has also recently hired a new President of Hollywood.com to oversee sales and editorial for Hollywood.com.

SELECT SEGMENT HIGHLIGHTS

The following tables provide revenue, EBITDA* and net income data for our three highest revenue generating segments: Broadway Ticketing, Data Business and Ad Sales. The tables below should be reviewed in conjunction with (i) the “Note on EBITDA” in this press release below and (ii) the attached financial tables which include EBITDA results for all of our reportable segments, with reconciliations to the GAAP results reflected in Hollywood Media’s condensed consolidated income statements. The segment results for our operating divisions do not include expenses in our “Other” segment comprised mainly of specified corporate and public company expenses.

(a) The Broadway Ticketing segment’s EBITDA and Net Income in the second quarter of 2007 as compared to the second quarter of 2006 was negatively impacted by temporary redundant lease expense of $181,243 during the second quarter of 2007 as the Company consolidates its New York offices and $175,000 for a new outdoor advertising initiative launched in June 2007, the revenue impact of which is expected in the fourth quarter of this year.

(b) Net Income (Loss) for the Data Business segment represents Net Income from continuing operations.

TELECONFERENCE INFORMATION
Management will host a teleconference to discuss Hollywood Media’s 2007 second quarter financial results on Thursday, August 9, 2007 at 9:00 a.m. Eastern Time. To access the teleconference, please dial 800-418-6860 (U.S.) or 973-935-8756 (international) approximately five minutes prior to the start of the call. The reference passcode for the call is 9061372. The teleconference will also be available via live webcast on the investor relations portion of Hollywood Media’s Web site, located at http://www.hollywood.com/about_us/. Following prepared remarks, management will take questions from the audience via phone and e-mail. To ask a question via e-mail, please send your questions to questions@exec.hollywood.com in advance of, or during, the live call.

If you are unable to listen to the live teleconference at its scheduled time, there will be a replay available through August 16, 2007 and can be accessed by dialing 877-519-4471 (U.S.), 973-341-3080 (Int’l), passcode 9061372. An archived version of the webcast will also be available on the investor relations portion of Hollywood Media’s Web site.

About Hollywood Media Corp.

Hollywood Media Corp. is a leading provider of news, information and ticketing covering the entertainment and media industries. Hollywood Media’s businesses include: its Data Business division including CinemaSource, EventSource, and ExhibitorAds; its Broadway Ticketing division including Broadway.com, 1-800-Broadway, Theatre Direct International, and London-based Theatre.com; and its Ad Sales division including Hollywood.com and the U.K.-based CinemasOnline. Other Hollywood Media businesses include Hollywood.com Television, a free VOD cable TV network, and Hollywood Media’s minority interest in MovieTickets.com.

*Note on EBITDA
EBITDA is a non-GAAP financial measure, defined as net income before interest, taxes, depreciation and amortization. EBITDA (Modified) is defined as loss from continuing operations before interest, taxes, depreciation and amortization on continuing operations. Hollywood Media has presented EBITDA in this release because it considers such information an important supplemental measure which management utilizes as one of its tools in evaluating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation and comparison of companies in our industry as well as our results of operations from period to period. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for Hollywood Media’s financial results as reported under GAAP. Some of these limitations are: (a) EBITDA does not reflect changes in, or cash requirements for, Hollywood Media’s working capital needs; (b) EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on Hollywood Media’s debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Hollywood Media’s performance. Hollywood Media compensates for these limitations by relying primarily on Hollywood Media’s GAAP results and using EBITDA only supplementally. Hollywood Media has provided a reconciliation of net income to EBITDA in the attached tables.

Note on Forward-Looking Statements
Statements in this press release may be “forward-looking statements” within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth and integrate new businesses, our ability to realize anticipated revenues, cost efficiencies and sources of capital, the impact of potential future dispositions or other strategic transactions by Hollywood Media, our ability to develop and maintain strategic relationships, our ability to compete with other media, data and internet companies, technology risks, the volatility of our stock price, and other risks and factors described in Hollywood Media Corp.’s filings with the Securities and Exchange Commission including our Form 10-K for 2006. Such forward-looking statements speak only as of the date on which they are made.

Attached are the following financial tables:

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
SEGMENT SUMMARY FINANCIAL DATA AND EBITDA RECONCILIATION