EXHIBIT 99.1

HOLLYWOOD MEDIA CORP. REPORTS 2010 FIRST QUARTER RESULTS

BOCA RATON, Fla., May 17, 2010 – Hollywood Media Corp. (Nasdaq: HOLL), a leading provider of online ticketing services and entertainment-related offerings, today reported financial results for the first quarter ended March 31, 2010.  As announced on December 29, 2009, the Company has reached a definitive agreement to sell its Broadway Ticketing business subject to the approval of Hollywood Media’s shareholders as well as the satisfaction or waiver of certain other closing conditions set forth in the definitive agreement.

For the 2010 first quarter, Hollywood Media reported a 9% increase in net revenues to $23.3 million versus $21.3 million in the prior-year period.  The Broadway Ticketing business unit’s revenues, which represented 95% of the Company’s total revenue, increased 10% versus the prior year period.

Loss from continuing operations for the 2010 first quarter was $0.8 million, or $0.02 per share, compared to a net loss of $0.1 million, or $0.00 per share, in the prior-year period which included a cash dividend of $1.9 million, or $0.06 per share, from the Company’s 26.2% interest in MovieTickets.com.  Net loss for the 2010 first quarter was $0.6 million, or $0.02 per share.

EBITDA* in the 2010 first quarter for the Company as a whole was a loss of $0.2 million, compared to positive EBITDA of $0.3 million in the prior-year period, which, as noted above, included the $1.9 million MovieTickets.com dividend.

Broadway Ticketing EBITDA nearly tripled to approximately $1.0 million in the 2010 first quarter, versus $0.3 million in the 2009 first quarter.

Mitchell Rubenstein, CEO of Hollywood Media, commented, “We continue to benefit from a more favorable environment for Broadway entertainment with a significant uptick in demand from the prior year.  In addition to growing ticketing and ancillary revenues while managing costs, we also increased advertising sales from Broadway shows by over 75% which is recorded as a reduction in our cost of revenues-ticketing, which contributed to an increase in gross margin in the first quarter of 2010 to 18.1% from 15.9% in the first quarter of 2009.  MovieTickets.com, in which we own a 26.2% interest, also continues to perform well.”

At March 31, 2010, cash and cash equivalents were $10.0 million with no debt, compared to $11.8 million with no debt at December 31, 2009.  The Company also has approximately $1.2 million in its restricted cash balance related to a bond for Broadway ticketing purchases.

Teleconference Information

Management will host a teleconference to discuss the Company’s 2010 first quarter financial results. The conference call is scheduled for Monday, May 17, 2010 at 9:00 a.m. Eastern Time.  To access the teleconference, please dial 877-407-8293 (U.S.) or 201-689-8349 (international) approximately 10 minutes prior to the start of the call.  The teleconference will also be available via live webcast on the investor relations portion of Hollywood Media’s website, http://www.hollywoodmedia.com/conference_calls.htm.

If you are unable to listen to the live teleconference, a replay will be available through May 24, 2010, and can be accessed by dialing 877-660-6853 (U.S.) or 201-612-7415 (international).  Callers will be prompted for replay account number 342# followed by conference ID number 350417#.   An archived version of the webcast will also be available under the investor relations section of Hollywood Media’s website at http://www.hollywoodmedia.com

About Hollywood Media Corp.

Hollywood Media is comprised primarily of Internet businesses focused on online ticketing, which include Broadway.com and Hollywood Media’s minority interest in MovieTickets.com. Hollywood Media also owns the UK-based CinemasOnline and an Intellectual Property division.

*Note on EBITDA

EBITDA is a non-GAAP financial measures.  EBITDA is defined as net income before interest, taxes, depreciation and amortization. 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, if any; 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.

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, our ability to realize anticipated revenues and cost efficiencies, 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 online ticketing services and other competitors, 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 2009. 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

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    SEGMENT SUMMARY FINANCIAL DATA AND EBITDA RECONCILIATION

Contact:

Investor Relations Department

Hollywood Media Corp.

L. Melheim

ir@hollywoodmedia.com

561-998-8000

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31			December 31,
	2010			2009
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	10,010,121		$	11,764,810
Receivables, net		1,091,243			897,503
Inventories held for sale		2,975,760			3,735,691
Deferred ticket costs		15,496,215			10,985,160
Prepaid expenses		2,630,684			1,896,237
Other receivables		1,686,692			1,125,263
Other current assets		102,391			436,675
Related party receivable		361,704			335,245
Restricted cash		1,221,000			1,221,000
Total current assets		35,575,810			32,397,584
PROPERTY AND EQUIPMENT, net		4,132,440			4,369,085
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES		610,044			230,097
INTANGIBLE ASSETS, net		327,961			390,818
GOODWILL		20,197,513			20,197,513
OTHER ASSETS		21,082			21,082
TOTAL ASSETS	$	60,864,850		$	57,606,179
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	1,462,064		$	1,632,351
Accrued expenses and other		2,415,826			3,074,549
Deferred revenue		19,063,900			14,012,178
Gift certificate liability		3,590,902			3,794,899
Customer deposits		669,254			948,273
Current portion of capital lease obligations		102,629			123,061
Current portion of notes payable		25,364			37,454
Total current liabilities		27,329,939			23,622,765
DEFERRED REVENUE		270,059			309,190
CAPITAL LEASE OBLIGATIONS, less current portion		56,643			75,830
OTHER DEFERRED LIABILITY		1,083,186			1,105,553
NOTES PAYABLE, less current portion		1,150			2,432
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred Stock, $.01 par value, 1,000,000 shares authorized; none outstanding		-			-
Common stock, $.01 par value, 100,000,000 shares authorized; 31,179,066
and 31,037,656 shares issued and outstanding at March 31, 2010 and
December 31, 2009, respectively		311,791			310,377
Additional paid-in capital		309,699,606			309,480,331
Accumulated deficit		(277,901,677	)		(277,315,848	)
Total Hollywood Media Corp shareholders' equity		32,109,720			32,474,860
Non-controlling interest		14,153			15,549
Total shareholders' equity		32,123,873			32,490,409
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	60,864,850		$	57,606,179

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	THREE MONTHS ENDED MARCH 31,
	2010			2009
NET REVENUES
Ticketing	$	22,227,083		$	20,242,565
Other		1,069,266			1,071,332
		23,296,349			21,313,897
OPERATING COSTS AND EXPENSES
Cost of revenues - ticketing		18,196,636			17,034,100
Editorial, production, development and technology		689,166			641,990
Selling, general and administrative		2,516,952			2,680,011
Payroll and benefits		2,724,578			2,586,676
Depreciation and amortization		384,039			407,074
Total operating costs and expenses		24,511,371			23,349,851
Loss from operations		(1,215,022	)		(2,035,954	)
EQUITY IN EARNINGS OF UNCONSOLIDATED INVESTEES		379,947			1,913,643
OTHER INCOME
Interest, net		11,238			11,452
Other, net		59,327			15,839
Loss from continuing operations		(764,510	)		(95,020	)
Income from discontinued operations		180,470			-
Net loss		(584,040	)		(95,020	)
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST		(1,789	)		3,167
Net loss attributable to Hollywood Media Corp	$	(585,829	)	$	(91,853	)
Basic and diluted loss per common share
Continuing operations	$	(0.02	)	$	(0.00	)
Discontinued operations		-			-
Total basic and diluted net loss per share	$	(0.02	)	$	(0.00	)
Weighted average common and common equivalent shares
outstanding - basic and diluted		30,868,745			30,418,516

Hollywood Media Corp.

Segment Summary Financial Data and EBITDA Reconciliation

For the Three Months Ended March 31, 2010

(unaudited)

	Broadway						Intellectual
	Ticketing			Ad Sales (1)			Properties			Other (2)			Total
Net Revenues	$	22,227,083		$	781,563		$	287,703		$	-		$	23,296,349
Operating Income (Loss)		749,835			(133,887	)		3,816			(1,834,786	)		(1,215,022	)
Net Income (Loss)		748,718			(117,838	)		1,959			(1,218,668	)		(585,829	)
Add back (Income) Expense:
Interest, net		(183	)		2,331			(19	)		(13,367	)		(11,238	)
Taxes		1,336			(21,495	)		-			-			(20,159	)
Depreciation and Amortization		224,865			75,708			75			83,391			384,039
EBITDA Income (Loss)	$	974,736		$	(61,294	)	$	2,015		$	(1,148,644	)	$	(233,187	)
For the Three Months Ended March 31, 2009
(unaudited)
	Broadway						Intellectual
	Ticketing			Ad Sales (1)			Properties			Other (2)			Total
Net Revenues	$	20,242,565		$	815,358		$	255,974		$	-		$	21,313,897
Operating Income (Loss)		117,925			(113,435	)		(6,555	)		(2,033,889	)		(2,035,954	)
Net Income (Loss)		120,703			(100,481	)		(3,590	)		(108,485	)		(91,853	)
Add back (Income) Expense:
Interest, net		(4,425	)		1,714			(357	)		(8,384	)		(11,452	)
Taxes		-			(34,120	)		-			1,500			(32,620	)
Depreciation and Amortization		215,260			90,982			75			100,757			407,074
EBITDA Income (Loss)	$	331,538		$	(41,905	)	$	(3,872	)	$	(14,612	)	$	271,149

_______________

(1)  The Ad Sales segment includes other advertising sales by CinemasOnline.

(2)  The Other segment is comprised of payroll and benefits for corporate and administrative personnel as well as other corporate-wide expenses such as legal fees, audit fees, proxy costs, insurance, centralized information technology, and includes consulting fees and other fees and costs relating to compliance with the provisions of the Sarbanes-Oxley Act of 2002 that require Hollywood Media and its Independent Registered Public Accounting Firm to make an assessment of and report on internal control over financial reporting.   Also includes Discontinued Operations financial information.