Netmovie Enters Movie Theater Business
Sohu IT, 3/18/10
Chinese online video content provider Netmovie has announced the formation of Beijing Netmovie Digital Cinemas, thereby entering the cinema distribution market. Li Feng, founder and CEO of Netmovie, will be the new company's chairman, and movie distribution expert Wang Huiru will be the company's general manager. Over the next five years, the company will invest RMB 1 bln into its operations.
Netmovie Cinemas will enter the movie theater business by establishing its own multiplex cinemas, joining cinema alliances, and investing to operate existing theaters, but will primarily focus on providing 2K, 1.3K, and high definition digital projection equipment to cinema alliance partners. The company's initial objective is, by the end of 2010, to attract between 100 and 120 alliance theaters, and operate between 800 and 1,200 screens. Over the next five years, Netmovie Cinemas will expand into a cinema network management company running more than 10,000 screens.
According to general manager Wang Huiru, the company's digital cinema system will adopt a Taiwanese-style "audiovisual hall" model, offering a digital cinema network to second- and third-tier cities that provides both mainstream movies and on-demand viewing. The cinemas will be supported by Netmovie's computerized automated ticket vending system, allowing customers up to 3 km from the cinema to purchase tickets and select seats for any showing of any movie.
Keywords: market entry Wang Huiru Li Feng Internet Netmovie online video film
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